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Research and broking firm IDFC Securities has maintained an outperform rating on Ashok Leyland with a target price of Rs 135. The firm expects improvement in the mining/road construction sector which will drive demand on a low base.
IDFC Securities expects Ashok Leyland to expand market share by 100 bps over FY17-20. It expects volume growth for the company to recover in H2 FY18 as it believes that the commercial vehicle (CV) cycle is unlikely to have peaked.
Earlier in September, the signing of the memorandum of understanding (MoU) on cooperation with Russia’s Rosoboronexport has opened the door wider for CV specialist Ashok Leyland to make an aggressive bid for the Army’s Futuristic Infantry Combat Vehicle (FICV) project.
At 11:14 hrs Ashok Leyland was quoting at Rs 117.80, down Rs 0.70, or 0.59 percent. It has touched an intraday high of Rs 119.00 and an intraday low of Rs 117.20.
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