Ashok Leyland slips amid intraday volatility

Ashok Leyland lost 0.53% to Rs 93.40 at 14:19 IST on BSE, with the stock sliding amid intraday volatility.

Meanwhile, the S&P BSE Sensex was up 458.39 points or 1.69% at 27,585.29.

On BSE, so far 20.41 lakh shares were traded in the counter as against average daily volume of 14.36 lakh shares in the past one quarter. The stock was volatile. The stock lost as much as 1.38% at the day's low of Rs 92.60 so far during the day. The stock rose as much as 1.59% at the day's high of Rs 95.40 so far during the day. The stock had hit a record high of Rs 112.80 on 13 April 2016. The stock had hit a 52-week low of Rs 70.75 on 9 July 2015. The stock had underperformed the market over the past one month till 8 July 2016, sliding 11.16% compared with Sensex's 0.39% rise. The scrip had also underperformed the market in past one quarter, declining 12.24% as against Sensex's 9.94% rise.

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

Ashok Leyland during market hours today, 11 July 2016 said it has secured orders for nearly 3,600 buses from various state transport undertakings (STUs) in the current financial year. These orders would be executed in the current financial year which would help the company in furthering its leadership position in buses, Ashok Leyland said in a statement.

The company's domestic market share in trucks increased to 30.1% in Q1 June 2016, from 29.2% in Q1 June 2015. Market share for domestic buses increased to 35.9% in Q1 June 2016, from 33.2% in Q1 June 2015.

Ashok Leyland's Managing Director Vinod K. Dasari said the company continues to maintain growth in the domestic medium and heavy commercial vehicles (M&HCV) market. The company will continue to expand its network, launch new products, and introduce customer centric initiatives which would help it to maintain its lead, Dasari said. The focus on exports, defence and after market continues, he added.

Ashok Leyland's net profit dropped 66.5% to Rs 77.02 crore on 32.9% rise in net sales to Rs 5893.49 crore in Q4 March 2016 over Q4 March 2015.

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

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