Buy Ashok Leyland, target price Rs 88: Motilal Oswal

Motilal Oswal has given a buy rating to Ashok Leyland with a target price of Rs 88. The share price moved up by 0.55 per cent from its previous close of Rs 81.85. The stock’s last traded price is Rs 82.30.

Ashok Leyland Ltd., incorporated in the year 1948, is a Large Cap company (having a market cap of Rs 24012.61 Crore) operating in Auto sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 1480.16 Crore, down 70.91 % from last quarter Sales of Rs 5088.04 Crore and down -77.28 % from last year same quarter Sales of Rs 6514.73 Crore Company reported net profit after tax of Rs -385.85 Crore in latest quarter.


Investment Rationale
Consolidation breakout of last 24 trading sessions with surge in open interest, volume and sectorial momentum

Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of June 30, 2020, while FIIs held 15.7 per cent, DIIs 14 per cent and public and others 18.8 per cent.