Ashok Leyland moves up as its arm planning to invest $200 million in EVs in next 5 years
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Ashok Leyland is currently trading at Rs. 122.35, up by 0.85 points or 0.70% from its previous closing of Rs. 121.50 on the BSE.
The scrip opened at Rs. 122.70 and has touched a high and low of Rs. 122.95 and Rs. 122.15 respectively. So far 48324 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 138.85 on 04-Feb-2021 and a 52 week low of Rs. 48.00 on 31-Jul-2020.
Last one week high and low of the scrip stood at Rs. 125.05 and Rs. 118.60 respectively. The current market cap of the company is Rs. 35666.66 crore.
The promoters holding in the company stood at 51.54%, while Institutions and Non-Institutions held 35.27% and 13.20% respectively.
Ashok Leyland’s subsidiary -- Switch Mobility is planning to invest up to $200 million (nearly Rs 1,500 crore) in its electric vehicles (EVs) journey in the next few years. Switch Mobility, which will play in the commercial e-mobility space globally for the group through next-generation electric bus and light commercial vehicles, will launch an electric light commercial vehicle (eLCV) later this year in India.
Ashok Leyland is banking on Switch Mobility to play a crucial role to achieve its ambition of being in the top ten players globally in the commercial vehicles segment through the latter's electric commercial vehicles, which would allow it to serve markets developed like the US, Europe and Japan.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
