Ashok Leyland up 4% on pact with Hino to develop BS-VI engines

Shares of Ashok Leyland today rose by over 4 per cent after the company said it has inked a pact with its long-standing Japanese partner Hino to jointly develop BS-VI compliant engines.
The stock gained 4.43 per cent to settle at Rs 123.65 on BSE. During the day, it rose by 4.72 per cent to Rs 124.
On NSE, shares of the company jumped 4.34 per cent to end at Rs 123.60.
In terms of equity volume, 14.24 lakh shares of the company were traded on BSE and over 2 crore shares changed hands on NSE during the day.
The companies have entered into a mutual cooperation agreement (MCA) where Ashok Leyland will utilise Hino's engine technology for Euro-VI development and will support Hinos engine parts' purchasing in India for global operation, the Chennai-based firm said in a statement.

Hino and Ashok Leyland have had a cooperative agreement for engine production in India since 1986.