November 15, 2012 / 9:54 AM / 5 years ago

Ashok Leyland extends rally on strong earnings

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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.B Mathur/Files

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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