Ashok Leyland accelerates ahead of record date for bonus issue
Ashok Leyland gained 1.38% to Rs 51.50 at 13:26 IST on BSE, ahead of record date for a liberal 1:1 bonus issue.
The mid-cap stock had outperformed the market over the past one month till 28 July 2011, rising 3.36% compared with the Sensex’s 1.53% fall. The scrip had, however, underperformed the market in past one quarter, falling 6.70% as against 5.61% decline in the Sensex.
The company has an equity capital of Rs 133.03 crore. Face value per share is Rs 1. Ashok Leyland had on 21 July 2011 set 3 August 2011 as the record date for a liberal 1:1 bonus issue.
Ashok Leyland’s net profit slumped 29.7% to Rs 86.25 crore on 6.3% rise in net sales to Rs 2495.51 crore in Q1 June 2011 over Q1 June 2010. The company said a change in accounting policy on amortization of the value of leasehold land in Q1 June 2011, resulted in a reduction in expenditure by Rs 9.46 crore during the quarter. Ashok Leyland makes trucks and buses.
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