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Mumbai, Hinduja Group flagship <keyword id="6357085" type="General" weightage="20" keywordseo="Ashok-Leyland" source="Orion">Ashok Leyland</keyword> on Friday said its net profit on a year-on-year basis jumped over eight fold to Rs 576 crore in the June quarter of this fiscal. The Chennai-based commercial vehicle maker had reported a net profit of Rs 68 crore in Q1FY23, as per a company statement. Revenue for the quarter stood at Rs 8,189 crore, as against Rs 7,223 crore in the first quarter of the previous fiscal. The company's domestic medium and heavy commercial vehicles (MHCV) volume grew 7 per cent during the quarter under review and the market share grew to 31.2 per cent from 30 per cent, Ashok Leyland said. The domestic light commercial vehicles volume in Q1 FY'24 stood at 14,821 units, registering a growth of three per cent over 14,384 units a year ago, the company said. "With the industry maintaining the growth in Q1 FY '24, we have been able to post excellent results with focused market performance while reining in costs. We have continued to grow our market share in Q1," said Dheeraj Hinduja, Executive Chairman, Ashok Leyland. The company is concurrently intensifying its efforts in international expansion, he said, adding, "through our electric vehicle subsidiary, Switch Mobility, we are actively moving towards net zero carbon mobility." According to the company, EBITDA grew 10 per cent to Rs 821 crore for the reporting quarter, as against 4.4 per cent (Rs 320 crore) in the year-ago period. Tax expense for the quarter was lower as it considers a one-time deferred tax credit of Rs 172 crore on account of expected transition to lower tax regime in the following financial year, the company said. The net debt-to-equity stood at 0.2 times at the end of Q1FY24, Ashok Leyland said. "With expansion in revenues and efficient cost management we have seen our bottom line improving substantially. "While we continue to expand our market penetration on the back of efficient products and expanding the network, we shall remain acutely focused on achieving and sustaining double-digit profitability," said Shenu Agarwal, Managing Director and CEO at Ashok Leyland.

Ashok Leyland Q1 2023-24 net profit jumps over eight fold to Rs 576 cr

<ul><li>M&amp;M, Ashok Leyland and Tata Motors have recovered from their intraday low.</li><li>Gadkari while speaking at a SIAM conference had said that the rising level of pollution is a health hazard for citizens.</li><li>There is no such proposal currently under active consideration by the government, said Gadkari in is clarification</li></ul> The auto index, <keyword id="3540651" type="General" weightage="20" keywordseo="Nifty-Auto" source="Orion">Nifty Auto</keyword>, recovered from its 400 point or approximately 2.5% fall after Union Minister <keyword id="26680" type="General" weightage="50" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> clarified on Tuesday clarified his '10% additional <keyword id="18747014" type="General" weightage="60" keywordseo="GST-on-diesel-vehicles" source="Orion">GST on diesel vehicles</keyword>' comment made earlier in the morning. At the time of updating the story, the index is 1.6% in the red. Auto stocks had fallen sharply after Gadkari said he will seek a "<keyword id="2169429" type="General" weightage="60" keywordseo="pollution-tax" source="Orion">pollution tax</keyword>" in the form of additional <keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword> of 10% on diesel vehicles and gensets in order to cut down on air pollution. This in turn has dragged the stocks down as most of the commercial vehicles in the country currently run on diesel. At the time of updating, Mahindra and Mahindra is down 1.7% but shown a recovery from the 3.48% slide. Ashok Leyland has now recovered slightly too and is down 2.4% while Tata Motors which had slipped 2.8% is now down 1.8%. The Road and Transport Minister has subsequently clarified his comment on X (formerly Twitter). He said that that there is no such proposal currently under active consideration by the government. <div type="twitter" handle="nitin_gadkari" handlename="nitin_gadkari" favoritecount="0" retweetcount="0" id="1701501884324860043"></div> Earlier, speaking at the 63rd Annual SIAM convention Delhi, the Union Road Transport and Highways Minister said the rising level of pollution is a health hazard for citizens. "I am going to handover a letter to the Finance Minister this evening stating that an additional 10% GST be put on diesel-powered vehicles," Gadkari said. In the passenger vehicle segment, various carmakers including Maruti Suzuki India and Honda have already stopped manufacturing diesel cars. Gadkari said the contribution of diesel cars has already come down drastically in the country and the manufacturers need to stop selling them in the market. Terming diesel as a hazardous fuel, he noted that the country has to import the fuel to meet the demand. "Say goodbye to diesel... Please stop making them, otherwise we will just increase the tax so much that it would become difficult to sell diesel cars" Gadkari said. He said he will propose additional GST on diesel-powered generators as well. Automobiles are currently taxed at 28% GST, with additional cess ranging from 1% to 22% depending on the type of vehicle. SUVs attract the highest GST at the rate of 28% along with a compensation cess at 22%. Gadkari also asked the industry to focus on environment-friendly alternative fuels like ethanol. He also asked the industry to focus on green hydrogen. Explained: <a href="https://www.businessinsider.in/policy/economy/news/what-is-ethanol-blending-current-targets-and-challenges-for-india/articleshow/103460113.cms" data-type="tilCustomLink" target="_blank">What is ethanol blending and what are the challenges faced by India</a>

Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

Commercial vehicle maker <keyword id="6357085" type="General" weightage="100" keywordseo="ashok-leyland" source="Orion">Ashok Leyland</keyword> on Thursday said its profit after tax nearly tripled to Rs 561 crore in September quarter 2023-24. In the year-ago period, the PAT was Rs 199.31 crore. Revenues during the quarter under review rose to Rs 9,638 crore from Rs 8,266 crore in the second quarter of FY23, the company said in a statement. It said EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the quarter was Rs 1,080 crore as against Rs 537 crore in the corresponding quarter of FY23. Net debt stood at Rs 1,139 crore at the end of the second quarter, it said. The domestic medium and heavy commercial vehicles (MHCV) sales stood at 29,947 units, up 18% from the second quarter of the previous fiscal, which is in line with industry growth. Light commercial vehicle (LCV) volume was at 16,998 units compared to 17,040 LCVs sold in the same period last year, Ashok Leyland said. Export volumes for the quarter (MHCV &amp; LCV) were 4% higher at 2,901 units from the year-ago period despite multiple socio-political challenges across the globe. The company said while its overall MHCV MS is moving in the right direction, it significantly increased its bus market share, making it the top bus manufacturer in the country. "We have grown and grown profitability. The second half of the year appears to have the twin tailwinds of demand growth and softer commodity prices which should improve the profitability of the industry," Shenu Agarwal, Managing Director and Chief Executive Officer of Ashok Leyland, said. This is the third consecutive quarter of double-digit EBITDA, he said, adding that there is tremendous focus on margin enhancement, network expansion, operational efficiency, cost optimisation and deployment of digital as an enabler for growth and productivity. There is an enhanced thrust to grow all non-MHCV businesses as well and "we expect to see the benefits of all of this in the coming quarters," he added. Further, the company said that its all other businesses posted good growth in the current quarter and added that it expanded its MHCV range by launching new products in tipper, tractor and MAV categories. The focus on expansion of the distribution network continued with further addition of 47 touch points in the quarter, especially in the northern and eastern parts of the country, it said. "We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY24 will see further growth in the second half as well," <keyword id="454707" type="General" weightage="50" keywordseo="dheeraj-hinduja" source="Orion">Dheeraj Hinduja</keyword>, Executive Chairman of Ashok Leyland, said. While International business globally is challenged owing to the conflicts across the globe, "we are intensifying our expansion strategy in our focus markets of the Middle East, Africa and Asia," he said. The company continues to build its capabilities in alternative energy and shall be soon coming up with some exciting products and solutions, Hinduja added.

