Share price of Ashok Leyland falls as Nifty weakens

Shares of Ashok Leyland Ltd. slipped 0.66 per cent to Rs 170.7 in Monday's trade as of 01:19PM (IST). The stock hit a high price of Rs 170.95 and low of Rs 168.0 during the session.

The return on equity (ROE) for the stock stood at 14.57 per cent. Traded volume on the counter stood at 01:19PM shares and turnover at Rs 2.44 crore around that time. The stock of Ashok Leyland Ltd. quoted a 52-week high price of Rs 191.45 and 52-week low prices of Rs 133.1, respectively.

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

Promotor/FII Holding
Promoters held 0.0 per cent stake in the company as of 30-Jun-2023, while foreign investors held 16.45 per cent and domestic institutional investors had 13.13 per cent.

Key Financials
The company reported consolidated sales of Rs 9735.45 crore for the quarter ended 30-Jun-2023, down 26.43 per cent from previous quarter's Rs 13233.16 crore and down 34.31 per cent from the year-ago quarter's Rs 7248.49 crore. Net profit after tax for the latest quarter stood at Rs 543.89 crore, up 699.25 per cent from the same quarter a year ago.

Technicals
The MACD signalled a bearish bias on the counter. The MACD is known for signalling trend reversals in traded securities or indices.
It is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on topof the MACD to reflect "buy" or "sell" opportunities. When the MACD crosses below the signal line, it gives a bearish signal, indicating that the price of the security may see a downward movement and vice versa.