Ashok Leyland share price Hits 4 years of its High Price 2022 – According to PTI, Ashok Leyland has received orders to provide 1,400 school buses to significant fleets in the UAE. According to the automaker, Swaidan Trading-Al Naboodah Group, one of the distributors, received the contract. The deal’s financial details have not been made public by the corporation. According to a statement from the company, the majority of the supplies will be given to Emirates Transport and STS Group, PTI said.
According to the report, Ashok Leyland, the fourth-largest bus manufacturer in the world, will also provide a 55-seat Falcon bus and a 32-seat Oyster bus from its $50 million manufacturing facility in Ras Al Khaimah, the only authorised local bus manufacturing facility in the entire Gulf Cooperation Council.
Nearly five times as much stock was traded than in a typical 30-day period. According to statistics from Bloomberg, 39 of the 47 analysts following the company continue to recommend a “buy,” seven indicate a “hold,” and one suggests a “sell.” The 12-month consensus price forecast suggests an increase of 7.7%.
Shares of Ashok Leyland Ltd. increased by almost 5% in early-morning trade on Thursday, reaching a new 52-week high of 161.60 per share. This comes on a day when the benchmark Nifty50 index decreased slightly and the overall markets were lacklustre.
The revelation that Ashok Leyland’s UAE distributing partners, Swaidan Trading and Al Naboodah Group, had won orders for 1,400 school buses in the nation has sparked optimism about the company. AED 276 million, or $75.15 million, is the overall value of the fleet contract.
The order includes a 32-seat Oyster vehicle and a 55-seat Falcons bus. According to the company, STS Group and Emirate Transport would receive the majority of the buses. The goods will be produced at the UAE assembly facility. The sole accredited local bus manufacturing plant in the whole Gulf Cooperation Council region is Ashok Leyland’s $50 million state-of-the-art manufacturing facility in Ras Al Khaimah, United Arab Emirates.
Ashok Leyland will soon reveal its sales figures for August. Motilal Oswal Financial Services analysts predict that the company will report sales of 14,198 units. This marks an almost 52% increase year over year and a 4.2% increase sequentially.