Ashok Leyland receives repeat order in Burkina Faso

The company's West Africa division bags a repeat order for 147 buses, following which the stock was buzzing on Friday with more than 3 per cent gain. The stock is witnessing a trend reversal after falling for two consecutive days.

The order comprises 80 vehicles of Falcon, 57 vehicles of Eagle 916 and 10 vehicles of MiTR bus Models. The buses will be supplied to Burkina Faso's education ministry over a period of 180 days. This order is worth US$9.57 million. The deal includes delivery of vehicles, spares and after sales support. The order is under lines of credit from Exim Bank of India.

Earlier, during the week, the stock tanks as the government tweaked tonnage norms for freight carrier vehicles, which experts believe will impact the sales volumes of heavy commercial vehicles due to reduced demand.

Also, the company announced its Q1FY19 results on July 17, Tuesday. In the first quarter, Domestic MHCV volumes grew by 60 per cent, while revenue was up by 47 per cent at Rs. 6,250 crore as against Rs. 4,258 crore in the corresponding quarter a year ago. PAT was up by 233 per cent, at Rs. 370 crore as against Rs. 111 crore in Q1 last year.

At 12:41, the stock of Ashok Leyland was at Rs. 108.90 per share, up by Rs. 3.00 or 2.83 per cent on Friday, while the benchmark index BSE Sensex was at 36,514.49, up 163.26 points or 0.45 per cent.