Ashok Leyland rose 3.11% to Rs 89.60 at 14:50 IST on BSE after the company reported net profit of Rs 159.32 crore in Q1 June 2015 compared with net loss of Rs 47.95 crore in Q1 June 2014.
The Q1 result was announced during market hours today, 12 August 2015.
Meanwhile, the S&P BSE Sensex was down 273.82 points or 0.98% at 27,592.27.
The stock surged on heavy volumes. On BSE, so far 32.97 lakh shares were traded in the counter as against average daily volume of 15.19 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 3.27% at the day's high of Rs 89.75 so far during the day, which is a record high for the counter. The stock fell as much as 3.16% at the day's low of Rs 84.15 so far during the day. The stock had hit a 52-week low of Rs 33.30 on 13 August 2014.
The stock had outperformed the market over the past one month till 11 August 2015, surging 21.28% compared with the Sensex's 0.74% rise. The scrip had also outperformed the market in past one quarter, advancing 17.19% as against Sensex's 1.3% rise.
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The large-cap commercial vehicle maker has equity capital of Rs 284.59 crore. Face value per share is Re 1.
Ashok Leyland's revenue rose 55.01% to Rs 3841 crore in Q1 June 2015 over Q1 June 2014.
While industry volume grew 23%, Ashok Leyland outperformed the industry with a growth of 45% in medium and heavy commercial vehicles, the company said.
Commenting on the company's Q1 performance, Mr. Vinod K. Dasari, Managing Director, Ashok Leyland said that the growth in market share is a reflection of the company's focus on profitability of its customers, and its channel partners. Further, investments in many new products and continued strict discipline on costs have helped boost results, Dasari said. Overall buoyancy in the economy and strong prospect of market recovery bode well for the industry, and Ashok Leyland seems will placed to capitalize on this growth, Dasari said.
Ashok Leyland is the second largest manufacturer of commercial vehicles in India, the 4th largest manufacturer of buses in the world and the 16th largest manufacturer of trucks globally.
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