Ashok Leyland shares surge 2% on single-largest order for fully-built buses

Ashok Leyland's share price has rallied 26 percent since the start of the year.

Shares of commercial vehicle manufacturer Ashok Leyland rose from the day's low to trade 2 percent higher at Rs 229 after it secured its single-largest order for fully-built buses from the Maharashtra State Road Transport Corporation (MSRTC).

The order, valued at Rs 982 crore, includes 2,104 units of Viking passenger buses. These buses will adhere to the latest CMVR standards, feature AIS 153-compliant bodies, and be BS-VI compliant with rear air suspension and other advanced features.

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Manufactured at Ashok Leyland's bus body plants, these buses aim to offer a lower total cost of ownership for MSRTC. The order will be executed over 12 months from August 2024 to August 2025.

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"This new order highlights our commitment to producing highly efficient and technologically advanced products, supporting the growth of public transportation in India," said Shenu Agarwal, MD & CEO of Ashok Leyland.

As one of the world's top five bus manufacturers and the largest in India, Ashok Leyland strengthens its position in both the domestic and global bus markets with this significant order.

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At about noon, shares of the company were trading at Rs 228, higher by 1.5 percent from the last close on the NSE. Ashok Leyland's share price has rallied 26 percent since the start of the year.

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