Shares of Ashok Leyland Ltd. rose after its bagged an order worth Rs 981.5-crore from Maharashtra State Transport Corp. to supply 2,104 units of Viking passenger bus.
These buses will be developed at Ashok Leyland's exclusive bus body plants with state-of-the-art technology. It will provide improved safety, comfort, and a lower total cost of ownership for MSRTC, according to an exchange filing on Monday.
The automotive manufacturer is supposed to deliver the order between August 2024 and August 2025.
Shares of the company rose as much as 1.98% intraday, the highest level since July 12. They pared gains to trade 1.58% higher at Rs 227.80 apiece, as of 11:21 a.m., compared to a 0.31% advance in the NSE Nifty 50.
The stock has risen 32.13% in the last 12 months and 25.24% year-to-date. The relative strength index was at 48.22.
Out of 43 analysts tracking the company, 29 maintain a 'buy' rating, six recommend a 'hold' and eight suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 3%.
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