Mumbai (Maharashtra) [India], September 1 (ANI): On Thursday, the share cost of Ashok Leyland rose 5.71 percent due to news that the firm has been contracted to provide 1,400 school buses in the United Arab Emirates (UAE).
Ashok Leyland’s shares rose to Rs 162.80 on the BSE, and even reached a high of Rs 163.45 during the day.
Despite the overall sell-off in Indian equities markets, Ashok Leyland’s stock price still increased. The benchmark Sensex of the BSE dropped 770.48 points or 1.29 percent, while Nifty 50 of the National Stock Exchange plunged 216.50 points or 1.22 percent on Thursday.
It has been reported in media that Ashok Leyland has acquired a large order to supply 1,400 school buses in the UAE.
The stock exchanges have asked for a clarification from Ashok Leyland regarding the news. “The Company is requested to submit its clarification to the Exchange in terms of the provisions of Regulation 30 of the SEBI (LODR) Regulations, 2015,” the BSE said. The response to the clarification is awaited.
Strong sales growth also drove up Ashok Leyland’s share price. Ashok Leyland’s total vehicle sales increased 51 percent to 14,121 units in August.
The company’s total medium and heavy Commercial Vehicle sales rose 81 percent year-on-year to 8,379 units in August, compared to 4,632 units sold in August 2021.
Its light commercial vehicle (LCV) sales rose 21 percent year-on-year to 5,742 units in August 2022. (ANI)