Angel Broking has maintained its neutral view on Ashok Leyland in its July 30, 2008 research report. "For 1QFY2008, Ashok Leyland (ALL) clocked 16.2% growth in Net Sales to Rs 1,884 crore, which was marginally above our expectation of Rs 1,724 crore. The company's Net Profit fell by 42.6% to Rs 50.6 crore (Rs 88.2 crore)."
"We maintain our Neutral view on the stock. We believe the stock will perform when there is reasonable confidence that FY2009 and FY2010 will see better volume growth for the CV industry due to softening of interest rates. Our volume growth assumptions are based on the assumption that the commercial vehicle (CV) segment will likely grow by around 8% over the next two years," says Angel's research report.
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