Stock market analyst Hitesh Chotalia has maintained 'buy' rating on Ashok Leyland Ltd stock with target of Rs 77.

According to analyst, the investors can buy the stock on dips with stop loss of Rs 70.

The stock of the company, on August 05, closed at Rs 84.50 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 4.06 and 17.63 respectively.

The share price has seen a 52-week high of Rs 74.20 and a low of Rs 32.90 on BSE.

During the last month, Ashok Leyland recorded 65.98% increase in its commercial vehicle sales, which stood at 6,747 units as against the corresponding month of 2009.

In July, domestic sales surged 69.16% to 6,022 units as compared to 3,560 units.

Exports during the month grew by 43.56% to 725 units in July as against 505 units in July 2009.

Ashok Leyland is deciding to make an investment of Rs 2,000 crore by 2012, both at its subsisting facilities and in JVs.

The company has bagged stockholder nod to lift up Rs 700 crore debt.

In addition, Ashok Leyland said that it is eyeing to start making trucks from its facility in UAE to fulfill the needs of African markets.