Shares of Ashok Leyland rose as much as 2 percent on Friday after the automobile company reported its sales numbers for March. At 14.09 pm, shares of the company were trading 1.3 percent higher at Rs 118.75 on BSE.
The company said total domestic sales in March 2022 came in at 20,123 units as compared to the CNBC-TV18 poll estimate of 17,500 units. In March 2021, total sales for Ashok Leyland came in at 17,231 units.
Medium and Heavy Commercial Vehicle sales rose 26 percent Year-On-Year (YoY) to 13,990 units, while Light Commercial Vehicle sales were flat YoY at 6,133 units in March.
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Retail demand trends remain subdued across most segments except Medium and Heavy Commercial Vehicles which continue to clock double-digit growth, Nomura had said in a note to clients. The brokerage firm has a 'buy' rating on shares of Ashok Leyland shares.
Two-wheelers remain weak and for Passenger Vehicles (PVs), demand is better but skewed towards CNG and new launches, where supply constraints have been impacting sales, while the mass market/entry segments remain slow, Nomura had said.
The foreign brokerage firm sees demand risks from rising inflation, fuel prices and a likely increase in vehicle prices due to higher commodity costs.
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