Buy Ashok Leyland, target price Rs 145: Yes Securities

Yes Securities has buy call on Ashok Leyland with a target price of Rs 145. The current market price of Ashok Leyland Ltd. is Rs 136.2. Time period given by analyst is Intra Day when Ashok Leyland Ltd. price can reach defined target.

Ashok Leyland Ltd., incorporated in the year 1948, is a Large Cap company (having a market cap of Rs 39967.20 Crore) operating in Auto sector.

Ashok Leyland Ltd. key Products/Revenue Segments include Commercial Vehicles, Spare Parts & Others, Sale of services, Engine & Gensets, Ferrous Castings, Scrap, Export Incentives and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 5586.91 Crore, up 36.16 % from last quarter Total Income of Rs 4103.27 Crore and up 44.08 % from last year same quarter Total Income of Rs 3877.62 Crore. Company reported net profit after tax of Rs -84.29 Crore in latest quarter.


Investment Rationale
The stock is on the verge of a breakout from the trendline resistance placed at Rs 140. Further, a sustained trade beyond this trendline will resume the uptrend. Moreover, RSI has also turned higher above the 50-level suggesting a short-covering rally may be seen.

Promoter/FII Holdings
Promoters held 51.54 per cent stake in the company as of 31-Dec-2021, while FIIs owned 15.05 per cent, DIIs 20.64 per cent.