India's Ashok Leyland gains as Citi hikes target price

Ashok Leyland

22/01/2026 05:14

** Citi Research raises volume estimates for Ashok Leyland ASOK.NS, driven by an industry-wide increase in demand for commercial vehicles

** ASOK shares up 3.2% to 187 rupees

** Citi hikes ASOK's price target to 205 rupees from 165 rupees; maintains "buy" rating

** While direct impact of price cuts post GST reductions would be relatively lower for commercial vehicles compared to passenger vehicles/2-wheelers, overall increase in goods demand could be a positive driver - Citi

** Stock rated "buy" on avg; median PT 165 rupees - data compiled by LSEG

** Stock up 62.5% in 2025 vs 23.5% gain in the Nifty Auto .NIFTYAUTO index

 (Reporting by Aleef Jahan in Bengaluru)

 ((aleefjahan.cs@thomsonreuters.com))