Buy Ashok Leyland, target price Rs 138: ICICI Securities

has buy call on Ashok Leyland with a target price of Rs 138. The current market price of is Rs 124.85. Time period given by analyst is Intra Day when Ashok Leyland Ltd. price can reach defined target.

Ashok Leyland Ltd., incorporated in the year 1948, is a Large Cap company (having a market cap of Rs 36664.74 Crore) operating in Auto sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 8176.73 Crore, up 36.27 % from last quarter Total Income of Rs 6000.28 Crore and up 59.48 % from last year same quarter Total Income of Rs 5127.11 Crore. Company reported net profit after tax of Rs 374.66 Crore in latest quarter.

Investment Rationale
Higher base around the 50-day EMA and rising demand line joining lows since December 2020.

Promoter/FII Holdings
Promoters held 51.1 per cent stake in the company as of Dec 30, 2020, while FIIs held 17 per cent, DIIs 17.6 per cent and public and others 14.3 per cent.