Ashok Leyland hits new high; stock surges 42% in H1FY18

So far in September 2017, the stock rallied 13% against 1% decline in the S&P BSE Sensex

Ashok Leyland Limited (ALL) hit a new high of Rs 121, up 3% on BSE, surpassing its previous high of Rs 120 touched in last of week, after the rating agency ICRA assigns credit rating for commercial paper issue with stable outlook.

“The ratings draw strength from ALL’s strong business risk profile marked by its sustained gain in market share in domestic Medium and Heavy Commercial Vehicle (M&HCV) segment in recent years and improvement in operational efficiencies following cost rationalization initiatives undertaken,” ICRA said in statement.

While M&HCV sales volumes witnessed moderation during Q1FY2018, recovery in demand is