Sun, May 19, 2024

Ashok Leyland: UP EV Plant Sparks 2% Share Surge
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Ashok Leyland: Ashok Leyland Up 2% on UP EV Plant Establishment

Ashok Leyland announced they are going to setup New EV plant in Uttar Pradesh in India. This manufacturing facility set to production of 2500 EV Vehicles annually. So Share price of Ashok Leyland little up from yesterday after the news flashed.

Plant to Start with 2500 Vehicles/Year Production

Ashok Leyland Shares Up 2% to Rs 176 as Company Establishes Green Mobility Plant in UP

Ashok Leyland is moving in box pattern and market has fallen from the resistance area of the pattern

Ashok Leyland Market Price is moving in box pattern and market has fallen from the resistance area of the pattern

Ashok Leyland Limited saw a 2% increase in its shares, reaching Rs 176 in early trade on February 21. This surge followed the company’s announcement of the establishment of an integrated commercial vehicle plant dedicated to green mobility in Uttar Pradesh.

The greenfield manufacturing facility spans 70 acres and is touted as Ashok Leyland’s most advanced and environmentally friendly factory worldwide, equipped with the latest manufacturing technology, as per the company’s regulatory filing.

Ashok Leyland is moving in Ascending channel and market has rebouned from the higher low area of the channel

Ashok Leyland Market Price is moving in Ascending channel and market has rebouned from the higher low area of the channel

The company emphasized its primary emphasis on manufacturing electric buses, with the added capability to produce vehicles powered by current and emerging alternative fuels.

Upon starting operations, the facility will begin with an annual production of 2,500 vehicles. Ashok Leyland strategically aims to double this production capacity to 5,000 vehicles per year within the next ten years. This expansion is a proactive measure to meet the expected demand for electric and various other vehicle types in the coming years.

Ashok Leyland is moving in Ascending channel and market has reached higher low area of the channel

Ashok Leyland Market Price is moving in Ascending channel and market has reached higher low area of the channel

In the December quarter, Ashok Leyland witnessed a 60.5% YoY increase in net profit, reaching Rs 580 crore, driven by robust demand for its products in both the MHCV and LCV segments.


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