Ashok Leyland shares gain 4% as June sales rise 5% YoY
Shares of Ashok Leyland, a commercial vehicles maker, increased by 4% after the company reported a 5% YoY rise in vehicle sales in June 2023. The company's medium and heavy commercial vehicle sales were up 6% while light commercial vehicle sales increased by 2% YoY. The stock has seen a 14% surge in the last month, and analysts have an average target price of Rs 180. In Q4 FY23, the company's net profit dropped by 17% YoY, but revenue rose by 33%. For FY23, net profit more than doubled, and revenue grew by 67%.