📈 Ashok Leyland Share Price Surges After Receiving Big Order from Karnataka Government
💼 Commercial vehicle maker Ashok Leyland has secured a major order from the Karnataka government. The Karnataka State Road Transport Corporation has placed an order for the delivery of 1,225 Viking buses to Ashok Leyland by April 2024.
💰 The order is valued at approximately ₹522 crores. Amidst this news, the stock of Ashok Leyland saw a rise of 0.52% to close at ₹174.45 during special trading on Saturday.
🚌 Order Details: The Viking buses will comply with AIS153 standards and will prioritize the safety of both passengers and drivers. Ashok Leyland’s Managing Director and CEO, Shenu Agarwal, expressed delight in continuing their long-term relationship with the Karnataka State Road Transport Corporation. He added that local mobility plays a crucial role in economic development and the company is committed to providing the most suitable transportation buses with advanced technology and expertise.
💪 Ashok Leyland’s Strong Performance: The stock of Ashok Leyland witnessed an increase of 3% to reach ₹174.50 on Thursday, making it the fourth consecutive trading day of growth. The stock closed at ₹173.65 with a 1.34% increase.
🎯 Target Price: Brokers have set a target price of up to ₹221 for Ashok Leyland’s shares, based on their performance. The stock’s 52-week high stands at ₹191. The company aims to earn ₹800-1,000 crores from the defense business in the fiscal year 2024, with new orders coming in the bus segment.
📈 Positive Outlook: With the current strong position of the company, brokers maintain a buy rating on the shares of Ashok Leyland.
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