Ashok Leyland jumped 4.65% to Rs 15.75 at 14:49 IST on BSE on reports the company plans to launch a multi-utility van and a 13-seater passenger carrier.
Meanwhile, the BSE Sensex was up 20.18 points, or 0.10%, to 19,922.25.
On BSE, 15.35 lakh shares were traded in the counter compared with average volume of 14.37 lakh shares in the past one quarter.
The stock hit a high of Rs 15.90 and a low of Rs 15 so far during the day. The stock hit a 52-week low of Rs 11.82 on 29 August 2013. The stock hit a 52-week high of Rs 28.70 on 3 December 2012.
The stock had outperformed the market over the past one month till 3 October 2013, rising 24.38% compared with the Sensex's 9.14% rise. The scrip had, however, underperformed the market in past one quarter, sliding 25.31% as against Sensex's 3.78% rise.
The mid-cap company has an equity capital of Rs 266.07 crore. Face value per share is Re 1.
According to media reports, Ashok Leyland plans to roll out this month a multi-utility van named 'Stile' and a 13-seater people mover called 'Dost Express,' two uniquely positioned products that will have no direct competition from the market leader Maruti Suzuki and will help the manufacturer build its light commercial vehicle portfolio in the country.
Reports suggested that the seven-eight seater Stile is expected to be priced at Rs 7.5-9 lakh and targeted at the fleet and taxi operators in major cities. The Dost Express, which is meant for rural areas, could cost about Rs 6 lakh, reports added.
The Stile will be reportedly sold across 130 light commercial vehicle outlets in the northern, southern and western parts of the country while the company is still establishing its network in the east.
Ashok Leyland recorded a 32% decline in total sales to 7,232 units in September 2013 over September 2012. It witnessed a 38% decline (excluding its small commercial vehicle DOST) in commercial vehicle sales to 4,715 units in September 2013 over September 2012. Sales of DOST declined by 17% to 2,517 units in September 2013 over September 2012.
The company announced after market hours on Tuesday, 1 October 2013, that it offloaded its US-based testing and engineering company Defiance Testing & Engineering Services (DTE) to Exova. The firm, however, did not disclose value of the transaction. The acquiring company, Exova is into testing, calibration and advisory services.
Ashok Leyland reported a net loss of Rs 141.75 crore in Q1 June 2013, as against net profit of Rs 66.94 crore in Q1 June 2012. Net sales declined 21.9% to Rs 2313.21 crore in Q1 June 2013 over Q1 June 2012.
Ashok Leyland, the flagship of the Hinduja Group, is the second largest maker of commercial vehicles in India after Tata Motors.
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