Ashok Leyland hits a new high

Ashok Leyland hit a new high today at Rs.108.60 and it has been hitting new highs for the past couple of days.

The market is enthused with the receipt of orders. The latest was yesterday, an order worth Rs.800 crore from the Indian armed forces. As part of the order, the company will supply 450 units of Field Artillery Tractor (FAT) 6x6 and other similar "Super Stallion" vehicles, and 825 units of "Ambulance 4x4". The orders for FAT orders are in keeping with the momentum witnessed recently in the area of upgradation of technology and resources by the defence forces. These orders have to be executed over the next two years.

The company has said that these orders reaffirm the company's credentials as the largest defence mobility manufacturer that meets stringent requirements of the armed forces. The defence business now contributes around Rs.1000 crore in annual revenues for the company.