Monday , 29 November 2021
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Ashok Leyland zooms on getting nod to transfer EV business to SMAL

Ashok Leyland zooms on getting nod to transfer EV business to SMAL

Ashok Leyland is currently trading at Rs. 152.20, up by 6.60 points or 4.53% from its previous closing of Rs. 145.60 on the BSE.

The scrip opened at Rs. 146.00 and has touched a high and low of Rs. 152.85 and Rs. 143.25 respectively. So far 1191239 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 152.85 on 15-Nov-2021 and a 52 week low of Rs. 87.30 on 22-Dec-2020.

Last one week high and low of the scrip stood at Rs. 152.85 and Rs. 143.25 respectively. The current market cap of the company is Rs. 44473.24 crore.

The promoters holding in the company stood at 51.54%, while Institutions and Non-Institutions held 35.96% and 12.50% respectively.

Ashok Leyland has received approval from its board to transfer its electric vehicles (EV) business to its step-down subsidiary Switch Mobility Automotive, India (SMAL) for Rs 240 crore on a slump sale basis. Also, the board has approved the transfer of its eMaaS (e-mobility as a service) business for Rs 65 crore to Ohm Global Mobility, India, a step down subsidiary of Hinduja Automotive, UK, the promoter of the company.

SMAL has been primarily formed to drive the EV business of the company. On the other hand, the transfer of eMaaS business to Ohm India is being done with an aim to integrate the capabilities of the company’s eMaaS business.

Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.