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- Ashok Leyland’s share price continues its upward trajectory, marking a new lifetime high during today’s trading session.
- The company’s shares have been buoyed by strong sales figures for April 2024 and anticipation of robust Q4 results.
- “Ashok Leyland has reported a 10 percent increase in April 2024 sales compared to the previous year,” noted Saurabh Jain from SMC Global Securities.
Explore the factors driving Ashok Leyland’s share price to new heights amid strong quarterly expectations and a recovering economy.
Triggers for Ashok Leyland share price rally
Discussing the factors driving Ashok Leyland’s share price, Saurabh Jain, Vice President — Research at SMC Global Securities, expressed a positive outlook. He stated, “Ashok Leyland has reported a 10 percent increase in April 2024 sales compared to the previous year. The company is expected to deliver strong Q4 results 2024 next week, which is anticipated to further boost its performance. Additionally, the resurgence of the Indian economy is also expected to benefit the company. These factors, combined with the company’s strong support level at ₹200, paint a promising picture for Ashok Leyland’s future.”
Investment Strategies and Market Sentiment
Looking ahead, Sumeet Bagadia, Executive Director at Choice Broking, shared his investment advice. He advised, “For existing Ashok Leyland shareholders, it is prudent to hold the stock with a target of ₹225, and a stop loss at ₹200. As for new investors, it is recommended to buy and hold Ashok Leyland shares at the current market price, with a stop loss at ₹200, for a short-term target of ₹225.” For fresh investors, Bagadia reiterated his advice, “Fresh investors can confidently buy and hold Ashok Leyland shares at the current market price, maintaining a stop loss at ₹200 for the short-term target of ₹225. This strategy is based on the company’s strong performance, expected Q4 results 2024, and the overall positive market sentiment.”
Ashok Leyland Q4 results 2024 date
As per the exchange filing by Ashok Leyland, the Indian auto major has declared that it would announce its Q4 results 2024 on May 24, 2024. Ashok Leyland informed about the Q4FY24 results date saying, “We wish to inform you that, pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a meeting of the Board of Directors of the Company is scheduled to be held on Friday, May 24, 2024 to inter alia consider and approve the standalone and consolidated audited financial results of the Company, for the quarter and year ended March 31, 2024.”
Conclusion
This week’s performance of Ashok Leyland’s shares reflects a strong market confidence backed by solid sales growth and the anticipation of favorable quarterly results. Investors are advised to monitor the upcoming financial disclosures and market conditions closely, as these will provide further insights into the company’s financial health and strategic direction.
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