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.
Ashok Leyland stock price
On November 30, 2015, Ashok Leyland closed at Rs 94.50, down Rs 3, or 3.08 percent. The 52-week high of the share was Rs 99.65 and the 52-week low was Rs 43.20.
The company's trailing 12-month (TTM) EPS was at Rs 2.49 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 37.95. The latest book value of the company is Rs 14.40 per share. At current value, the price-to-book value of the company is 6.56.
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