Hinduja Group Auto Stock Bags Defence Order Worth Rs 800 Cr, Hits New 52-Week High

Large cap stock from auto sector, Ashok Leyland Ltd today announced significant order wins worth Rs 800 crores from the Indian Army. Soon after the announcement, Ashok Leyland shares traded new 52-week high. Current market price of Ashok Leyland stock is Rs 173.80 per share with intraday gain of 1.22%. The Hinduja Group company declared its consolidated profit for the quarter ended March 31, 2023 at Rs 13,233.16 crore, up 26.87% from last quarter total income of Rs 10, 430.39 crore. Ashok Leyland shares jumped 235% in last 3-years. Check details below:

Ashok Leyland Shares Rise On Bagging Defence Order Worth Rs 800 Crore: As per the BSE filing of the company dated July 17, "Ashok Leyland, the Indian flagship of the Hinduja Group and the largest supplier of logistics vehicles to the Indian Army today announced significant order wins, valued at INR 800 Crores in the Defence Sector. The contracts awarded also include the procurement of the Field Artillery Tractor (FAT 4x4) and the Gun Towing Vehicle (GTV 6x6)."

The FAT 4x4 and GTV 6x6 are specialized vehicles employed by the Artillery for towing light and medium guns, respectively. Both these platforms were prominently featured in the initial positive indigenization list announced by the Government of India.

Shenu Agarwal, MD and CEO, Ashok Leyland said, "We are immensely proud to have secured these orders from the Indian Army. The Defence business has been a strong pillar of growth for us, and this win further establishes our leadership in Defence mobility vehicles business. This is also a testament to our firm commitment to providing advanced mobility solutions for our armed forces."

Amandeep Singh, President - Defence Business, Ashok Leyland said, "Ashok Leyland's dependable mobility solutions have consistently remained a formidable asset within the defense sector, catering to the diverse needs of personnel and logistics across the armed forces. We are proud that we have been a leading example of 'Atmanirbhar Bharat', by serving alongside our forces through our products and solutions."

Ashok Leyland Stock Performance & Return: Current market price of Ashok Leyland share is 173.55 per share with intraday gain of 1.08%. Its 52-week high price is Rs 174.60 per share and 52-week low price is Rs 133.10 per share, respectively. The large cap auto stock has a market capitalisation of Rs 50,956.49 crore. Ashok Leyland shares gave return of 26% in last 3-months, surged 18% in last 6-months, soared 20% in last 1-year, and rallied 235% in last 3-years.

Disclaimer: The stock bagged order from Indian Army. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.