Ashok Leyland rose 1.05% to Rs 38.50 at 11:42 IST on BSE after the company said it has signed an MoU with Yes Bank whereby Yes Bank will extend retail financing to customers of Ashok Leyland's commercial vehicles.
The announcement was made during market hours today, 26 June 2014.
Meanwhile, the S&P BSE Sensex was down 144.63 points or 0.57% at 25,169.11.
On BSE, so far 28.37 lakh shares were traded in the counter as against average daily volume of 30.67 lakh shares in the past one quarter.
The stock hit a high of Rs 39 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 38.10 so far during the day. The stock hit a 52-week low of Rs 11.82 on 29 August 2013.
The stock had outperformed the market over the past one month till 25 June 2014, surging 15.98% compared with Sensex's 2.51% rise. The scrip had also outperformed the market in past one quarter, jumping 88.15% as against Sensex's 14.77% rise.
More From This Section
The mid-cap company has equity capital of Rs 266.07 crore. Face value per share is Re 1.
Ashok Leyland said that with this tie-up with Yes Bank, the company will be able to leverage the extensive branch network and customer reach of Yes Bank and provide more efficient and effective service to its customers.
Mr. Gopal, CFO, Ashok Leyland said, "We are delighted with this tie-up as our customers will greatly benefit from increased options for financing and Yes Bank's extensive network and reach".
Ashok Leyland's net profit surged 142.2% to Rs 363.39 crore on 17.2% decline in net sales to Rs 3020.96 crore in Q4 March 2014 over Q4 March 2013.
Ashok Leyland, the flagship of the Hinduja Group, is the second largest maker of commercial vehicles in India after Tata Motors.
Powered by Capital Market - Live News