Prefer Ashok Leyland: Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "Clearly, Ashok Leyland remains one of our top-favourites, and the entire theme is spaced on how the MHCV sales have panned out on the company. Clearly, if you look at the track record and probably what you are seeing in terms of market share, they have got a decent market share of 30 odd percent. And both on the MHCV passenger as well as the truck part, they have done exceptionally well. Having said that, the LCV has been a weak link for Ashok Leyland. But over the next few quarters and the kind of respite that you have probably seen in the December numbers, if those numbers start panning out over the next few months in a positive fashion, the consolidated numbers will start looking much better. Clearly, the export percentage, the management is indicating of actually doubling that from 15 to almost 30-32 odd percent which can be a huge plus for the company.""Clearly, Ashok Leyland is something that we continue to like. And again, within the two wheeler space, in TVS Motor, the numbers were quite reasonable in my opinion. And the management commentary per se in the quarter gone by, they are expecting the market share to probably go up in over the next three years to 15 percent. A couple of their launches are being very well received," he said."So, if you take into account Jupiter has been extremely well received by the markets. And again, the Apache, the revived version of that, Star City, the volumes should see some amount of growth going forward. So, clearly, TVS Motors’ margins that came through with a good product mix, lower contribution of Mopeds, the product mix was quite good, the commodity prices aided the margin expansion. You are probably looking at double digit margin growth happening over the next few years. So, anything on TVS Motors in terms of declines, long-term investors can have a look at that stock as well."