1. Ashok Leyland soars 8% on strong sales in June, hits fresh 52 week high

Ashok Leyland soars 8% on strong sales in June, hits fresh 52 week high

The share price of Ashok Leyland, India's leading manufacturer of medium and heavy commercial vehicles, soared nearly 5.2 percent to Rs 98.60 on the back of the company reporting an 11 percent growth in overall sales for the month of June.

By: | Updated: July 3, 2017 3:55 PM
The share price of Ashok Leyland soared nearly 5.2 percent to Rs 98.60. On BSE, 10.38 lakh shares were traded on the counter so far as against the average daily volumes of 15.85 lakh shares in the past quarter.(Image: PTI)

The share price of Ashok Leyland, India’s leading manufacturer of medium and heavy commercial vehicles, soared 8.05 percent to Rs 101.40, a fresh 52-week high, on the back of the company reporting an 11 percent growth in overall sales for the month of June. The company’s sale of light commercial vehicles (LCV) rose 29 percent to 3,128 units in June 2017 compared to June 2016, while the sale of medium & heavy commercial vehicles (M&HCV) rose 6 percent to 9,202 units in June 2017 in comparison to June 2016.

Ashok Leyland reported in a BSE filing after market hours on 3 July 2017, that it sold 12,330 units in the month of June 2017 compared to 11,108 units in June 2016. In contrast, April and May were poor months for the company.

For the period April – June 2017, total sales stood at 28495 units, recording a decline of 9% compared to corresponding period of previous year. The 6% increase in the medium and heavy segments in June has helped the company to cushion the decline in the first quarter of the year to 17% on year.

The stock closed at Rs 101.55, its previous 52-week high scaled on 1 July 2016. The stock hit a 52-week low of Rs 73.60 on 22 November 2016. On BSE, 10.38 lakh shares were traded on the counter so far as against the average daily volumes of 15.85 lakh shares in the past quarter.

Ashok Leyland reported a net profit of Rs 476.17 crore in the fourth quarter of the financial year 2017 in comparison to a net loss of Rs 140.81 crore in the corresponding quarter of the previous fiscal year. Net sales rose 10.79% to Rs 6617.89 crore in Q4 FY17 against Q4 FY16.

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