ASHOKLEY

Sept 15 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• SIAM - INDIA'S AUGUST 2-WHEELER SALES 18,33,921 UNITS

• SIAM - INDIA'S AUGUST 3-WHEELER SALES 75,759 UNITS

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S AUGUST TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,21,840 UNITS

Source text: [ID:]

Further company coverage: ASOK.NS

(([email protected];;))

Adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.

Here is how the industry has reacted:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer and more inclusive tax system.

"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian automotive sector... these announcements will significantly benefit first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

"One area that may need earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival... categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK

"Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts ... should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings... The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH, HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality... Combined with RBI rate cuts, FY26 income tax rebates and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY

"It's a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT

"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials and enhances global competitiveness."

NITIN RAO, CEO, INCRED WEALTH

" (I am ) positive this will play out, though a small concern remains where recent measures like the rate cuts and budgetary measures taken on reduced taxes have not created the necessary consumption boosters."

RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT

"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.

"While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine."

SHEETAL ARORA, CEO, MANKIND PHARMA

"By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signalled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets."

ARNAB BANERJEE, MD & CEO, CEAT

"By addressing a long-standing demand of the industry, the Council has not only provided a boost to the automotive ecosystem but also created room for greater formalisation, compliance, and sustainable growth in the sector."

SHENU AGARWAL, MD & CEO, ASHOK LEYLAND

"The specific relief for the commercial vehicle industry is especially welcome. On one hand, it will spur freight traffic, and on the other, it will bring down the cost of buses and trucks."

AASIF MALBARI, CHIEF FINANCIAL OFFICER, GODREJ CONSUMER PRODUCTS LTD

"This is a positive trigger for demand and a strong driver of volume growth. This move will ultimately contribute to overall economic momentum. We are fully committed to ensuring that the GST rates reduction benefits are passed on to consumers."

VENKATRAM MAMILLAPALLE, MANAGING DIRECTOR, RENAULT INDIA

"We believe the reform will accelerate rural and urban demand alike, boost manufacturing and contribute strongly to India's economic momentum."

UNSOO KIM, MANAGING DIRECTOR, HYUNDAI MOTOR INDIA

"The GST overhaul will directly benefit the automotive sector. The announced reforms align seamlessly with the government's commitment to Viksit Bharat and the Make in India initiative, encouraging domestic manufacturing and boosting demand across both urban and rural markets."

(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Adds details of investment, partnership in paragraph 3, background from paragraph 4

Sept 1 (Reuters) - Automaker Ashok Leyland ASOK.NS, India's third-largest manufacturer of commercial vehicles, said on Monday it will invest more than 50 billion rupees ($571.4 million) in domestic EV battery production.

The investment will be spread over the next 7-10 years, it said. The company plans to supply the batteries to its EV unit, called Switch, as well to as other automakers and for energy storage purposes.

Ashok Leyland will also partner with China's CALB 3931.HK, one of the world's top EV battery makers, for the battery production venture. CALB supplies EV batteries for cars, commercial vehicles, and energy storage.

With this, the automaker joins the likes of Tata Motors TAMO.NS and Ola Electric OLAE.NS that also plan to produce EV cells and batteries locally, along with legacy battery makers Exide EXID.NS and Amara Raja AMAR.NS.

Most Indian EV makers import cells from China and South Korea, rather than making them domestically.

An EV battery typically forms up to 40% of the cost of green vehicles and localising the production can help bring down costs, some automakers have said.

($1 = 87.5060 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala and Sonia Cheema)

(([email protected]; Mobile: +91 9591011727;))

** Indian truck and bus maker Ashok Leyland ASOK.NS gains as much as 3.1% to 123.4 rupees, last up 2.1%

** Co beats quarterly profit estimate, led by strong sales of buses - part of its medium and heavy commercial vehicle segment

** Shares were up ~1% higher ahead of its results

** Stock top gainer on the Nifty auto index .NIFTYAUTO, which was last trading flat

** Year-to-date, ASOK up ~11% vs ~6% rise in .NIFTYAUTO

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Aug 11 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• GETS RBI NOD FOR MERGER OF HINDUJA LEYLAND FINANCE INTO NDL VENTURES

Source text: ID:nNSE2cpHpM

Further company coverage: ASOK.NSNDLV.NS

(([email protected];))

