With the addition of 1400 new Ashok Leyland ICVs, the logistics start-up and its associates will become the top fuel bowsing and Gas cylinder logistics company in the industry, the company said in a press release.
Ashok Leyland is the flagship company of the Hinduja Group and is India’s leading commercial vehicle manufacturer.
Analysts at Emkay Global Financial Services expect a gradual revival by the end of FY21, led by a low base, replacement demand and pick-up in economic activity. In the last three up-cycles, the average period of positive growth has been four years, and minimum growth from trough to peak is 90 per cent.
“The company is likely to gain share in domestic MHCVs from 32 per cent in FY20 to 33 per cent in FY22E, led by new products based on a modular platform. Similarly, the market share should increase in LCVs from 9 per cent in FY20 to 15 per cent in FY22E, led by new product Phoenix LCV in 2.5-4.9T segments,” the brokerage firm said in the June quarter result update. It has ‘overweight’ rating on the stock with target price of Rs 89 per share.