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Ashok Leyland rallies on better-than-expected Q2 earnings

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Ashok Leyland has rallied 7% to Rs 25.80 on the Bombay Stock Exchange after reporting a better-than-expected net profit of Rs 142 crore for September 2012 quarter against an average analyst estimates of Rs 90 crore. Commercial vehicle maker had net profit of Rs 154 crore in previous year quarter.

“The company’s total income from operations grew 6% at Rs 3,296 crore in September quarter against Rs 3,115 crore in a year ago quarter,” Ashok Leyland said in a statement. Meanwhile, Vinod K. Dasari, Managing Director of Ashok Leyland said that the company has gained an overall market share of 3% in the first half of this year, at 26%.

 

 

The stock opened at Rs 24.55 and has seen a combined 5.01 million shares changing hands on the counter in opening deals on both the exchanges.