Ashok Leyland gains after selling Chennai property

Ashok Leyland rose 0.93% to Rs 38.15 at 9:18 IST on BSE after the company said it raised Rs 210 crore from sale of one of its residential properties at Chennai.

The company made the announcement after market hours on Tuesday, 19 August 2014.

Meanwhile, the BSE Sensex was up 33.40 points, or 0.13%, to 26,454.07.

On BSE, so far 3.85 lakh shares were traded in the counter, compared with an average volume of 23.76 lakh shares in the past one quarter.

The stock hit a high of Rs 38.30 and a low of Rs 37.85 so far during the day. The stock hit a 52-week high of Rs 39 on 26 June 2014. The stock hit a 52-week low of Rs 11.82 on 29 August 2013.

The stock had outperformed the market over the past one month till 19 August 2014, rising 11.01% compared with 3.04% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 29.90% as against Sensex's 8.45% rise.

The large-cap company has an equity capital of Rs 284.59 crore. Face value per share is Re 1.

Ashok Leyland said it completed the sale of the residual section of one of its residential properties at Chennai as part of its strategy to sell non-core assets. With this transaction, the sale of the entire property stands completed, for a total consideration of Rs 210 crore, the proceeds of which has since been received by the company fully.

Ashok Leyland reported a net loss of Rs 47.95 crore in Q1 June 2014, lower than net loss of Rs 141.75 crore in Q1 June 2013. Total income rose 5.25% to Rs 2500.92 crore in Q1 June 2014 over Q1 June 2013.

Ashok Leyland, the flagship of the Hinduja Group, is the second largest maker of commercial vehicles in India after Tata Motors.

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