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Ashok Leyland share price jumps 4% after resumption of operations at all plants

Ashok Leyland may consider and issue secured, rated, listed, redeemable, non-convertible debentures, aggregating to Rs 300 crore.

May 13, 2020 / 12:07 PM IST
 
 
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Share price of Ashok Leyland jumped over 4 percent after the company resumed operations at all plants across the country.

The stock has seen a steady rise in the last one month and has gained 13 percent in the last 15 days. It was quoting at Rs 50.40, up Rs 1.85, or 3.81 percent at 11:12 hours. It has touched an intraday high of Rs 51.75 and an intraday low of Rs 48.20.

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“With the relaxation of the lockdown, we have resumed operations in all our plants across the country, after obtaining necessary approvals from the relevant authorities. In accordance with the stated guidelines as given by the Ministry of Home Affairs (MHA) and the relevant local authorities, we shall be ensuring all the necessary health and safety protocols in our facilities, for all stakeholders," the company said in a filing to the exchanges.

"We will gradually ramp up production across facilities after taking into consideration the Work in Progress that were on hold at the time of announcement of lock-down, the supply chain readiness after opening and most importantly the preparedness of the ancillary units to supply us critical components, for sustained production of vehicles," the company added.

The company informed the exchanges that in its meeting scheduled on May 14 the board of directors may consider and issue secured, rated, listed, redeemable, non-convertible debentures, aggregating to Rs 300 crore, with a green-shoe option of Rs 200 crore on private placement basis, in one or more tranches.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, FII/FPI or institutions are increasing their shareholding. The technical rating as per moneycontrol technical analysis is however neutral.

The company has seen a decline in net profit (QoQ) with degrowth in quarterly revenue and profit in recent results.

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Sandip Das
first published: May 13, 2020 12:07 pm