Accumulate Ashok Leyland, says Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "The outperformance has been quite stupendous forAshok Leyland. If you look at the volume growth that is happening, there has been significant amount of pre-buying with new regulatory norms coming through. However, volumes have held up for Ashok Leyland, our own take is that M&HCV side should hold up for Ashok Leyland. The market share has been inching up slowly and steadily and though the light and commercial vehicle (LCV) segment has been a laggard over the next few quarters, if the latent demands picks up as one really expects on both these segments, Ashok Leyland can be clear beneficiary." "With falling diesel prices the fleet operator possibly also goes up and our own take is that EBITDA margin should hold up between that 10.5-11 percent range for Ashok Leyland. So, long-term investors holding to such stock should probably hold on to it. We still have an accumulative rating on the stock. For investors who want to get in, wait for declines another 3-4 percent correction shall be a good entry point for the stock," he said.