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Ashok Leyland spurts 30% in ten days

Capital Market 

Ashok Leyland gained 1.64% to Rs 123.60, extending its winning run to tenth consecutive trading session.

The stock has jumped 30.38% in ten trading days from its previous closing low of Rs 94.8 on 30 December 2020. The counter hit a 52-week high of Rs 125.55 in yesterday's trading session. The stock has soared 266% from its 52-week low of Rs 33.70 hit on 25 March 2020.

In last one month, shares of commercial vehicle maker have surged 31.35%, outperforming the Nifty Auto index which rose 11.13% in the same period.

The stock saw demand after the company reported strong December 2020 sales. The commercial vehicles maker's total sales jumped 14% to 12,762 units in December 2020 from 11,168 units sold in December 2019. Sequentially, the company's total auto sales advanced 19.73% from 10,659 units sold in November 2020.

On the technical front, the stock's RSI (relative strength index) stood at 85.548. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 94.99 and 84.48 respectively. These levels will act as crucial support zones in near term.

Ashok Leyland, flagship of the Hinduja group, is among the largest manufacturer of commercial vehicles in India and also among the biggest manufacturers of buses and trucks globally.

On a consolidated basis, Ashok Leyland reported a net loss of Rs 96.23 crore in Q2 September 2020 as compared to a net profit of Rs 69.95 crore in Q2 September 2019. Net sales declined 23.8% to Rs 3,835.85 crore in Q2 September 2020 over Q2 September 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, January 13 2021. 09:34 IST
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