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Buy Ashok Leyland, target price Rs 146: ICICI Direct

ICICI Direct has buy call on with a target price of Rs 146. The current market price of Ashok Leyland Ltd. is Rs 124.55.

Time period given by analyst is three months 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 36473.93 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 30-06-2021, the company reported a Consolidated Total Income of Rs 4103.27 Crore, down -49.82 % from last quarter Total Income of Rs 8176.73 Crore and up 171.44 % from last year same quarter Total Income of Rs 1511.69 Crore. Company reported net profit after tax of Rs -250.78 Crore in latest quarter.

Investment Rationale
The stock is seen resuming its fresh up move as buying demand emerged near the support area of Rs 115 as it is the confluence of the rising 20 weeks EMA (currently at Rs 119) and the lower band of the rising channel in place since April 2021, thus offering a fresh entry opportunity. The brokerage expects the stock to maintain positive bias and head towards Rs 146 levels in the coming months as it is the 123.6% external retracement of its recent breather (Rs 143-1115) and the upper band of the rising channel around Rs 146 levels.

Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of March 31, 2021, while FIIs held 18.2 per cent, DIIs 16.6 per cent and public and others 13.7 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.

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