MUMBAI: Nirmal Bang has advised traders to buy Ashok Leyland on dips with strict stoploss of Rs 68.
“Buy Ashok Leyland on dip and hold with a strict stoploss of Rs 68. The stock has witnessed huge cash volumes and the structure also looks positive as the stock is holding firmly above all its moving averages. Immediate target could be Rs 74-77,” the report said.
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The overall outlook for the domestic CV industry is positive, which is in its mid-cycle, with volumes expected to register a ~10% CAGR over FY2011–13E. Most of the factors that drive freight demand and consequently M&HCV demand are positive and CV manufacturers are benefiting from the economic recovery. At Rs50, ALL is trading at 12.4x FY2011E and 11.2x FY2013E EPS. We recommend Buy on ALL with a target price of Rs64.
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