Rs 522 crore order and FIIs increase stake: This multibagger automobile stock bags new orders for 1,225 buses!

Shares of the company gained more than 100 per cent in the last six months.

Ashok Leyland lands a major Rs 522 crore deal to supply 1,225 advanced Viking buses to Karnataka State Transport Undertakings. This domestic win cements Ashok Leyland's dominance in the bus segment, further strengthening its presence in the state.

The high-tech buses, featuring AIS 153, BSVI, and iGen6 technology, prioritize passenger comfort, safety, and cost-efficiency. Delivery is slated for January-April 2024, directly impacting the Karnataka transport landscape.

This robust order aligns with Ashok Leyland's commitment to providing modern transportation solutions in India. It also reflects the growing national demand for advanced and efficient public transport systems.

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Furthermore, Ashok Leyland Limited reported a strong second quarter for FY24, with a net sales increase of 19.08 per cent to Rs 11,374.90 crore, compared to Rs 9,552.66 crore in the same quarter last year. The operating profit also experienced a significant increase of 83.08 per cent. The net profit for the quarter stood at Rs 566.35 crore, which was Rs 183.59 crore in the previous year's same quarter.  

Ashok Leyland is the flagship Company of the Hinduja group, having a long-standing presence in the domestic medium and heavy commercial vehicle (M&HCV) segment. The company is headquartered in Chennai. The company is the 4th largest manufacturer of buses in the world and India’s largest bus manufacturer. The stock has delivered over 900 per cent returns in the last 10 years and FIIs have also increased their stake in the company.

The stock has shown impressive growth, and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.