Ashok Leyland scales record high

Ashok Leyland rose 0.87% to Rs 46.15 at 09:43 IST on BSE after the company signed a memorandum of understanding with Bank of Maharashtra for financing of commercial vehicles.

Meanwhile, the S&P BSE Sensex was up 7.41 points or 0.03% at 26,858.46

On BSE, so far 4.07 lakh shares were traded in the counter as against average daily volume of 13.56 lakh shares in the past two weeks.

The stock hit a high of Rs 46.35 so far during the day, which is a record high for the counter. The stock hit a low of Rs 45.80 so far during the day. The stock had hit a 52-week low of Rs 14.90 on 17 February 2014.

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

Ashok Leyland on Saturday, 25 October 2014 said it has signed a memorandum of understanding (MoU) with Bank of Maharashtra whereby Bank of Maharashtra will extend retail financing to customers of Ashok Leyland's commercial vehicles. With this tie-up, Ashok Leyland will have access to 1,700 branches of Bank of Maharashtra and will be able to provide more efficient and effective service to its customers.

Ashok Leyland's total sales surged 27% to 9,193 units in September 2014 over September 2013.

Ashok Leyland will declare its Q2 September 2014 results on 6 November 2014. Ashok Leyland had reported a net loss of Rs 47.95 crore in Q1 June 2014, lower than net loss of Rs 141.75 crore in Q1 June 2013. Net sales rose 5.2% to Rs 2434.62 crore in Q1 June 2014 over Q1 June 2013.

Ashok Leyland, the flagship of the Hinduja Group, is the second largest maker of commercial vehicles in India after Tata Motors.

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