Ashok Leyland Ltd. on Friday announced that its defence business secured multiple orders worth more than Rs 700 crore.
The vehicles to be supplied under these orders will fulfill the needs of troop transportation, logistics, and other specialised mobility requirements under the Close-in Weapon Systems program, according to a company statement.
The awarded contracts encompass a diverse range of specialised vehicles, including the Stallion 4x4, Stallion 6x6, Short Chassis Bus, and Mobility System Travelling Platform to be delivered to the Indian Army.
"These vehicles combine superior reliability with exceptional off-road capability, ensuring seamless manoeuvrability across country’s most demanding terrains, meeting a variety of operational requirements," the statement said.
The Hinduja Group company is the largest supplier of logistics vehicles to the army.
Ashok Leyland Share Price Down
Ashok Leyland share price was trading 0.9% lower at Rs 206.73 apiece as of 10:45 a.m.
Ashok Leyland share price was trading 0.9% lower at Rs 206.73 apiece as of 10:45 a.m.
Ashok Leyland share price was trading 0.9% lower at Rs 206.73 apiece as of 10:45 a.m., as compared to a 0.16% advance in the NSE Nifty 50.
The stock rose 21% in 12 months, and declined 6% year-to-date. The relative strength index was at 40.
Out of 44 analysts tracking the company, 36 maintain a 'buy' rating, four recommend a 'hold' and four suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 22%.
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