Shares of Ashok Leyland rise as Nifty gains

Shares of Ashok Leyland rise as Nifty gains
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Synopsis

On the technical charts, the 200-day moving average of the stock stood at Rs 94.32.

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Back home a gradual easing of lockdown measures in major global economies lifted domestic equity benchmarks for the third session in a row.

INSIGHTS

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Shares of Ltd. gained 0.59 per cent to Rs 111.45 in Wednesday's trade as of 01:58PM (IST). It hit a high of Rs 112.0 and low of Rs 109.9 during the session.

The stock quoted a 52-week high price of Rs 138.85 and a low of Rs 42.05. The return on equity for the stock stood at 4.33 per cent. About 688,612 shares have changed hands on the counter so far.

The stock's beta value, which measures its volatility in relation to the broader market, stood at 1.55.

The scrip has been an outperformer, up 130.03 per cent in the past one year in comparison with a 44.06 per cent gain in Sensex.

Technicals
On the technical charts, the 200-day moving average (DMA) of the stock stood at Rs 42.05 on May 05, while the 50-DMA was at Rs 118.59. If a stock trades well above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades well below 50-DMA and 200-DMA both, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.

Promoter/FII Holding
Promoters held 0.0 per cent stake in Ashok Leyland Ltd. as of 31-Mar-2021. Mutual funds and foreign institutional investors held 9.68 per cent and 17.93 per cent stake.

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