Ashok Leyland: STUs place orders for 2,580 buses

Heavy vehicle manufacturer, Ashok Leyland receives orders for 2,580 buses with delivery before March 2019. These large quantity orders are from three State Transport Units (STUs).

The orders were placed by Chennai-based Institute of Road Transport, Uttar Pradesh State Roadways and Chandigarh Transport Undertaking.

Also, Ashok Leyland has informed that it has acquired additional 5,00,010 shares of face value Rs. 10 each for 12.5 per cent stake in Ashley Aviation Limited (AAL) for a cash consideration of Rs. 25.5 lakh from an individual. With this, the company's holding in AAL has increased to 88.75 per cent. This acquisition is in line with the company's intent to make AAL its wholly-owned subsidiary by acquiring stakes from individual shareholders. AAL is engaged in the aviation sector. For FY2018, AAL posted revenue of Rs. 962.19 lakh with an after-tax loss of Rs. 336.18 lakh.    

Meanwhile on Thursday, the stock of Ashok Leyland opened at Rs. 96.90 per share and hit a high of Rs. 97.00 per share and a low of Rs. 95.20 per share during the morning session. At 10:27 hours, the stock was quoting Rs. 95.85 per share, up by 1.54 per cent, on BSE.