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Ashok Leyland (BUY; CMP: Rs28 TGT: Rs31)

Ashok Leyland (BUY; CMP: Rs28 TGT: Rs31)

The vehicle factory at Jabalpur has completed 1,200 sets and another 1,500 are expected to get delivered in H2FY2012. In the power solutions business, the company has sold 5,000 engines in H1FY2012 and expects to sell 9,000 engines in H2FY2012. The company took pricing action of 1% or Rs8,000 – Rs12,000 per vehicle effective November 1, 2011. Another jump is expected to come in January 2012 the quantum of which is not known. The finished goods inventory at the end of Q2FY2012 remained high at 9,000 vehicles.