Ashok Leyland stock closes 3.14% higher after firm wins defence order worth over Rs 100 cr
BusinessToday.In April 13, 2018
The Ashok Leyland stock rose in afternoon trade after the firm won an order worth over Rs 100 crore from the Ministry of Defence. At 12:32 pm, the stock was trading over 3 percent higher at 149.55 on BSE.
The stock opened at 145.10 level and hit an intra day high of 150 on BSE. Its market capitalisation stood at Rs 43,815 crore. It is trading above its 50-day and 200 day moving average of 143 .95 and 128.09 levels, respectively.
The stock hit its 52 week high of 151.55 on March 15, 2018. On April 19, 2017, it hit its 52-week low of 81 level on BSE.
It finally ended 3.14% higher at 149.45 on BSE.
The Hinduja Group firm won the contract for supplying high mobility 10x10 vehicles (HMV 10x10) to the Indian Army. The vehicles will be used for carrying Smerch rockets.
Amandeep Singh, head - Defence at Ashok Leyland, said, "We have won 12 of the 15 tenders we participated in last year, and this is a crucial win for us. This will pave Ashok Leyland's way for newer opportunities in providing mobility platforms for other missile carriers, missile launchers, modular bridges and other critical loads. This order is a testament of our mobility leadership in the Defence sector, and we will continue to partner our Forces in service of the nation."