Ashok Leyland rises 4% on strong fourth-quarter earnings

Shares of Ashok Leyland rose 4% to 48.60 on Thursday, after the company posted better-than-expected fourth quarter results. Volumes were nearly seven times its week-two average. The company reported a 34% jump in net profit to 298.22 crore on the back of robust sales. But analysts believe upsides in the stock would be limited from current levels, as many investors are trimming exposure to the stock because of higher interest rates and worries about increases in diesel prices. Many fund managers are shifting focus to two-wheeler manufacturers from four-wheeler makers.