Mumbai (Maharashtra) [India], September 1 (ANI): The share price of Ashok Leyland surged 5.71 per cent on Thursday on reports that the company has bagged an order to supply 1,400 school buses in the United Arab Emirates (UAE).
Ashok Leyland shares soared 5.71 per cent to Rs 162.80 on the BSE. The scrip surged to a high of Rs 163.45 in the intra-day.
Ashok Leyland's share prices surged despite general selling pressure in the Indian equities markets. The benchmark Sensex of the BSE dipped 770.48 points or 1.29 per cent, while Nifty 50 of the National Stock Exchange slumped 216.50 points or 1.22 per cent on Thursday.
It has been reported in a section of media that Ashok Leyland has bagged a mega order to supply 1,400 school buses in the UAE.
The stock exchanges have sought clarification from Ashok Leyland on the news. "The Company is requested to submit its clarification to the Exchange in terms of the provisions of Regulation 30 of the SEBI (LODR) Regulations, 2015," the BSE said. The reply to the clarification is awaited.
Strong sales growth also boosted Ashok Leyland's share price. Ashok Leyland's total vehicle sales surged 51 per cent to 14,121 units in August.
The company's total medium and heavy Commercial Vehicle sales surged 81 per cent year-on-year to 8,379 units in August as compared to 4,632 units sold in August 2021.
The light commercial vehicle (LCV) sales jumped by 21 per cent year-on-year to 5,742 units in August 2022. (ANI)