Defence Minister Rajnath Singh on Wednesday said the launch of a Ashok Leyland's new modern facility in Lucknow marks a major milestone for Uttar Pradesh’s industrial journey. Calling it a proud moment not just for the city but for the entire state, Rajnath said the project will play a key role in strengthening UP’s economic and industrial ecosystem. He added that Lucknow, located at the heart of Uttar Pradesh, is emerging as an important hub for future development. The Defence Minister expressed confidence that the facility will attract further investments, create new opportunities and boost employment in the region. According to him, this development reflects the growing focus on industrial expansion in Uttar Pradesh and will help position the state as a key contributor to India’s broader growth story.
CM Yogi Adityanath To Inaugurate Ashok Leyland’s Lucknow EV Plant On January 9
Dalal Street kicked off 2026 on a strong bullish note, with the Nifty surging past 26,300 intraday—the highest since December 1—to a one-month high of 26,314. Broad-based buying prevailed, with a healthy 2.5:1 advance-decline ratio. Nifty Bank soared 380 points, driven by both PSU (Bank of Baroda, Indian Bank at record highs) and private banks (ICICI, Axis, Kotak). Energy (BPCL, HPCL, RIL), Realty, and PSU stocks led sectoral gains. Metals shone—Hindalco and National Aluminium hit record highs—while autos (Maruti, M&M, TVS, Ashok Leyland) rallied post-strong December sales. Renewable financiers (IREDA, REC, PFC) rebounded sharply from multi-month lows. Pre-Budget optimism fuels the momentum across PSU banks, metals, and autos.
In this detailed breakdown, the Gaurang Shah of Geojit Investments shares his top stock picks across major sectors using the GeoGeek framework. In banking, he highlights SBI and Indian Bank in the PSU space, along with Axis Bank and ICICI Bank in private banking. For NBFCs, Bajaj Finance and L&T Finance stand out. The defence segment features outperformers like MTAR Technologies, Cochin Shipyard, Mazagon Dock, and BEL. Autos see strong contenders in M&M, Bajaj Auto, TVS Motors, and Ashok Leyland. In capital goods, L&T and Siemens take the lead, while capital-market tech includes CAMS (Computer Age Management Services). A comprehensive sector-wise guide for investors looking for high-quality opportunities.
Tata Motors CV: Ambit Capital expects 6 per cent and 8 per cent CAGR in revenue and Ebitda between FY25 and FY28, supported by high-margin non-core revenue streams that help cushion cyclicality.
Nomura assessed that extremely high valuations were likely to cap further upside as narrative fatigue sets in. It gave examples of sectors such as defence, power equipment suppliers, EMS, hospitals, hotels and real estate.
Arpit Beriwal of Motilal Oswal Financial Services says the auto index continues to outperform, with strong setups across Ashok Leyland, M&M and TVS Motor. He expects Ashok Leyland to move toward 175–180, M&M toward 3900–4000, and TVS Motor to rally 6–8% toward 3800+. In the broader market, IT remains a key theme, with Persistence Systems and Coforge showing strong monthly and weekly structures, positioned for fresh highs. On gold, Arpit highlights that rising bullion prices are driving strong momentum in gold financiers. He sees Muthoot Finance heading toward 4000–4200 and Manappuram Finance toward 300–320 over the next few months.
Ashok Leyland has been a consistent wealth creator for investors this year, with the counter gaining over 50 per cent in 2025 so far.
Arpit Beriwal of Motilal Oswal says rollovers are steady with Nifty and Bank Nifty gaining around 1–1.5% month-on-month. He highlights autos as the strongest sector in the current volatile market. Maruti is forming a solid base near 15,500 and could move towards 16,300–16,500, while Eicher Motors has broken out above 7,050 on the weekly chart and may head to 7,500–7,600 in the December series. In energy, Reliance looks strong for 1,600–1,620. Ashok Leyland shows swing potential with support at 144 and targets near 152–160. Strategy: stay long on autos, NBFCs and capital market stocks, while taking tactical shorts in railways, realty and consumer durables due to selective market breadth.
Choice has adopted a more cautious stance on others. The brokerage has an 'Add' rating on Hero MotoCorp with a target price of Rs 5,710, citing strong market share gains.
The board of Ashok Leyland, in its meeting on November 12, approved an interim dividend of Re 1 per equity share (face value Re 1 each).
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