Ashok Leyland shares ride high on inking MoU with IDBI Bank!

Ashok Leyland has signed a Memorandum of Understanding (MoU) with IDBI Bank, under which the partners will offer customised financial solutions for dealers with the combined strength of IDBI Bank and Ashok Leyland (AL), the network of AL dealers will now have financing solutions to suit their needs using digital technology. 

IDBI Bank’s e-Supply Chain Financing tool aims to meet working capital requirements for authorised dealers and traders. The partnership will serve numerous businesses in India, providing seamless financial support to Ashok Leyland’s dealers, and fostering growth and resilience in the supply chain. 

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, defence and special vehicles. The company has a product range from 1T GVW (Gross Vehicle Weight) to 55T GTW (Gross Trailer Weight) in trucks, 9 to 80-seater buses, vehicles for defence and special applications, and diesel engines for industrial, genset and marine applications.  

The company’s wide-spread customer base is served through an all-India sales and service network. With technology-enabled customer engagement processes and knowledge of the specific applications of the product range, its sales team is well-equipped to fulfil customers’ needs. 

Ashok Leyland shares are currently trading at Rs 164.15, up by 0.30 points or 0.18% from its previous closing of Rs 163.85 on the BSE. The scrip opened at Rs 163.90 and touched a high and low of Rs 166.15 and Rs 163.25 respectively. So far 3,66,123 shares were traded on the counter. 

The BSE group ‘A’ stock of face value of Rs 1 has touched a 52-week high of Rs 170.50 and a 52-week low of Rs 132.50. Last one week high and low of the scrip stood at Rs 170.50 and Rs 158.35 respectively. The current market cap of the company is Rs 48,211.21 crore. The promoters holding in the company stood at 51.53%, while Institutions and Non-Institutions held 37.09% and 11.38% respectively.