Buy Ashok Leyland With Target Of Rs 58

Buy Ashok Leyland With Target Of Rs 58Technical analyst Nishant Jain of Tradeswift Broking has maintained 'buy' rating on Ashok Leyland Limited stock with a target of Rs 58.

According to analyst, the investors can buy the stock with a stop loss of Rs 52.

The stock of the bank, on April 20, closed at Rs 54.55on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 81.90 and a low of Rs 46.50 on BSE.

Current EPS & P/E ratio stood at 4.18 and 13.13 respectively.

Ashok Leyland Ltd lifted its sales growth objective for this fiscal year on anticipations of superior demand for trucks and buses in the Indian market and augmented vehicle production capacitance.

Mr. K. Sridharan, chief financial officer at the company, which is possessed by diversified conglomerate Hinduja Group, stated, "We expect our domestic sales as well as exports each to grow by more than 20% over last year."

India's second biggest truck and bus manufacturer by sales in January stated that it anticipated sales to go up 15%-18% in the year, which started on April 1.

In addition, commercial vehicle manufacturer Ashok Leyland's (ALL) forceful bus plan seems to be lastly paying dividends.

While the Hinduja flagship has significantly increased its share in the domestic bus market with strong sales growth, it has more than doubled its bus exports for fiscal 2010-11.

The company's expansion in the bus section (medium and heavy) was greater than the industry development.

While the industry surged around 10% to 47,553 units for the last fiscal as against 43,080 units in 2009-10.