Ashok Leyland PAT nearly triples to Rs 561 cr in September quarter

Commercial vehicle major <keyword id="760813" type="General" weightage="80" keywordseo="ashok-leyland-ltd" source="Orion">Ashok Leyland Ltd</keyword> closed the first quarter of FY23 with an after tax profit of Rs 68 crore. According to the company, it had posted a revenue of Rs 7,223 crore for the quarter ended 30.6.2022 (Q1FY22 Rs 2,951 crore) and a net profit of Rs 68 crore (net loss Rs 282 crore). "The industry has seen strong volume growth in Q1 FY'23, and we expect this trend to continue going forward. The team is focused on market performance while reining in costs this quarter," <keyword id="454707" type="General" weightage="80" keywordseo="dheeraj-hinduja" source="Orion">Dheeraj Hinduja</keyword>, Executive Chairman said. "With expansion in revenues and efficient cost management we have seen our bottom line improving. The softening of commodity prices, in particular for steel, should impact our margins positively, said <keyword id="1858880" type="General" weightage="80" keywordseo="gopal-mahadevan" source="Orion">Gopal Mahadevan</keyword>, Director &amp; CFO. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/the-way-forward-for-indias-emerging-data-centre-market/articleshow/93212366.cms">The way forward for India’s emerging data centre market</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/top-10-most-chosen-fmcg-brands-of-india-as-per-kantar-report/slidelist/93206746.cms">Parle, Amul and Britannia are the most chosen FMCG brands of India in 2021: Kantar report</a>

Ashok Leyland logs Rs 68 cr net in Q1

<ul><li>The 30-share BSE index Sensex was down 37.38 points, and the NSE Nifty was trading 0.10% lower at 10:10 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Choppy trade on Dalal Street this Thursday morning. Indian stock market indices Sensex and Nifty are tracking weak cues from the global markets. The 30-share BSE index Sensex was down 37.38 points, and the NSE Nifty was trading 0.10% lower at 10:10 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td></tr></tbody></table>*as of October 15, 10:00 am These are the top stocks in news today. MTNL shares up 7% The shares of state-owned Mahanagar Telephone Nigam Limited (MTNL) were up 7% after the central government mandated all ministries, public departments and public sector units to use telecom services of state-run BSNL and MTNL. PVR and INOX Leisure shares up 1% The shares of cinema giants PVR and INOX Leisure were up nearly 1% after Delhi, Haryana, and Uttar Pradesh decided to reopen cinema halls as per the MHA Unlock guidelines. Tata Elxsi gains 5% The Tata Elxsi shares gained over 5% — touching a new 52 week high, after the company reported a profit of ₹78.9 crore for the second quarter compared to ₹49.8 crore during the same period last year. The revenue rose to ₹430.2 crore from ₹385.8 crore in the year-ago period. Ashok Leyland leaps 5% in a volatile market The shares of automaker Ashok Leyland were up 5% after brokerages upgraded their rating to ‘Buy’. Axis Securities has pegged a target price of ₹90. Last week Edelweiss rated it ‘Buy’ with a target price of ₹83. Infosys up 4% in opening trade The shares of Indian IT giant Infosys opened 4% higher after the company reported a stellar quarter led by record deal wins, and it has also raised the <a href="https://www.businessinsider.in/business/corporates/news/infosys-second-quarter-earnings-deliver-on-all-fronts-led-by-highest-ever-deal-wins-worth-3-15-billion-raises-guidance-to-2-to-3/articleshow/78659827.cms">FY21 guidance</a>. The company also gave<a href="https://www.businessinsider.in/careers/news/infosys-to-reinstate-wage-hikes-promotions-and-hiring-will-impact-margins-over-the-next-six-months/articleshow/78660576.cms"> its employees 100% variable pay</a> over the last three months and restarted the promotion process for junior-level employees. Future Retail up over 2% The shares of Kishore Biyani-led Future Retail were up 2% after<a href="https://www.timesnownews.com/business-economy/companies/article/amazon-can-not-challenge-future-group-deal-with-reliance-as-it-does-not-involve-future-coupons/667096"> media reports</a> citing industry sources claimed that Amazon could not challenge Future Group to deal with Reliance as it does not involve Future Coupons. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/infosys-share-price-hits-fresh-52-week-high-after-highest-ever-deal-wins-of-over-3-billion/articleshow/78673575.cms" data-type="tilCustomLink"> Infosys share price hits fresh 52-week high after highest-ever deal wins of over $3 billion</a> <a href="https://www.businessinsider.in/stock-market/news/likhitha-infrastructure-lists-at-8-premium-over-the-issue-price/articleshow/78674174.cms" data-type="tilCustomLink">Likhitha Infrastructure lists at 8% premium over the issue price</a> <a href="https://www.businessinsider.in/stock-market/economy/news/world-bank-president-says-covid-19-pandemic-is-causing-the-one-of-the-deepest-recessions-since-great-depression/articleshow/78673669.cms" data-type="tilCustomLink">World Bank President says COVID-19 pandemic is causing the one of the deepest recessions since Great Depression</a>

