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Last Updated : Jun 13, 2019 01:56 PM IST | Source:

Accumulate Ashok Leyland; target of Rs 109: Dolat Capital

Dolat Capital recommended Accumulate rating on Ashok Leyland with a target price of Rs 109 in its research report dated May 27, 2019.

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Dolat Capital's research report on Ashok Leyland

Ashok Leyland (AL)’s revenue and operating performance were in line with our estimates in 4QFY19. We believe M&HCV truck growth will trend down in 1QFY20, due to impact of relaxation in axle load norm, liquidity constraint, a high base, and high fuel prices. However, the growth momentum will continue to be strong for the medium-to-long term, driven by 1) pick-up in infrastructure, construction, e-commerce, and mining activities; 2) pre-purchases for BS-VI in 2Q/3QFY20; and 3)
introduction of scrappage policy in FY21.


We recommend Accumulate, with TP ` 109(16xFY21E EPS).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on Jun 13, 2019 01:56 pm
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