Ashok Leyland gains after selling shares in Induslnd Bank

Ashok Leyland rose 0.99% to Rs 91.55 at 12:15 IST on BSE after the company cumulatively sold 18 lakh shares in Induslnd Bank in the open market during the period between 25-29 September 2015 at a net price of Rs 918.76 per share.

The company made announcement during market hours today, 30 September 2015.

Shares of Induslnd Bank gained 0.38% to Rs 945.

Meanwhile, the S&P BSE Sensex was up 174.22 points or 0.68% at 25,952.88.

On BSE, so far 6.26 lakh shares were traded in the Ashok Leyland counter as against average daily volume of 20.2 lakh shares in the past one quarter.

The stock hit high of Rs 92.35 and low of Rs 91.20 so far during the day. The stock had hit a record high of Rs 99.50 on 18 August 2015. The stock had hit a 52-week low of Rs 39.90 on 29 September 2014.

The stock had outperformed the market over the past one month till 29 September 2015, falling 1.68% compared with 2.33% fall in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 27.77% as against Sensex's 6.75% fall.

The large-cap commercial vehicle maker has equity capital of Rs 284.59 crore. Face value per share is Re 1.

The net realizable value for Ashok Leyland after share sale in IndusInd Bank by the company works out to Rs 165.37 crore.

Ashok Leyland reported net profit of Rs 159.32 crore in Q1 June 2015 compared with net loss of Rs 47.95 crore in Q1 June 2014. Total income rose 53.7% to Rs 3868.31 crore in Q1 June 2015 over Q1 June 2014.

Ashok Leyland is the second largest manufacturer of commercial vehicles in terms of sales in India.

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