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Ashok Leyland stock climbs 15% post weak Q1 earnings

Ashok Leyland share price gained 14.92% to Rs 62 against previous close of  Rs 53.95 on BSE

twitter-logoBusinessToday.In | August 13, 2020 | Updated 19:07 IST
Ashok Leyland stock climbs 15% post weak Q1 earnings
Ashok Leyland share price has gained 24.72% in the last 6 days.

Ashok Leyland share price gained over 13% today despite the Hinduja Group flagship firm reporting a net loss of Rs 388.82 crore in Q1 due to the coronavirus pandemic. In the April-June 2019 quarter, the commercial vehicle maker had posted a net profit of Rs 274.96 crore.

However, investors shrugged off the impact of Covid 19 on the company's financials in last quarter. Ashok Leyland share price gained 14.92% to Rs 62 against previous close of  Rs 53.95 on BSE. Later the share closed 13% higher at Rs 62 on BSE.

The stock has gained 24.72% in the last 6 days. It stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

The stock opened with a loss of 2.32% at Rs 52.70 today. Total 115.46 lakh shares changed hands amounting to turnover of  Rs 67.57 crore. Market cap of the firm rose to Rs 17,921 crore on BSE.

Ashok Leyland in its financial audit report said, "This was owing to the lockdown on account of the COVID-19 pandemic. With virtually no operations or revenues in the first part of this quarter owing to the lockdown, the demand is seen to be gradually opening up as the lockdown is being eased."

Total 20.62 lakh shares changed hands amounting to turnover of Rs 11.16 crore. Ashok Leyland share price hit a 52-week high of Rs 87.50 on January 24, 2020 and 52-week low of Rs 33.70 on March 25, 2020.

Revenue from operations in April-June 2020 significantly declined to Rs 1,486.04 crore as compared with Rs 6,588.23 crore in the year-ago period, Ashok Leyland said in a regulatory filing.

"With the pandemic hitting us, this has been one of the most challenging quarters for the industry," Ashok Leyland MD and CEO Vipin Sondhi said. The company saw a significant decline in volumes, affecting the financial performance adversely, he added.

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