Ashok Leyland rises on selling 32% stake in HTL

Ashok Leyland is currently trading at Rs. 51.95, up by 0.20 points or 0.39% from its previous closing of Rs. 51.75 on the BSE. The scrip opened at Rs. 51.95 and has touched a high and low of Rs. 52.20 and Rs. 51.75 respectively. So far 83,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 56.15 on 13-Nov-2014 and a 52 week low of Rs. 14.90 on 17-Feb-2014. Last one week high and low of the scrip stood at Rs. 55.75 and Rs. 51.55 respectively. The current market cap of the company is Rs. 14727.41 crore. The promoters holding in the company stood at 38.82% while Institutions and Non-Institutions held 34.70% and 14.10% respectively. Hinduja Group flagship company Ashok Leyland has sold 32 per cent stake in its subsidiary firm Hinduja Tech (HTL) to a strategic investor. However, the company did not disclose the amount for which the stake has been sold. Consequent to the allotment of equity shares to the strategic investor, the holding of Ashok Leyland now stands at 68 per cent from 100 per cent. Hinduja Tech was incorporated in 2009 with a focus to provide engineering, manufacturing and enterprise (EME) services and solutions for automotive, aerospace, defence, industrial and general manufacturing industries, while Ashok Leyland is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.