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Ashok Leyland share price rises on order for 1,290 buses

The share price of Ashok Leyland, country's second-largest commercial vehicle maker, rose 2.79 percent after the firm said it bagged order for 1290 Buses from Gujarat State Roadways Transport Corporation.

twitter-logo BusinessToday.In        Last Updated: March 11, 2019  | 12:49 IST
Ashok Leyland share price rises on order for 1,290 buses
The share is performing in line with the auto sector today.

The share price of Ashok Leyland, country's second-largest commercial vehicle maker, rose 2.79 percent after the firm said it bagged order for 1290 Buses from Gujarat State Roadways Transport Corporation. The share is performing in line with the auto sector today. Adding to this, the trucks/LCV (Automobiles) sector has gained 2.39% in the sector.

Ashok Leyland, flagship of the Hinduja Group, and India's largest bus manufacturer opened 1.3 per cent higher than the last close of Rs 89.75 and rose 2.8 percent to its intraday high of Rs 92.25, with more volume being traded at a high price. However, both the weekly and monthly trend of MACD chart suggests a bearish move at Rs 89.75 (on March 8, 2019) and Rs 83 (February 1 2019) respectively.

Intra day low of Rs 90 is above 16 percent then the 52-week low of Rs 77.60 recorded on February18, 2019. Ashok Leyland share price is trading higher than 5, 20 and 50-day moving average but lower than 100 and 200-day moving averages.

The stock price has moved lower in one year period by 36 percent from the price of Rs144 and gained almost 6 percent at Rs 86.70 in the last month. The stock has gained 6 percent in one week.

Ashok Leyland is currently the fourth-largest manufacturer of buses in the world and India's largest bus manufacturer. The company sold 18,245 units ( LCV segment) in February-2019 which increased only 0.4 percent over 18,181 units sold in same month last year.

(Edited by Rupa Burman Roy)

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