Shares of Ashok Leyland are zooming in trade after they inaugurated a new electric vehicle manufacturing plant in Lucknow, in a push to their electric mobility space.
The shares of Ashok Leyland Ltd are up over 2.66%, are are trading at Rs 189.25. The stock is up over 76.48% in the last 12 months.
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Of the 45 analysts tracked by Bloomberg, who have coverage on this stock, 33 analysts have a 'buy' call on it. Nine analysts have a 'hold' view, and three have a 'sell' stance on it.
The facility has been set up in the Sarojini Nagar Extension-1 industrial area, which previously housed Scooters India.
This integrated plant is designed for chassis and bus manufacturing, starting with an annual production capacity of 2,500 units. The capacity will be scaled up to 5,000 units per year in subsequent phases.
The unit will produce advanced commercial vehicles powered by internal combustion engines (ICE), electric drivetrains (EVs), and alternative fuel technologies, catering to both domestic and international markets.
Defence minister Rajnath Singh and Uttar Pradesh chief minister Yogi Adiyanath are also present at the inauguration of Ashok Leyland's Electric Vehicle (EV) plant in the state capital in the presence of Union ministers Nitin Gadkari and H.D. Kumaraswamy.
Industrial Development Minister Nand Gopal Gupta ‘Nandi' stated that the new plant will not only enhance the state's automobile manufacturing strength but also position it for the future of mobility.
“Today marks a major milestone for Ashok Leyland and the state of Uttar Pradesh,” said Dheeraj Hinduja during the inauguration ceremony. “This is our first manufacturing facility in the state, and we are proud to be part of its industrial growth story.”
He added that the progressive policies introduced under Chief Minister Yogi Adityanath have encouraged the company to consider bringing other Hinduja Group businesses to Uttar Pradesh.
Highlighting the plant's impact, Hinduja noted, “This facility will generate employment opportunities and strengthen the MSME ecosystem in the region.”
He also emphasized the speed of execution, stating, “We completed this project in a record time of just 14 months.”
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