Ashok Leyland shares surge, after 12.50-pc hike in stake in AAL

Ashok Leyland shares surge, after 12.50-pc hike in stake in AAL

Shares in Ashok Leyland Limited (ALL) gained 1.48 percent today to trade at Rs 95.85. The NSE Auto index is up 0.61 percent at currently at 8,959.50. Meantime NSE benchmark Nifty50 quotes at 10,857.15 just up by 2 points.

The rise in Ashok Leyland is on the back of the company acquiring additional 5,00,010 shares of Rs10 each constituting 12.50 percent in the paid-up share capital of Ashley Aviation  Limited (AAL). Following the said acquisition, the Company’s shareholding in Ashok Leyland stands increased to 88.75 percent.

On January 2, Ashok Leyland had announced that it had acquired 27.25% or 10,89,985 shares additionally  in Ashley Aviation, increasing its shareholding in the aviation company to 76.25%.  

At 10.55 am, Thursday, Ashok Leyland Ltd was trading at Rs95.70 up by Rs1.25 or 1.32 percent from its previous closing of Rs 94.45 on the NSE.  Thus far, the stock touched a high of Rs 96.60 post morning hours of trade.

Ashok Leyland Limited, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and components across variants, which include buses, trucks, engines etc.

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