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Corporate Dec 5, 2011

Ashok Leyland bucks trend, shares up 3% on robust sales

Mumbai: Bucking a weak trend in the broader market, shares of Ashok Leyland rose by 3 per cent in morning trade after the company reported a 53.36 percent jump in commercial vehicle sales to 7,878 units in November.

Reuters

Shares of the company opened on a bullish note and jumped 2.79 percent to a high of Rs 25.75 on the BSE within minutes of the opening bell. On the NSE, the stock gained 3 percent to touch an early high of Rs 25.80.

The company had sold 5,137 units in November last year. Domestic sales stood at 6,477 units in November, as against 3,885 units in the year-ago period, up 66.72 percent.

The surge in the stock was in contrast to the sluggish broader market, with the benchmark Sensex trading at 16,745.51, down 101.32 points, at 1045 hours.

Agencies

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