July 7 (Reuters) -

• INDIA AUTODEALERS BODY FADA: CAUTIOUSLY OPTIMISTIC VIEW FOR NEAR TERM

• INDIA'S FADA: RARE-EARTH SHORTAGES, GEOPOLITICAL TENSIONS & US-TARIFF SPILL-OVERS DEMAND VIGILANCE

• INDIA'S FADA: CHALLENGES IN SECURING RARE-EARTH MATERIALS STALLED COMPONENT PRODUCTION

• INDIA'S FADA: IN NEAR TERM, ABOVE-NORMAL MONSOON RAINS SHOULD BOLSTER RURAL DEMAND

• INDIA AUTODEALERS BODY FADA: JUNE PASSENGER VEHICLE RETAIL SALES ROSE 4.84 % Y/Y

• INDIA AUTODEALERS BODY FADA: JUNE TWO-WHEELERS RETAIL SALES UP 4.73% Y/Y

• INDIA AUTODEALERS BODY FADA: JUNE COMMERICAL VEHICLE RETAIL SALES ROSE 6.60% Y/Y

• INDIA'S FADA: AS WE ENTER JULY 2025, DEALER SENTIMENT APPEARS TILTED TOWARDS SLOWDOWN

(([email protected];;))

July 1 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• JUNE TOTAL VEHICLES SOLD AT 15,333 UNITS

Source text: ID:nBSE2NSFj1

Further company coverage: ASOK.NS

(([email protected];;))

June 30 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• S MAHESH BABU TO STEP DOWN AS CEO OF SWITCH AUTOMOTIVE MOBILITY

• GANESH MANI TO TAKE ADDITIONAL CHARGE AS CEO OF SWITCH AUTOMOTIVE MOBILITY

• SWITCH INDIA HOPES TO DOUBLE TOP LINE IN FY26

Source text: ID:nBSE2Msfkv

Further company coverage: ASOK.NS

(([email protected];;))

June 10 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• ASHOK LEYLAND LTD - SUBSIDIARY COMPLETES PURCHASE OF 1.01% STAKE IN SWITCH MOBILITY LIMITED, UK

Source text: ID:nBSE4S8HHK

Further company coverage: ASOK.NS

(([email protected];;))

** Shares of Ashok Leyland ASOK.NS rise 3.3% to 241.73 rupees apiece

** ASOK is the top percentage gainer in auto index .NIFTYAUTO, which is up 1.25% boosted by larger-than-expected rate cut from the Reserve Bank of India

** Morgan Stanley reiterates "overweight" on ASOK and hikes target price to 288 rupees from 284 rupees, implying an upside of 23.1% over the last close in the next 12 months

** Strong net cash position will help ASOK offset subdued domestic volumes due to slower demand in fiscal 2026, says Morgan Stanley

** Brokerage says overall volume estimates remain unchanged, due to a potential increase in export volumes estimates

** The average rating of 34 analysts tracking ASOK is "buy", median target price is 255 rupees, according to data compiled by LSEG

** ASOK shares up 6.1% in 2025 so far, outperforming the 3.3% rise in auto index .NIFTYAUTO, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

June 4 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• OPTARE PLC. UK TO BUY 1.01% STAKE IN SML UK

• OPTARE PLC'S SHAREHOLDING IN SML UK TO INCREASE TO 99.57%

Source text: ID:nBSE3nfgCS

Further company coverage: ASOK.NS

(([email protected];;))

June 3 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• ASHOK LEYLAND - BAGGED ORDER FOR SUPPLYING DIESEL CHASSIS AND FULLY BUILT BUSES FOR 1.84 BILLION RUPEES

Further company coverage: ASOK.NS

(([email protected];))

** Shares of Ashok Leyland ASOK.NS fall 3.1% to 218.35 rupees

** Commercial vehicles maker's total sales, which include domestic sales and exports, for April fell 6% Y/Y to 13,421 units

** For April, medium and heavy commercial vehicle sales fell 13% Y/Y, while light commercial vehicle sales rose 6% Y/Y

** ASOK down ~3% during the week, set to snap four week gaining streak

(Reporting by Vijay Malkar)

(([email protected];))

April 1 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• MARCH TOTAL VEHICLES SOLD AT 24060 UNITS

Source text: ID:nBSEbtyzhh

Further company coverage: ASOK.NS

(([email protected];))

March 28 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• ASHOK LEYLAND DEFENCE BUSINESS SECURES MULTIPLE ORDERS WORTH 7 BILLION RUPEES

Source text: [ID:]

Further company coverage: ASOK.NS

(([email protected];;))

March 26 (Reuters) - Indian heavy vehicles maker Ashok Leyland ASOK.NS said on Wednesday that its electric bus unit Switch Mobility could shutter one of its British plants, which would swing the unit's UK operations to profitability "soon".

