Technical analyst Mitesh Thacker has maintained 'buy' rating on Ashok Leyland Limited stock.

According to analyst, the interested investors can buy the stock for another 10% up move.

The stock of the company, on March 1, closed at Rs 52.05 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 81.90 and a low of Rs 46.50 on BSE.

Current EPS & P/E ratio stood at 4.18 and 12.42 respectively.

During the last month, Hinduja Group's freshly-floated Ashok Leyland Defence Systems Ltd (ALDS) and German firm Krauss-Maffei Wegmann (KMW) GmbH entered into a MoU for developing advanced defence systems for the country as well as other nations.

The scope of MoU will firstly comprise the growth of recovery vehicles, armoured wheeled vehicles, bridge laying systems, artillery and combat systems and other similar products.

Under the deal, Krauss-Maffei Wegmann (KMW) GmbH will offer up the technology and the technical help, which will be needed for the manufacturing of these defence systems by the Indian firm.

Ashok Leyland possesses 26% stake in the newly-created ALDS with an authorization to design and build up defence logistics and tactical vehicles, defence communication and other systems.