EV stock jumps over 4% after receiving ₹297 Cr order from Tamil Nadu Govt

During Wednesday’s trading session, the shares of India’s leading commercial vehicle manufacturer surged nearly 4.5 percent on BSE, after the company secured an order worth Rs. 297.85 crores from Tamil Nadu State Transport Corporation.

Price Movement

With a market cap of Rs. 5,760.4 crores, at 12:29 p.m., the shares of Ashok Leyland Limited were trading in the green at Rs. 205.2, up by nearly 3.7 percent, as against its previous closing price of Rs. 197.9.

The stock has delivered positive returns of around 31.3 percent in one year, as well as about 7 percent returns in one month.

What’s the news

According to the latest regulatory filings with the stock exchanges, Ashok Leyland Limited secured an order valued at nearly Rs. 297.85 crores from Tamil Nadu State Transport Corporation.

This order includes the delivery of 300 fully built, 12-meter ultra-low entry rear-engine buses with BS VI diesel fuel technology. These buses will be used for city operations and feature the advanced iGen 6 BS VI technology, coupled with a powerful H-Series engine producing 184 kW (246 hp), along with front and rear air suspension.

Also read: Penny stock hits upper circuit after receiving ₹23 Cr order for Civil construction project

Previous Orders

29th November 2024: The company submitted a bid for the project titled “Construction of Elevated Western Crossfield Taxiways (WCT), apron, and associated works,” which includes taxiway systems, pavement, drainage works, ancillary buildings, and other infrastructure facilities, to Bangalore International Airport Limited. The accepted bid price for this project is Rs. 1,055 crores.

6th January 2025: Ashoka Bowaichandi Guskara Road Private Limited (SPV), a wholly-owned subsidiary of the company, entered into a Concession Agreement with the National Highways Authority of India (NHAI) for the development of a 4-lane economic corridor from Bowaichandi to Guskara-Katwa Road Section (Km 89.814 to Km 133.000) on NH 116A in West Bengal under the Hybrid Annuity Mode (HAM). The approved project cost for this development is Rs. 1,391 crores.

Financials

Ashok Leyland reported a marginal growth in revenue from operations, experiencing a year-on-year increase of nearly 8.2 percent, rising from Rs. 11,092 crores in Q3 FY24 to Rs. 11,995 crores in Q3 FY25. 

Similarly, during the same period, the company’s net profit increased from Rs. 560.2 crores to Rs. 762 crores, representing a significant growth of around 36 percent YoY.

About the company

Ashok Leyland Limited, one of the top 5 largest manufacturers of buses in the world and India’s largest bus manufacturer, is primarily engaged in the business of manufacturing and sale of a wide range of commercial vehicles, along with manufacturing engines for industrial and marine applications, forgings and castings.

Written by Shivani Singh 

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post EV stock jumps over 4% after receiving ₹297 Cr order from Tamil Nadu Govt appeared first on Trade Brains.