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07 April 2020

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Ashok Leyland Ltd (Automobiles - LCVs / HCVs)

Last Price 39.85
Net Changes 1.70
Volume 49169997
Prev Close 38.15
39.85 1.70 (4.46%)
Date: Apr 07,2020 EOD




Index Details Automobiles - LCVs / HCVs


Chart

Stock Price Details

Market Statistics

Open Price 40 Div Yield (%) 8.12
Buy (Size) 40.00(×1174) Eps(Rs) 3.37
Sell (Size) 40.15(×300) Book Value (Stand.)(Rs) 25.49
Value 5920241700 Book Value(conso.)(Rs) 29.7921699
Buy Quantity 1174 Market Cap(Rs.Cr) 11213.71
Sell Quantity 300 Face Value(Rs) 1
Today's High 41 Market Lot 1
Today's Low 37.35 AGM Date Jul
52-Week High 97.7 Book Closure Date Jul
52-Week Low 33.7 ISIN No. INE208A01029

Share Holding Pattern

  No Of shares % Share Holding
Total Foreign (Promoter & Group) 1500660261 51.12
Indian (Promoter & Group) 0 0.00
Total of Promoter 1500660261 51.12
Non Promoter (Institution) 928187065 31.62
Non Promoter (Non-Institution) 506679950 17.26
Total Non Promoter 1434867015 48.88
Total Promoter & Non Promoter 2935527276 100.00
Custodians(Against Depository Receipts) 0 0.00
Grand Total 2935527276 100.00

Company News

01-Apr-2020  Ashok Leyland records 90% decline in March sales
Ashok Leyland records 90% decline in March sales

Ashok Leyland reported 90% decline in sales volumes in March 2020. The company sold 2179 units in March 2020 compared to 21,535 units in March 2019. For FY 2020, sales stood lower by 37% at 125253 units.
01-Apr-2020  Ashok Leyland Ltd - Announcement under Regulation 30 (LODR)-Mo...
Ashok Leyland Ltd - Announcement under Regulation 30 (LODR)-Monthly Business Updates

Please find attached a copy of the communication being released to the Press relating to sales figures for the month of March 2020.
31-Mar-2020  Ashok Leyland Ltd - Closure of Trading Window
Ashok Leyland Ltd - Closure of Trading Window

This is to inform you that as per the Companys Code of Conduct to regulate, monitor and report trading by insiders (Code), the Trading Window for dealing in the securities of the Company will be closed for all the Designated Persons and their immediate relatives with effect from April 1, 2020 till forty eight hours after the audited financial results of the Company for the year ending March 31, 2020 become generally available information.
25-Mar-2020  Ashok Leyland receives credit ratings from CARE
Ashok Leyland receives credit ratings from CARE

Ashok Leyland has received credit ratings from CARE as follows -

Long term bank facilities (Rs 500 crore) - CARE AA+; Negative (assigned)
Long term/ short term bank facilities (Rs 3700 crore) - CARE AA+; Negative / CARE A1+ (reaffirmed/ outlook revised from Stable)
Commercial paper (standalone) - CARE A1+ (reaffirmed)

25-Mar-2020  Ashok Leyland acquires 3.62% stake in Hinduja Leyland Finance
Ashok Leyland acquires 3.62% stake in Hinduja Leyland Finance

Ashok Leyland has acquired 1,70,17,995 shares of Rs.10 each, constituting 3.62% of the paid-up equity share capital of Hinduja Leyland Finance (HLFL), a subsidiary of the Company.

Consequent to the aforesaid acquisition, the Company's shareholding in HLFL stands increased from 61.83% to 65.45%. The aforesaid acquisition is part of the 6.99% acquisition approved by the Board at the meeting held on 21 March 2020.

25-Mar-2020  Ashok Leyland extends losses after CARE revises outlook
Ashok Leyland extends losses after CARE revises outlook

Shares of Ashok Leyland fell 4.07% to Rs 34.20, extending losses for fifth day. The stock has fallen 46.85% in the past five sessions from a recent closing high of Rs 64.35 recorded on 18 March 2020.

Further, the ratings agency had assigned rating of CARE AA+ with negative outlook on the long term bank facilities – term loan of the company while reaffirming the ratings on the commercial paper (standalone) worth Rs 2000 crore at CARE A1+.

The ratings assigned to bank facilities and various debt instruments continue to draw strength from Ashok Leyland (ALL) being part of the Hinduja Group, ALL's long track record of operations with strong brand image & wide distribution network with pan-India presence, its strong market position in the domestic M&HCV(Medium & Heavy Commercial Vehicles) segment, its presence in all sub-segments of the CV(Commercial Vehicles) segment, improving market share of LCV(Light Commercial Vehicles) segment and continuation of comfortable leverage levels notwithstanding the increase in debt levels during 9mFY20 (refers to period from April 01 to December 31) to fund the capex.

The ratings continue to be tempered by moderate diversification of revenue stream with M&HCV segment accounting for significant portion of income and inherent risk associated with cyclical nature of the segment, ALL's exposure to group entities and increasing competition in the industry.

It added that improvement in level of diversification in revenue stream along with geographical diversification across vehicle segments could be positive for the company's ratings. However, continuation of negative growth in the sales volume beyond Q2FY21 and deterioration of capital structure on a sustained basis could negatively impact ALL's ratings.

The revision in outlook from stable to negative is on account of unfavourable CV (commercial vehicles) industry scenario. The moderation in the sales volume which started in May 2019 continued till February 2020. Due to various factors including slowdown in GDP growth, changes in axle load norms resulting in increase in capacity of existing vehicles, proposed transition from BS 4 to BS 6 and expected increase in prices of BS 6 models, sales volume growth for the industry is expected to remain muted in Q4FY20 and Q1FY21.

