Karvy Stock Broking Limited has maintained 'Buy' rating on Ashok Leyland Ltd stock to achieve a target of Rs 47 in 1-2 trading sessions.

According to Karvy, interested traders can buy the stock between Rs 44-45 with a strict stop loss of Rs 43.

The shares of the company on Monday, (Nov 02), closed at Rs 45.45 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 47.50 and a low of Rs 12.45 on BSE.

Current EPS and P/E of the stock stood at 1.27 & 37.48 respectively.

For the three month period ended Sep 30, commercial vehicle manufacturer Ashok Leyland announced an increase of 31.77% in its net profit, which stood at Rs 88.61 crore.

The company's net sales during the period fell 15.65% to Rs 1,577.68 crore from Rs 1,870.47 crore in the year-ago period, it added.

In the July-Sept period, Ashok Leyland sold 14,297 units of vehicles as against 17,207 units during the same period last year.

The company said that enhanced profitability has been attained through tighter control on day to day expenses and operating costs, assisted by lower material costs.

For the entire financial, Ashok Leyland is eyeing a double-digit growth on account of revitalization in the commercial vehicles market.

Ashok Leyland stated that it would start delivery of the first 50 ultra low entry (ULE) buses to the Delhi Transport Corporation (DTC) shortly as part of its Rs 11.9 billion deal to deliver 875 buses in
2009-10.

Ashok Leyland added that it would accomplish its deal to supply 5,000 buses to a range of state and local transport bodies under the Jawaharlal Nehru National Urban Renewal Mission
(JNNURM) in 2009-10.