Ashok Leyland shares gain as June sales beat Jefferies' estimates

As per Trendlyne data, the average target price of the stock is Rs 180, with a consensus "Buy" recommendation from 38 analysts for the stock.

Shares of Ashok Leyland edged up over 1 percent in early trade on July 3 after the company's total sales in June beat Jefferies' estimates.

At 10.58am, the stock was trading at Rs 169.25 on the National Stock Exchange, up 1.11 percent. In the last one month, the stock has surged over 13 percent, while it has surged over 16 percent in the past one year.

The carmaker's total sales, including both domestic sales and exports, came at 15,221 units in June, up 5 percent on-year compared to 14,531 units last year. The total sales volume topped global brokerage firm Jefferies's estimate of 15,000 units.

Sales of light commercial vehicles (LCV) witnessed a 2 percent on-year growth at 5,259 units in June. While in the medium and heavy commercial vehicle segment (M&HCV) sales increased 6 percent on-year to 9,962 units, up from the 9,354 units sold a year ago.

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In Q4 FY23, Ashok Leyland reported a nearly 17 percent YoY decline in net profit to Rs 751.41 crore, despite a rise in revenue. The total revenue from operations increased nearly 33 percent YoY to Rs 11,626 crore in Q4 FY23.

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