Nov 12, 2012, 01.41 PM IST | Source: Moneycontrol.com

Ashok Leyland up 2.5% on brokerage upgrade

Shares of Ashok Leyland, India's second largest commercial vehicle manufacturer, gained over 2.5 percent as the Bank of America Merrill Lynch (BofAML) has upgraded the stock to buy with a revised target of Rs 32.

Shares of Ashok Leyland , India's second largest commercial vehicle manufacturer, gained over 2.5 percent as the Bank of America Merrill Lynch (BofAML) has upgraded the stock to buy with a revised target of Rs 32.

Following the improvement in September quarter earnings, BofAML have raised their profit forecasts for FY14 by 20%. Operating profit margin was 10.1 percent in the second quarter as against expectations of 8.2 percent and profit after tax stood at Rs 142.6 crore as against forecast of Rs 84.2 crore for the quarter.
 
At 13:25 hours IST, the stock rose 2.53 percent to Rs 26.35. The stock had rallied 6.64 percent on Friday to close at Rs 25.70.

Ashok Leyland stock price

On April 17, 2014, Ashok Leyland closed at Rs 23.05, up Rs 0.30, or 1.32 percent. The 52-week high of the share was Rs 25.20 and the 52-week low was Rs 11.82.


The latest book value of the company is Rs 16.74 per share. At current value, the price-to-book value of the company was 1.38.

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