Ashok Leyland resumes operations across all plants

Ashok Leyland on Wednesday (13 May) announced resumption of operations in all its factories, following the relaxation of the lock-down.

Ashok Leyland's MD and CEO, Vipin Sondhi, said "With the relaxation of the lockdown, we have resumed operations in all our plants across the Country, after obtaining necessary approvals from the relevant authorities. In accordance with the stated guidelines as given by the Ministry of Home Affairs (MHA) and the relevant local authorities, we shall be ensuring all the necessary health and safety protocols in our facilities, for all stakeholders. We will gradually ramp up production across facilities after taking into consideration the Work in Progress (WIP) that were on hold at the time of announcement of lock-down, the supply chain readiness after opening and most importantly the preparedness of the ancillary units to supply us critical components, for sustained production of vehicles." The auto firm issued the statement during trading hours today, 13 May 2020.

On 11 May 2020, Ashok Leyland said that its board will meet on 14 May 2020 to consider and approve secured, rated, listed, redeemable non-convertible debentures (NCDs) aggregating to Rs 300 crore with a green-shoe option of Rs 200 crore on private placement basis, in one or more tranches/series.

On a consolidated basis, the company's net profit slumped 93.29% to Rs 26.79 crore on a 30.48% 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.

Shares of Ashok Leyland rose 0.51% to Rs 48.80 on BSE. The scrip hovered in the range of Rs 48.20 to Rs 51.75 so far.

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