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    Diamonds in the Dust | This CV company’s shares appear deflated, but its potential is intact

    Despite market volatility, AL runs a fundamentally strong business, with significant potential to grow in India.

    Nitin Agrawal
    March 19, 2020 / 09:44 PM IST
    Diamonds in the Dust | This CV company’s shares appear deflated, but its potential is intact

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    The automobile sector was already reeling under multiple blows and the Covid-19 outbreak is a brutal addition to it. In our Diamonds in the Dust series, we identify companies with the potential to bounce back sharply once the dust settles. Today, we have chosen Ashok Leyland (AL) (CMP: Rs64.3, Mcap: Rs18,890 crore), a leader in commercial vehicles in India. AL’s shares had been struggling due to a bleak outlook for CV demand and uncertainties in the near to medium term...

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