Ashok Leyland Monthly Numbers Update by Milan Desai, Angel Broking
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Below are Quote on Ashok Leyland Monthly Numbers Update by Milan Desai, Lead Equity Analyst, Angel Broking
Ashok Leyland reported monthly domestic wholesales numbers of 2,738 units for May’21, down 66% MoM. The decline has been on account of plant shutdown and as per a separate company disclosure, the plants are still not fully operational which might result in just 5-10 operational days for the month of June’21. MHCV trucks were down 62% MoM to 1,428 units, Buses were down 53% MoM while LCV was down 69% MoM. We believe the MoM decline is along the expected lines and we foresee the demand bouncing back strongly going ahead with lifting of restrictions. We have a Buy rating on the stock.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
