MARKET EYE-India's Ashok Leyland rallies on July-Sept earnings

Fri Nov 9, 2012 10:22am IST

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* Shares in Ashok Leyland 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 0450
GMT.

 (manoj.dharra@thomsonreuters.com)
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