Buy Ashok Leyland, advises Saurabh Mukherjea

Saurabh Mukherjea, CEO-Institutional Equities at Ambit Capital told CNBC-TV18, "In the commercial vehicle (CV) cycle, although passenger vehicle sales seems to have throttled off, all the data we are getting suggests CV sales are buoyant. So, whether you look at the Society of Indian Automobile Manufactures (SIAM) data, talk to truck dealers and distributors, CV sales are holding up. Fleet operators are replacing ageing fleets. In fact corporates are asking for ageing fleets to be replaced.""Ashok Leyland is a natural beneficiary. What they are also benefitting from is that Tata Motors seems to have somewhat lost it's way even in the CV market and as a result, market share gains for Ashok Leyland are coming through. So, we have to stay comfortable buyers here and as an economic recovery play which is holding up in a soft economy, this would be something I would focus on for some quarters to come," he said.