Steady outlook, margin expansion put Ashok Leyland in the fast lane

But some brokerages are cautious, saying M&HCV upcycle may be near its peak

The Ashok Leyland (ALL) stock has outperformed in the past three weeks with gains of over 9 per cent, against a less than 3 per cent rise in the leading indices, Sensex and Nifty, during this period. The outperformance follows the country’s second-largest medium and heavy commercial vehicle (M&HCV) maker posting better-than-expected numbers for the March (Q4FY23) quarter, healthy monthly sales numbers for May, and its meeting with analysts on Thursday that added to the optimism. Over the past two days, 15 of the 18 analysts polled by Bloomberg are bullish (“buy/add/outperform” rating) on the stock, two are neutral, and