Ashok Leyland corrects on profit selling

7 Sep 2022 , 12:20 PM

Shares of Ashok Leyland jumped 11.38% in the past five trading sessions. The stock had outperformed the market over the past one month, rising 11.56% compared with 1.13% rise in the Sensex. The scrip outperformed the market in past one quarter, jumping 15.76% compared with 7.15% rise in the Sensex. The scrip had also outperformed the market in past one year, climbing 33.94% compared with 1.32% rise in the Sensex. On the technical front, the stocks RSI (relative strength index) stood at 63.45. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 148.35, 139.65 and 132.13, respectively. Ashok Leyland, flagship of the Hinduja group, is among the largest manufacturer of commercial vehicles in India and also among the biggest manufacturers of buses and trucks globally. The company reported a standalone net profit of Rs 68 crore in Q1 FY23 as against a net loss of Rs 282 crore in Q1 FY22. Revenue in the first quarter jumped to Rs 7,223 crore from Rs 2,951 crore recorded in the same period last year. Powered by Capital Market – Live News