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Ashok Leyland surges on signing strategic financing partnership with ICICI Bank

Ashok Leyland is currently trading at Rs. 84.25, up by 0.95 points or 1.14% from its previous closing of Rs. 83.30 on the BSE.

The scrip opened at Rs. 84.00 and has touched a high and low of Rs. 84.50 and Rs. 83.60 respectively. So far 121109 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 113.00 on 03-Dec-2018 and a 52 week low of Rs. 56.95 on 23-Aug-2019.

Last one week high and low of the scrip stood at Rs. 84.70 and Rs. 80.75 respectively. The current market cap of the company is Rs. 24452.94 crore.

The promoters holding in the company stood at 51.12%, while Institutions and Non-Institutions held 30.02% and 18.78% respectively.

Ashok Leyland has signed a Memorandum of Understanding (MoU), with ICICI Bank to enter into a strategic financing partnership for two years. This MoU will enable both Ashok Leyland and ICICI Bank to offer customised financial solution to customers across India with focus on semi-urban and rural geographies.

With this MoU, ICICI Bank will be a preferred financier for providing finance to the customers buying Ashok Leyland vehicles. The Bank will work in close coordination with the authorised dealers of Ashok Leyland to provide financial solutions to the customers.

Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.

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