Sharekhan has given Buy recommendation for Ashok Leyland with a target price of Rs. 180 in its research report issued on Apr 20, 2022

Sharekhan’s research report on Ashok Leyland

ALL is expected to benefit from its aggressive strategy of growing its market share through increased penetration across all regions and new product launches. ALL’s subsidiary, Switch Mobility Limited is likely to be a beneficiary of EV mobility movement; it has established strong presence in the UK, India, and Continental Europe. The stock is trading below its average historical multiples at P/E of 11.2x and EV/EBITDA of 7.7x its FY2024E estimates.

Outlook

We retain our Buy rating on Ashok Leyland Limited (ALL) with an unchanged PT of Rs. 180, owing to growth recovery in the CV industry, led by improvement in economic and infrastructure activities.

More Info

At 13:53 hrs Ashok Leyland was quoting at Rs 128.25, up Rs 0.55, or 0.43 percent.

It has touched an intraday high of Rs 130.00 and an intraday low of Rs 127.60.

It was trading with volumes of 272,137 shares, compared to its thirty day average of 1,550,760 shares, a decrease of -82.45 percent.

In the previous trading session, the share closed up 2.61 percent or Rs 3.25 at Rs 127.70.

The share touched its 52-week high Rs 153.40 and 52-week low Rs 93.20 on 16 November, 2021 and 08 March, 2022, respectively.

Currently, it is trading 16.4 percent below its 52-week high and 37.61 percent above its 52-week low.

Market capitalisation stands at Rs 37,648.14 crore.

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