Ashok Leyland extends rally on strong earnings

Thu Nov 15, 2012 3:19pm IST

Ashok Leyland Ltd Light Specialist (R) and Field Artillery Tractor vehicles are displayed at the fifth Land and Naval Systems Defence Expo 2008 in New Delhi February 18, 2008. REUTERS/B Mathur/Files

Ashok Leyland Ltd Light Specialist (R) and Field Artillery Tractor vehicles are displayed at the fifth Land and Naval Systems Defence Expo 2008 in New Delhi February 18, 2008.

Credit: Reuters/B Mathur/Files

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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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