Ashok Leyland shares jumped over 6 per cent toRs. 41.30 on Tuesday. The company which is the second largest manufacturer of commercial vehicles in India said it has bagged an order for 4,000 buses worth Rs. 1,500 crore from State Transport Undertakings (STU).
With a total order value of Rs. 1,500 crore for 4,000 buses, the average selling price per bus comes at around Rs. 37.5 lakh which is much above its normal average selling price of Rs. 20-25 lakh per bus. However the contract also includes maintenance cost for 4-5 years.
Ashok Leyland had reported 17 per cent year-on-year growth in its sale for the month of August which came in at 8,331 units. Light commercial vehicles registered an increase of 14 per cent y-o-y to 2,501 units whereas medium and heavy commercial vehicles witnessed a growth of 18 per cent y-o-y to 5,830 units.
As of 1.05 p.m. Ashok Leyland shares traded 6.22 per cent higher at Rs. 41, outperforming the Nifty which was down 0.37 per cent.