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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