The outlook may be revised to stable if the sales volume growth shows meaningful positive growth for a period of six months, the ratings agency said in a statement.

On Saturday (21 March), Ashok Leyland said its board has decided to acquire a 6.99% stake in Hinduja Leyland Finance (HLFL) as against its original plan to acquire 19%. The decision was taken after considering the feedback on the proposal from minority stakeholders.

Ashok Leyland, flagship of the Hinduja group, is amongst the largest manufacturer of commercial vehicles in India and also amongst the biggest manufacturers of buses and trucks globally.

On a consolidated basis, the company's net profit slumped 93.3% to Rs 26.79 crore on a 30.5% fall in net sales to Rs 5148.15 crore in Q3 December 2019 over Q3 December 2018.

25-Mar-2020  Ashok Leyland Ltd drops for fifth straight session
Ashok Leyland Ltd drops for fifth straight session

Ashok Leyland Ltd fell for a fifth straight session today. The stock is quoting at Rs 34.55, down 2.81% on the day as on 13:24 IST on the NSE. The benchmark NIFTY is up around 5.65% on the day, quoting at 8241.5. The Sensex is at 28241.56, up 5.88%.Ashok Leyland Ltd has eased around 55.68% in last one month.Meanwhile, Nifty Auto index of which Ashok Leyland Ltd is a constituent, has eased around 31.48% in last one month and is currently quoting at 4693.35, up 5.23% on the day. The volume in the stock stood at 369.28 lakh shares today, compared to the daily average of 371.24 lakh shares in last one month.

The benchmark March futures contract for the stock is quoting at Rs 34.95, down 2.24% on the day. Ashok Leyland Ltd tumbled 59.97% in last one year as compared to a 28.23% slide in NIFTY and a 40.4% fall in the Nifty Auto index.

The PE of the stock is 10.58 based on TTM earnings ending December 19.

25-Mar-2020  Ashok Leyland Ltd - Announcement under Regulation 30 (LODR)-Up...
Ashok Leyland Ltd - Announcement under Regulation 30 (LODR)-Updates on Acquisition

In continuation to our letters dated March 18, 2020 and March 21, 2020, we hereby inform you that the Company has acquired 1,70,17,995 shares of Rs.10/- each, constituting 3.62% of the paid-up equity share capital of Hinduja Leyland Finance Limited ('HLFL'), a subsidiary of the Company. Consequent to the aforesaid acquisition, the Companys shareholding in HLFL stands increased from 61.83% to 65.45%. The aforesaid acquisition is part of the 6.99% acquisition approved by the Board at the meeting held on March 21, 2020. The details required under Regulation 30 of SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 are given as an annexure. We request you to kindly note and take the above information on record. In line with the circular issued by Stock Exchange(s), this intimation is filed without signature due to administrative reasons.
25-Mar-2020  Ashok Leyland Ltd - Announcement under Regulation 30 (LODR)-Cr...
Ashok Leyland Ltd - Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating issued by CARE Ratings.
23-Mar-2020  Ashok Leyland scales down HLFL stake puchase
Ashok Leyland scales down HLFL stake puchase

The scrip slumped 15.72% to Rs 37, extending losses for third day. In the past three sessions, the stock has tumbled 42.5% from its recent closing high of Rs 64.35 recorded on 18 March 2020.

In an exchange filing made on Saturday (21 March), the commercial vehicle maker informed that its board after considering the feedback on the proposal from minority stakeholders, decided to restrict the acquisition of shares by Ashok Leyland to 6.99% of the paid-up capital of HLFL at a price of Rs 119 per share aggregating to Rs 390.49 crore from Everfin Holdings (an affiliate of Everstone Capital) and Hinduja group who had purchased the initial tranches of HLFL shares from Everfin. This arrangement would result in Ashok Leyland acquiring both directly and indirectly the residual 6.99% stake of Everfin at a price of Rs 119 per share, as per the agreement entered with them earlier this year.

On completion of aforementioned transaction, the stake of Ashok Leyland in HLFL will increase by 6.99% from 61.83% to 68.82%.

In a meeting held on 18 March 2020, the Ashok Leyland board had approved the acquisition of up to 19% of equity shares in HLFL from existing shareholders in HLFL in tranches for a consideration not exceeding Rs 1200 crore subject necessary approvals. Ashok Leyland said it considers HLFL a very significant subsidiary for financing its vehicles like all OEMs in the automotive sector.

However, after considering the feedback on the proposal from minority stakeholders, the company decided to scale down its proposed acquisition of stake in HLFL to 6.99%.

HLFL is an RBI registered non-banking finance company. In FY 2018-19, the company reported a profit after tax of Rs 275.64 crore and revenue of Rs 2560.64 crore.

Ashok Leyland, flagship of the Hinduja group, is amongst the largest manufacturer of commercial vehicles in India and also amongst the biggest manufacturers of buses and trucks globally.

On a consolidated basis, the company's net profit slumped 93.3% to Rs 26.79 crore on a 30.5% fall in net sales to Rs 5148.15 crore in Q3 December 2019 over Q3 December 2018.

Incorporation Year 1948 
Registered Office No 1 Sardar Patel Road,Guindy,
Chennai,
Tamil Nadu-600032
Telephone 91-44-22206000 
Fax 91-44-22206001 
Chairman R J Shahaney
Managing Director Vipin Sondhi
Company Secretary N Ramanathan 
Auditor Price Waterhouse Chartered Accountants LLP 
Face Value(Rs)
Market Lot
Listing BSE,London,MSEI,NSE 
Registrar Integrated Registry Mgt Ser.Pv
2nd Floor Kences Tow,1 Ramakrishna Street,Usman Road T.Nagar,Chennai-600017 
Toll Free number: 1800-425-5501 / 1800-103-5501
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