MARKET EYE-India's Ashok Leyland extends rally on strong earnings

Thu Nov 15, 2012 2:56pm IST

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* Ashok Leyland 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 Nov. 12 after stronger-than-expected Q2
results.
* Ashok Leyland shares had gained 12 percent over the previous
three trading sessions.

 (abhishek.vishnoi@thomsonreuters.com/abhishek.vishnoi.thomsonre
ters.com@reuters.net)
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