Ashok Leyland extends rally on strong earnings
Reuters Market Eye - Ashok Leyland(ASOK.NS) gains 4.8 percent, advancing for a fourth consecutive session as India's second-biggest bus and truck maker continues to benefit after beating estimates with its July-September earnings last week.
Bank of America-Merrill Lynch raised the stock rating to 'buy' from 'underperform' and its price objective to 32 rupees from 23 rupees in a note dated November 12 after stronger-than-expected Q2 results.
Ashok Leyland shares had gained 12 percent over the previous three trading sessions.
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Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier.. Full Article | Full Coverage