Ashok Leyland makes smart gains on robust Aug sales

MUMBAI (makemystocks): India’s leading commercial vehicles maker, Ashok Leyland Ltd (BOM:500477) made sharp gains on the bourses today after the company announced August sales figures on Thursday.

In an announcement made after market hours yesterday, the automobile major revealed that the monthly sales was up 56.4% during August, 2010 against that recorded in the corresponding period last year. The company sold 10.9% more vehicles than the previous month.

The company statement said, it sold 7,480 vehicles in August, of which domestic sales for the month stood at 6,705 vehicles, up 58.4% from a year ago and 11.3% from July.

Company’s exports grew to 775 vehicles, up 40.7% year-on-year and 6.9% from July.

Domestic sales of light commercial vehicles in August stood at 53 vehicles, which was lower when compared with 72 vehicles in the same month a year ago and 55 vehicles in July.

The company stocks traded at Rs.75.6 up close to 1.5% on Bombay Stock Exchange (BSE) in the afternoon trades on Friday.