Sharekhan - Ashok Leyland

Ashok Leyland
Cluster: Ugly Duckling
Recommendation: Hold
Price target: Rs42
Current market price: Rs39

For the full year, the company expects the commercial vehicle industry to grow by 5-6%. Sharekhan estimates that the overall volumes for the company will decline by 4.7% in the current year but to grow by 13% the next year.