Ashok Leyland gains after selling shares in Induslnd Bank

Ashok Leyland gained 1.15% to Rs 105.90 at 10:35 IST on BSE after the company announced that it has sold 32.63 lakh equity shares held in Induslnd Bank in the open market at a price of Rs 915.96 per share.

The announcement was made before market hours today, 29 March 2016.

Shares of Induslnd Bank gained 0.32% to Rs 919.45.

Meanwhile, the BSE Sensex was up 9.71 points, or 0.04%, to 24,976.11.

On BSE, so far 2.14 lakh shares were traded in the counter of Ashok Leyland, compared with an average volume of 11.67 lakh shares in the past one quarter. The stock hit a high of Rs 106.50 and a low of Rs 104.90 so far during the day. The stock hit a record high of Rs 107.40 yesterday, 28 March 2016. The stock hit a 52-week low of Rs 63.85 on 27 April 2015. The stock had outperformed the market over the past one month till 28 March 2016, gaining 22.38% compared with the Sensex's 7.83% rise. The scrip had also outperformed the market in past one quarter, rising 17.77% as against Sensex's 4.1% fall.

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

Ashok Leyland is a part of UK based Hinduja Group. Hinduja Group held 1.64% and Hinduja Ventures held 1.27% stake in IndusInd Bank (as per shareholding pattern as on 31 December 2015).

Net profit of Ashok Leyland rose 519% to Rs 198.63 crore on 22.5% rise in net sales to Rs 4029.46 crore in Q3 December 2015 over Q3 December 2014.

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

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