Mumbai order shot in the arm for Ashok Leyland

DALAL STREET SPIKES

Ashok Leyland stock managed to buck the overall negative trend after the company announced the bagging of an order worth Rs 100-crore from Mumbai's urban transport programme.

As a result, the stock closed up 2.15 per cent at Rs 23.75, with volumes of more than 11.84 lakh shares on BSE alone.

Analysts said that the stock had been in the limelight of late in anticipation of some positive development at the counter. From a low of Rs 18.10 on November 11, 2004, the scrip has now jumped more than 35 per cent to Monday's close of Rs 23.75.

The order is for supply of buses that conform the BS III emission standards. The buses are being supplied under a tripartite agreement between Mumbai's transport undertaking, the government of Maharashtra and the World Bank.