Ashok Leyland win 1,290 buses order from GSRTC
India’s largest heavy vehicle manufacturer, Ashok Leyland informed that the company has secured an order for 1,290 buses.
The company, in a press release submitted to the exchanges, informed that it won an order from Gujarat State Roadways Transport Corporation (GSRTC). The order constitutes of 1,290 buses for which the time deadline is not mentioned in the release. Also, recently, the company won orders for 2,580 buses from various state transport corporations.
The heavy vehicle sector has recently seen slow sales growth. Being a market leader, Ashok Leyland saw a steep decline in sales numbers. This new order will help boost sentiment for the company. For January 2019, the company reported sales of 1,504 buses, which was 16 per cent higher on a YoY basis.
Hinduja groups flagship company, Ashok Leyland, is one the pioneers of heavy vehicle segment in the world. Its portfolio includes Medium and Heavy Commercial Vehicle, Light Commercial Vehicles, Passenger vehicles, automotive aggregates.
Reacting to the development, the stock recovered from its lows of Rs. 89.30. At 12:50 hours, the stock was trading at Rs. 89.80 per share, down by 1%. The benchmark index BSE Sensex showed losses of 112.37 points to trade at 36,613.05.