Ashok Leyland gains on bargain hunting

Ashok Leyland rose 2.25% to Rs 65.90 on bargain hunting after a recent slide.

The stock fell 3.45% in two trading sessions to settle at Rs 64.45 on Friday, 30 August 2019, from its close of Rs 66.75 on 28 August 2019.

The auto makers' total sales fell 15.52% to 9231 units in August 2019 as against sales of 10,927 units in July 2019. Total vehicle sales declined 47% in August 2019 compared with 17,386 units in August 2018.

Meanwhile, the company informed that it has become the first lndian commercial vehicle maker to get BS-VI certification for its full range of heavy duty trucks.

On the BSE, 22.90 lakh shares were traded in the counter so far compared with average daily volumes of 21.70 lakh shares in the past two weeks. The stock hit a high of Rs 66.15 and a low of Rs 61.85 so far during the day.

The stock hit a 52-week high of Rs 135.1 on 03 Sep 2018. The stock hit a 52-week low of Rs 56.95 on 23 Aug 2019.

On a consolidated basis, the auto makers' net profit declined by 40.6% to Rs 248.84 crore on a 7.5% fall in the net sales to Rs 6514.73 crore in Q1 June 2019 over Q1 June 2019.

Ashok Leyland, flagship of the Hinduja group, is the 2nd largest manufacturer of commercial vehicles in India, the 4th largest manufacturer of buses in the world, and the 10th largest manufacturers of trucks.

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