Ashok Leyland rides high on starting work to set up plant focused on green mobility in Uttar Pradesh

Ashok Leyland is currently trading at Rs. 173.90, up by 0.75 points or 0.43% from its previous closing of Rs. 173.15 on the BSE.

The scrip opened at Rs. 174.70 and has touched a high and low of Rs. 177.25 and Rs. 172.15 respectively. So far 1415087 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 191.45 on 16-Aug-2023 and a 52 week low of Rs. 133.10 on 28-Mar-2023.

Last one week high and low of the scrip stood at Rs. 177.25 and Rs. 171.60 respectively. The current market cap of the company is Rs. 50677.56 crore.

The promoters holding in the company stood at 51.53%, while Institutions and Non-Institutions held 35.23% and 13.25% respectively.

Ashok Leyland has commenced the work to set up a new integrated commercial vehicle plant focused on green mobility in Uttar Pradesh, with the groundbreaking ceremony. The Foundation Stone laying ceremony marks the beginning of a new chapter for Ashok Leyland in Uttar Pradesh. The greenfield manufacturing facility will be spread over 70 acres. Packed with latest in manufacturing technology, this will be Ashok Leyland’s most modern and green factory worldwide, delivering world class quality standards. 

The primary focus shall be on production of electric buses, while also having capability to produce other vehicles powered by existing and other emerging alternate fuels. Once operational, the plant will initially have the capacity to produce 2500 vehicles per year. Ashok Leyland plans to expand this capacity to 5000 vehicles annually over the next decade, anticipating the growing demand for electric and other types of vehicles in the coming years. 

Ashok Leyland stands to play a pivotal role in Uttar Pradesh's electric mobility sector, particularly considering the state's notable accomplishment of having the highest number of registered Electric Vehicles (EVs) in India, highlighting the state government's strong commitment to facilitating the transition to eco-friendly transportation solutions. The establishment of this plant signifies a strategic initiative by Ashok Leyland, placing the company at the forefront of the green mobility revolution in the state. This facility will be Ashok Leyland's seventh vehicle plant in the country.

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.