Ashok Leyland rides higher on 1,666-bus order from Tamil Nadu

Ashok Leyland has given a return of 18.13 percent in 2023, outperforming the benchmark Nifty 50, which has gained around 8.54 percent during the period

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Ashok Leyland gained more than a percent in the morning trade on October 16 after the company got a 1,666-bus order from the Tamil Nadu state transport undertakings.

At 10.01 am, the stock was trading at Rs 177.60 on the National Stock Exchange, a percent higher from the previous day, even as equity benchmarks the Nifty and the Sensex traded lower.

The auto major said on October 13 that it has been the preferred brand of Tamil Nadu state transport undertakings with more than 18,000 buses, accounting for 90 percent of their fleet.

Sanjeev Kumar, President- M&HCV, Ashok Leyland, said that with the order, the company would cross the 20,000 buses milestone with TN STUs.

In September, the Indian flagship of the Hinduja Group bagged orders for 1,282 buses from Gujarat State Road Transport Corporation. Ashok Leyland has to deliver 55-seater fully assembled BSVI diesel buses in phases.

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September sales

Ashok Leyland reported sold 19,202 units in September 2023, a 9 percent year-on-year rise from 17,549 vehicles in September 2022. The commercial vehicle maker’s domestic sales grew 10 percent at 18,193 units as against 16,499 units in the year-ago period.

According to ICICI Securities analysts, with the monsoon ending, the auto industry is entering a period of stronger demand. In September 2023, there was a slight inventory addition to meet the rising retail demand from October. “We are building in 10 percent growth for the segment in FY24E,” it said.

Stock performance

Ashok Leyland stock has given a return of 18.13 percent in 2023, outperforming the benchmark Nifty 50 which has gained around 8.54 percent during the period. In the past six months, the Ashok Leyland share has jumped 27.02 percent.

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