Reuters Market Eye - Shares in Ashok Leyland (ASOK.NS) gain as much as 6.4 percent a day after India's second-biggest bus and truck maker posted July-September earnings that were above forecasts.
IDFC upgrades Ashok Leyland to 'outperform', retaining its target price at 31 rupees, saying earnings were "significantly ahead of estimates."
IDFC says the auto maker will benefit from a cyclical upturn in the sector while Ashok Leyland shares have under-performed in the recent market rally.
Ashok Leyland shares up 5.2 percent at 25.35 rupees as of 10:20 a.m.
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