Hold Ashok Leyland With Stop Loss Of Rs 70

Hold Ashok Leyland With Stop Loss Of Rs 70Stock market analyst Anil Maghnani of Modern Shares has maintained 'hold' rating on Ashok Leyland stock with a target of Rs 80.

According to analyst, the interested investors can buy the stock with strict stop loss of Rs 70.

The stock of the company, on Sep 07, closed at Rs 74.35 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 76.40 and a low of Rs 39.10 on BSE.

Current EPS & P/E ratio stood at 4.06 and 18.47 respectively.

One of country's biggest commercial vehicle manufacturers Ashok Leyland declared that it has decided to lift around Rs 600 crore in long-term debt during the existing financial year (2010-11) in order to fund its capex plans till 2011-12.

Ashok Leyland CFO K Sridharan stated, "This fiscal, the fund raising plan is only through debt. We had planned to raise Rs 500-600 crore through debt and already we have raised about Rs 360 crore."

Moreover, the company has registered an impressive growth of 56.35 per cent in its monthly sales during the last month (August 2010).

The companu said that it sold around 7,480 units in August as compared to 4,784 units sold during the same period of last year (August 2009).

Among the company's total sales, its sales in the domestic market stood at 6,705 units as compared to 4,233 units in like period of 2009.

This showed an increase of 58.40% in domestic sales.

The company said that it exports grew by 40.65% to 775 units during the last month as against 551 units exported in August 2009.

Recently, the company pocketed a deal from Sri Lankan administration for buses.

In this way, the company's exports will go up in the coming period.