Ashok Leyland rose 1.06% to Rs 123.60 at 11:17 IST on BSE after the company said it signed a pact with Israel-based firm for high energy electric-powered commercial vehicle solutions.
The announcement was made during trading hours today, 17 January 2018.Meanwhile, the S&P BSE Sensex was up 118.27 points, or 0.34% to 34,889.32.
On the BSE, 5.60 lakh shares were traded in the counter so far, compared with average daily volumes of 10.13 lakh shares in the past two weeks. The stock had hit a high of Rs 124.35 and a low of Rs 119.60 so far during the day. The stock hit a record high of Rs 133 on 26 October 2017. The stock hit a 52-week low of Rs 81 on 29 March 2017.
Ashok Leyland said it took the next step to secure long-term arrangements for its electric vehicle (EV) commercial vehicles by signing a letter of intent (Lol) with Phinergy of Israel. With the intention of providing varying energy management solutions to the customers, Ashok Leyland and Phinergy will work towards the adaptation of unique, competitive and sustainable solutions for high-energy applications in the commercial vehicles space.
Phinergy of Israel has developed cutting edge technology solutions for the use of aluminium air batteries for EV and other applications. With Ashok Leyland, Phinergy will be tailoring its unique technology to meet the demanding high-energy requirements of commercial vehicles in the Indian market.
Ashok Leyland's net profit rose 13.5% to Rs 334.26 crore on 30.8% growth in net sales to Rs 6046.89 crore in Q2 September 2017 over Q2 September 2016.
Ashok Leyland is one of the leading manufacturers of medium and heavy commercial vehicles in India.
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