Ashok Leyland signs MoU with Israeli firm

Subsidiary of Hinduja Group, Ashok Leyland has signed an MoU with ELBIT Systems, Israel. The shares of the company gained more than 2 per cent intraday on Wednesday.

According to the agreement, Ashok Leyland will be held accountable for the provision of High Mobility vehicles (HMV) for mounting Elbit Systems' artillery guns and systems. The integrated systems are targeted for worldwide export markets. The partnership is expected to strengthen the company’s reach globally.

ELBlT Systems, Israel, is a high technology company globally engaged in a range of defense areas including Land Systems, Artillery Systems and Platforms, Howitzers, Mortars and Ammunition.

Ashok Leyland Limited is engaged manufacturing commercial vehicles and related components. Through its subsidiaries, it is engaged in manufacturing and trading in Medium and Heavy Commercial Vehicle, Light Commercial Vehicles, Passenger vehicles, automotive aggregates, vehicle financing and engineering design services.

On Wednesday, the shares of Ashok Leyland opened at Rs. 104 per share as against Tuesday’s close of Rs. 102.90. The shares of the company closed at Rs. 105.40, up by 2.43 per cent. The intraday high was Rs. 106.80 and intraday low was Rs. 104.05 per share on the BSE.

Meanwhile, the BSE Sensex closed at 35,779.07 level, up by 1.79 per cent.