Ashok Leyland gains on plans to raise Rs 200 cr via NCDs

Ashok Leyland was up 0.39% to Rs 51 after the company said a special committee of the board will meet on 19 June 2020 to consider raising Rs 200 crore via non convertible debentures.

A meeting of the fund raising committee of the board of directors is proposed to be held on Friday, 19 June 2020, to consider issuing secured, rated, listed, redeemable non convertible debentures aggregating to Rs 200 crore on private placement basis, in one or more tranches/series. The announcement was made after market hours yesterday, 16 June 2020.

Ashok Leyland's total sales slumped 90% to 1,277 units for May 2020 as against 12,778 units in the same month last year.

On the technical front, the stock's RSI (relative strength index) stood at 54.868. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 46.77 and its 200-day moving average (DMA) placed at 66.87.

On a consolidated basis, Ashok Leyland's net profit slumped 86.7% to Rs 57.11 crore on a 30.5% fall in net sales to Rs 5,148.15 crore in Q3 December 2019 over Q3 December 2018.

Ashok Leyland, flagship of the Hinduja group, is among the largest manufacturer of commercial vehicles in India and also among the biggest manufacturers of buses and trucks globally.

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