The company said it would review the feasibility of the plant in Sherburn, North Yorkshire in a consultation process with employees, which could lead to the plant being closed, amid continued uncertainty in the sector.

The plant accounted for 0.60% of Ashok Leyland's total sales in the fiscal year ended March 2023, the company said.

Ashok Leyland said it does not plan to pump in more money into Switch UK, which also comprises two other plants and posted a loss of around 20 million pounds to 21 million pounds ($26 million to $27 million) this year.

"Switch UK losses should go away soon if the Sherburn facility ceases operations," a company executive said, adding around 240 employees in Switch UK might stay back after facility closure.

The move comes as the UK's bus manufacturing sector faces ongoing challenges, including a drop in vehicle production.

However, Switch has no plans to exit the UK market and will fulfill all orders and continue to provide aftermarket and service support through its plants in Rotherham, North Yorkshire and Thurrock, Essex, the company said.

However, Switch plans to focus on the "high-growth India market".

"The electric bus market in India is doing exceptionally well and is poised to grow multi-fold in the next few years," the company executive said.

Switch India is expected to break even on an EBITDA (earnings before interest, taxes, depreciation, and amortisation) basis in the fiscal year ending on March 31 and break even on a net profit level next fiscal year, the executive said.

($1 = 0.7754 pounds)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Savio D'Souza)

(([email protected];))

MUMBAI, March 17 (Reuters) - India's Hinduja Leyland Finance plans to raise 7 billion rupees ($80 million) through the sale of bonds maturing in 10 years, three merchant bankers said on Monday.

The company has invited bids from bankers and investors for the issue later in the day, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 17:

*Size includes base plus greenshoe for some issues

($1 = 86.9400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

March 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S FEB 2-WHEELER SALES 13,84,605 UNITS - INDUSTRY BODY

• INDIA'S FEB 3-WHEELER SALES 57,788 UNITS - INDUSTRY BODY

• INDIA'S FEB TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,77,689 UNITS - INDUSTRY BODY

• INDIA AUTO INDUSTRY BODY: UPCOMING FESTIVITIES OF HOLI, UGADI IN MARCH LIKELY TO CONTINUE TO DRIVE DEMAND

Further company coverage: ASOK.NS

(([email protected];))

Feb 19 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• BAGGED ORDER FOR SUPPLYING 320 BS VI BUSES TO TAMIL NADU STATE TRANSPORT CORPORATION

• ORDER WORTH 2.98 BILLION RUPEES

Source text: [ID:]

Further company coverage: ASOK.NS

(([email protected];;))

Feb 12 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• ASHOK LEYLAND DEC-QUARTER STANDALONE PROFIT 7.62 BILLION RUPEES

• ASHOK LEYLAND DEC-QUARTER STANDALONE REVENUE FROM OPERATIONS 94.79 BILLION RUPEES

Further company coverage: ASOK.NS

(([email protected];))

Feb 6 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S FADA: OVERALL AUTO RETAIL GREW BY 6.6% YOY IN JAN

• INDIA'S FADA: PERSISTENT CASH-FLOW CONSTRAINTS, SUBDUED INDUSTRIAL DEMAND COULD CAP UPSIDE POTENTIAL

• INDIA'S FADA: SUPPORTIVE POLICIES, POST-BUDGET STIMULUS MAY HELP SUSTAIN SECTOR’S EARLY-YEAR GAINS

• INDIA'S FADA: ONGOING FESTIVE/WEDDING DEMAND, FRESH PRODUCT INTRODUCTIONS COULD SUSTAIN FOOTFALLS IN NEAR-TERM

• INDIA'S FADA: NEARLY HALF OF DEALERS ANTICIPATE GROWTH IN FEB,43% EXPECT SALES TO STAY FLAT,11% FORESEE DIP

• INDIA'S FADA: AUTO RETAIL SECTOR ENTERS FEBRUARY WITH CAUTIOUS OPTIMISM

Source text: [ID:]

