Research Icon:- Ashok Leyland hits 52-week low on weak July sales; Nomura neutral on stock
Nomura has maintained neutral rating on
the stock and cut target price to Rs 72 per share.
Shares of Ashok Layend touched a 52-week low of Rs
63.90, down 8.7 percent,
intraday on August 2 after the commercial
vehicle manufacturer reported weak sales numbers for July 2019.
The company's total sales
declined 28% at 10,927 units against 15,199 units in the same month last
year. Its medium and heavy commercial vehicle (M&HCV) sales were down
39 percent at 6,722 units against 10,996 units in the year-ago period.
The total light commercial
vehicle (LCV) sales were flat at 4,205 units against 4,203 units in July 2018.
Nomura has maintained
neutral rating on the stock and cut the target price to Rs 72 per share.
The research house sees risk of a steeper downcycle and is
not expecting an upcycle before FY22.
At 09:59 hours Ashok Leyland was quoting at
Rs 64.10, down Rs 4.85, or 7.03 percent, on the BSE.
For Quick Trial – 8871888787 ✔
or mail us here: support@researchicon.com
Comments
Post a Comment