Hold Ashok Leyland

Hold Ashok LeylandTechnical Analyst Rajesh Jain of SMC Global Securities has maintained 'buy' rating on Ashok Leyland Ltd stock with stop loss of Rs 54

According to Jain, the investors can exit on rally to around Rs 64.

Today, the stock opened at Rs 58 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 70.35 and a low of Rs 28.10 on BSE.

Current EPS & P/E ratio stood at 3.21 and 18.11 respectively.

Ashok Leyland, on May 24, has restarted production at its Ennore plant that remained close for two days because of heavy rains following cyclone 'Laila'.

The company closed production from Ennore plant on May 20-21, which resulted into a loss of 200 units of commercial vehicles.

Ashok Leyland, the Hinduja Group flagship, has posted a sales profit worth Rs 7,244.71 crore in the last fiscal as against Rs 5,981.07 crore during the previous fiscal.

The company's net profit surged 123% to Rs 423.67 crore from Rs 190 crore in 2009.

For the three month period ended March 2010, the company's turnover remained up by 141.3% to Rs 2,939.04 crore and net profit zoomed 318% to Rs 222.66 crore.

Profit from operations before other income, financial expenses and exceptional items increased by 371% to Rs 319.64 crore.

Profit before financial expenses and exceptional item surged 303% to Rs 321.95 crore.

With the launch of the innovative, fully-integrated manufacturing plant at Pantnagar, Uttarakhand, the company's annual installed capacity would be 150,500 vehicles.