Ashok Leyland gains on Sun Mobility partnership

Thursday, Jul 20, 2017

Shares of Ashok Leyland advanced in Wednesday’s trade after the company said it had formed a strategic alliance with SUN Mobility to develop electric mobility solutions.

Following the development, the stock advanced 1.33 per cent to Rs 107 on BSE. It opened at Rs 107.10 and touched an intraday high and low of Rs 107.65 and Rs 106.65 respectively, in the first hour of trade.

The companies said they were looking at creating an integrated ecosystem by deploying Ashok Leyland electric vehicles and supporting them with smart batteries and a network of quick interchange battery stations developed by SUN Mobility.

“Partnership with Sun Mobility is yet another step towards bringing world class solutions to India, developed in India and by Indians. We are proud of this partnership and hope to bring several new innovative products to the market at the earliest,” said Vinod K Dasari, CEO and MD, Ashok Leyland.

The promoters held 51.29 per cent stake in the company as of March 2017.

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