Ashok Leyland rises as its arm bags order for 500 electric buses from MTC, Chennai

Ashok Leyland is currently trading at Rs. 216.25, up by 2.05 points or 0.96% from its previous closing of Rs. 214.20 on the BSE.

The scrip opened at Rs. 214.90 and has touched a high and low of Rs. 218.30 and Rs. 214.40 respectively. So far 254916 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 264.70 on 27-Aug-2024 and a 52 week low of Rs. 157.65 on 14-Mar-2024.

Last one week high and low of the scrip stood at Rs. 224.20 and Rs. 210.90 respectively. The current market cap of the company is Rs. 63867.29 crore.

The promoters holding in the company stood at 51.52%, while Institutions and Non-Institutions held 36.80% and 11.65% respectively.

Ashok Leyland’s subsidiary -- OHM Global Mobility has bagged an order for 500 12-m ultra-low floor electric buses from the Metropolitan Transport Corporation (MTC), Chennai. OHM Global Mobility is Ashok Leyland’s electric mobility arm, focused on Mobility-as-a-Service business. This order will further strengthen the company's dominant position in the bus segment and underscores its commitment to advancing sustainable urban mobility in India. 

Switch Mobility, another subsidiary of the company, shall supply state-of-the-art, EiV12 model buses to OHM, who in turn shall operate and maintain the buses over a period of 12 years, as per the contract awarded by MTC. While 400 of these buses will be non-AC, 100 buses will be equipped with air conditioning as well, ensuring a comfortable commute for passengers across the city of Chennai. This will help the city take a major step towards green public transportation.

The electric buses are designed to comfortably seat 37 passengers, with space for an additional 24 standing passengers. With a range of over 200 kilometers per charge, these buses are ideal for Chennai's long city routes, ensuring uninterrupted service across the city's vast urban landscape. Engineered for both comfort and efficiency, the buses feature an ultra-low-floor design, enabling faster and easier boarding, which not only enhances passenger convenience but also improves overall accessibility and reduces travel time.

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.