Ashok Leyland up 2.5% on brokerage upgrade

Shares of Ashok Leyland , India's second largest commercial vehicle manufacturer, gained over 2.5 percent as the Bank of America Merrill Lynch (BofAML) has upgraded the stock to buy with a revised target of Rs 32.

Following the improvement in September quarter earnings, BofAML have raised their profit forecasts for FY14 by 20%. Operating profit margin was 10.1 percent in the second quarter as against expectations of 8.2 percent and profit after tax stood at Rs 142.6 crore as against forecast of Rs 84.2 crore for the quarter.
 
At 13:25 hours IST, the stock rose 2.53 percent to Rs 26.35. The stock had rallied 6.64 percent on Friday to close at Rs 25.70.

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