Further company coverage: ASOK.NS

(([email protected];;))

Jan 14 (Reuters) -

• INDIA'S DEC TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,14,934 UNITS - INDUSTRY BODY

• INDIA'S DEC 2-WHEELER SALES 11,05,565 UNITS - INDUSTRY BODY

• INDIA'S DEC 3-WHEELER SALES 52,733 UNITS - INDUSTRY BODY

• INDIA'S JAN-DEC TOTAL DOMESTIC PASSENGER VEHICLE SALES 42,74,793 UNITS - INDUSTRY BODY

• INDIA'S JAN-DEC 2-WHEELER SALES 1,95,43,093 UNITS - INDUSTRY BODY

• INDIA'S JAN-DEC 3-WHEELER SALES 7,28,670 UNITS - INDUSTRY BODY

(([email protected];))

Jan 2 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• DEC TOTAL VEHICLES SOLD AT 16957 UNITS

Source text: ID:nBSE88Y1V8

Further company coverage: ASOK.NS

(([email protected];;))

Dec 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• ANNOUNCES PRICE INCREASE UP TO 3% EFFECTIVE JANUARY 2025

• ANNOUNCES PRICE INCREASE EFFECTIVE JANUARY 2025

• PRICE INCREASE TO VARY BY MODEL AND VARIANT

• PRICE INCREASE DUE TO INFLATION AND HIGHER COMMODITY PRICES

Source text: ID:nBSE46qG0k

Further company coverage: ASOK.NS

(([email protected];;))

Dec 2 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• NOV TOTAL VEHICLES SOLD AT 14137 UNITS

Source text: ID:nBSEbf4VkJ

Further company coverage: ASOK.NS

(([email protected];;))

Nov 15 (Reuters) - INDIA AUTO DEALERS' BODY FADA:

• NEARLY HIT OUR FORECASTED TARGET OF 4.3 MILLION VEHICLES DURING 42 DAYS FESTIVE PERIOD

• AUTO INDUSTRY YET TO FULLY BENEFIT FROM GOVERNMENT PUSH IN INFRASTRUCTURE SPENDING

• EXPECTS GOVERNMENT PUSH IN INFRASTRUCTURE SPENDING TO BOLSTER COMMERCIAL VEHICLE SALES

• COULD HAVE MET 4.5 MLN UNITS TARGET IF NOT FOR UNSEASONAL HEAVY RAINS IN SOUTH INDIA

• ANTICIPATES CAR STOCK LEVELS WILL REDUCE FURTHER FROM OCTOBER LEVELS

• URGES OEMS TO FOCUS ON LIQUIDATING 2024 STOCK AHEAD OF YEAR END

• LOOKING AHEAD, TRACTORS TO PERFORM BETTER, SUPPORTED BY GOOD RAINFALL, RISE IN MSP OF CROPS

(([email protected];))

Nov 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S OCT TOTAL DOMESTIC PASSENGER VEHICLE SALES 393,238 UNITS - INDUSTRY BODY

• INDIA'S OCT 2-WHEELER SALES 2,164,276 UNITS - INDUSTRY BODY

• INDIA'S OCT 3-WHEELER SALES 76,770 UNITS - INDUSTRY BODY

Further company coverage: ASOK.NS

(([email protected];))

MUMBAI, Nov 12 (Reuters) - India's Hinduja Leyland Finance plans to raise 5 billion rupees ($59.24 million) through sale of bonds maturing in three years, three merchant bankers said on Tuesday.

The company has invited bids from bankers and investors for the issue on Wednesday.

The notes have a put option at the end of 18 months and 24 months, the bankers said.

The company did not immediately reply to a Reuters' email seeking comment.

Here is the list of deals reported so far on Nov. 12:

*Size includes base plus greenshoe for some issues

($1 = 84.3990 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Subhranshu Sahu)

(([email protected]))

** Shares of Ashok Leyland ASOK.NS up ~3% at 222.36 rupees, set to rise for fourth straight session

** Truck maker's Q2 profit rises 37.3% to 7.7 bln rupees ($91.3 mln), beating estimate of 5.7 bln rupees -LSEG data

** More than 19.5 mln shares traded, 2.1x the 30-day avg

** Avg rating of 37 analysts is "buy" and median PT is 270 rupees, ~21% higher than current price - LSEG data

** Stock extends YTD gains to ~22.5%

($1 = 84.3725 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))