Ashok Leyland Shares Reach 52-Week High as Company Secures Rs 800 Crore Defence Sector Order

17 Jul 2023 , 01:48 PM

Ashok Leyland, a leading commercial vehicle manufacturer, witnessed a surge in its share price, touching a 52-week high of Rs 174.60 on July 17. This was driven by the announcement of a significant order worth Rs 800 crore in the defence sector. 

Ashok Leyland has been awarded contracts for the procurement of the Field Artillery Tractor (FAT 4×4) and the Gun Towing Vehicle (GTV 6×6) in the defence sector.

The FAT 4×4 and GTV 6×6 are specialized vehicles used by the Artillery for towing light and medium guns, respectively. These platforms were prominently featured in the initial positive indigenization list announced by the Government of India.

Ashok Leyland’s selection for these crucial defence contracts highlights the company’s dedication to indigenous manufacturing and its reputation as a trusted partner for the Indian Armed Forces.

In an exchange filing, the company expressed its pride in securing these orders and emphasized its position as a leader in the Defence mobility vehicles business.

Statement from MD and CEO: Shenu Agarwal, MD and CEO of Ashok Leyland, expressed immense pride in securing the Indian Army’s orders, acknowledging the Defence business as a strong pillar of growth for the company.

Agarwal emphasized that this win further solidifies Ashok Leyland’s leadership in the Defence mobility vehicles sector and reflects their commitment to providing advanced mobility solutions for the armed forces.

Future Deliveries and Contribution to Indigenization: Over the next 12 months, Ashok Leyland will diligently fulfill the order by delivering these cutting-edge vehicles to meet the requirements of the Indian Army.

The company expressed gratitude for the trust placed in them by the Government of India and reiterated their dedication to contributing to the country’s indigenization efforts and self-reliance in defense manufacturing.

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