India's Ashok Leyland gains after BofA Securities hikes price target
** Shares of Ashok Leyland ASOK.NS rise as much as 2.33% to 137.67 rupees; stock last up 2%
** BofA Securities reiterates "buy" and raises price target to 163 rupees from 146 rupees, implying an upside of 21.1% over last close
** BofA's new price target is the second highest among 35 analysts tracking ASOK, with an average rating of "buy", data compiled by LSEG shows
** Says ASOK's bus segment sees robust traction while the GST cut is likely to aid demand for LCVs (light commercial vehicles)
** Potential consumption revival following tax cuts also bodes well for ASOK, according to BofA
** Lists scale-up of non-truck business, tight cost controls and a balanced growth vs margin strategy as key drivers for ASOK in the near term
** ASOK is the top percentage gainer on auto index .NIFTYAUTO, which is up 0.5%
** ASOK shares are up 22% in 2025 so far, mirroring the 19.5% rise in the auto index .NIFTYAUTO, exchange data shows
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