Ashok Leyland stock surges 3% on USD 200-mn order deal

Shares of Ashok Leyland today surged over 3 per cent after the company bagged an order worth USD 200 million (around Rs 1,331 crore) from Cote D'Ivoire for supplying 3,600 trucks and buses.
The company has signed a contract worth USD 200 million with the government of the West African nation for supply of 3,600 vehicles, Ashok Leyland said in a regulatory filing yesterday.
Reacting to the development, shares of the company opened on a bullish note at Rs 97, then jumped 3.66 per cent to hit an intra-day high of Rs 97.50.
Similar movement was seen on the NSE as well, where the stock opened at Rs 97 and then rallied 3.34 per cent to an early high of Rs 97.25.

The surge in the counter assumes significance as the broader market was trading flat with gains of 60 points at 26,019.19 in the afternoon trade.
"I am proud that the government of Cote D'Ivoire has chosen products from Ashok Leyland. This is the largest contract for this country with any firm in India and also represents the largest such contract till date for the company," Ashok Leyland Managing Director Vinod K Dasari said.
The company looks forward to building this as a base for further growth in West Africa, he added.