Ashok Leyland rose 2.92% to Rs 96.80 at 9:18 IST on BSE after the company said it has signed a contract with the government of Cote D'Ivoire for supply of 3,600 vehicles worth $200 million.
The announcement was made after market hours yesterday, 26 November 2015.
Meanwhile, the S&P BSE Sensex was up 67.59 points or 0.26% at 26,026.22.
On BSE, so far 2.13 lakh shares were traded in the counter as against average daily volume of 11.03 lakh shares in the past two weeks.
The stock hit a high of Rs 97.50 and a low of Rs 96.25 so far during the day. The stock had hit a record high of Rs 99.50 on 18 August 2015. The stock had hit a 52-week low of Rs 43.20 on 17 December 2014.
The stock had outperformed the market over the past one month till 26 November 2015, gaining 1.51% compared with the Sensex's 5.13% fall. The scrip had also outperformed the market in past one quarter, advancing 7.49% as against Sensex's 0.95% rise.
The large-cap commercial vehicle maker has equity capital of Rs 284.59 crore. Face value per share is Re 1.
Ashok Leyland said that the latest contract for the supply of 3,600 vehicles to the government of Cote D'Ivoire is being funded by Exim bank of India and is pending final clearance from respective governments. The vehicles, which include trucks and buses, will be delivered over the next 12 months, Ashok Leyland said in a statement.
Ashok Leyland's net profit rose 137.6% to Rs 286.81 crore on 54.9% growth in net sales to Rs 4878.81 crore in Q2 September 2015 over Q2 September 2014.
Ashok Leyland is the second largest manufacturer of commercial vehicles in terms of sales in India.
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