Buy Ashok Leyland, target Rs 163; to launch one product every 6-month: Angel Broking
Shares of Ashok Leyland touched 52-week high of Rs 144.55, rising 2.6 percent intraday Thursday as broking house Angel Broking has initiated buy rating on the stock with a target of Rs 163 per share.
According to Angel Broking the vehicle scrappage policy to trigger growth and company is set to capture additional growth opportunity.
GST, improved rural demand and boom in e-commerce are going to drive light commercial vehicle (LCV) demand, it added.
The company is going to launch one product every six months and targeting to capture new export markets.
The broking house expect net profit CAGR of 19 percent over FY17-20 due to improvement in replacement demand.
At 13:20 hrs Ashok Leyland was quoting at Rs 143.80, up Rs 2.90, or 2.06 percent on the BSE.
Posted by Rakesh Patil