Ashok Leyland rallies 5% to hit 52-week high on August sales, UAE deal

As the commercial vehicles manufacturer reported a 51 per cent year-on-year (YoY) jump in August sales, the stock rallied 5 per cent on Thursday to hit a 52-week high of Rs 161.75 on the BSE.

The flagship brand of Group on Thursday reported that its total domestic and export sales for the month of August went up 51 per cent YoY to 14,121 units. The total domestic sales, including trucks, buses and LCVs in the month stood at 13,301 units, up 58 per cent YoY.

The auto company had on Wednesday announced bagging orders from major fleets for 1,400 school buses in the UAE. The total fleet deal, worth AED 276 million ($75.15 million) for the GCC-made buses, was bagged by Chennai-based Ashok Leyland's UAE distribution partners, Swaidan Trading - Al Naboodah Group.

In the last 6 months, Ashok Leyland shares have rallied over 35 per cent. Out of the 37 analysts covering the stock, 24 have a strong buy rating with none giving it a sell rating, showed Trendlyne data.