Top stock movers — Future Retail, INOX, PVR, Tata Elxsi, MTNL, Ashok Leyland and others

<ul><li>The benchmark index Sensex was trading 0.32% higher at 38,493.24</li><li>The NSE Nifty was up 0.41% at 11,354.40. </li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Domestic equity benchmark Sensex jumped over 100 points in early trade on Thursday led by gains in index majors TCS, Infosys and HUL amid firm cues from global peers and sustained foreign fund inflow. The benchmark index Sensex was trading 0.32% higher at 38,493.24; while NSE Nifty was up 0.41% at 11,354.40. These are the top stocks that are buzzing the D-street today: IndiGo’s parent Interglobe Aviation shares rallied nearly 8% during the morning tarde <keyword id="678811" type="COMPANY" weightage="20" keywordseo="Westbridge-Capital">Westbridge Capital</keyword>, a private equity firm bought 1.41% stake in India's largest domestic airline IndiGo for ₹559 crore through an open market transaction. Strides Pharma trading nearly 1% higher Strides Pharma promoters announced the acquisition of the 3.7% stake owned by Sequent Scientific. The acquisition of stake will be at ₹475 per share, and the transaction is expected to be completed in the next coming months. Ashok Leyland nose dived over 2% Hinduja Group flagship firm Ashok Leyland shares were trading nearly 2% lower after the company reported a consolidated net loss of ₹388.82 crore for the first quarter ended June 30. The company’s revenue from operations in April-June 2020 significantly declined to ₹1,486.04 crore as compared with ₹6,588.23 crore in the year-ago period. <keyword id="80296" type="COMPANY" weightage="20" keywordseo="Eicher-Motors">Eicher Motors</keyword> trading more than a percent lower Eicher Motors is slated to report its first quarterly earnings today. The share price was trading 1.07% lower during the morning trade as analysts expect the street is expecting a 63% revenue dip and over 90% fall in its profit in the first-quarter earnings. <keyword id="2797147" type="PERSON" weightage="20" keywordseo="Aurobindo-Pharma-shares">Aurobindo Pharma shares</keyword> decline 2.95% Despite posting a 22.8% rise in its net profit for the quarter ended on June 30, the shares of drugmaker Aurobindo Pharma declined nearly 3% in the early hours of trading. TCS, HCL Wipro and other tech shares rally during the morning trade IT stocks rallied after the Donald Trump administration announced certain exemptions in the H-1B and L-1 travel ban for those continuing employment with the same employer. All three major Tech companies’ shares were trading above 2% higher than the previous close. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-today-britannia-hero-motocorp-ashok-leyland-mm-financial-indiabulls-housing-and-more/articleshow/77516263.cms" data-type="tilCustomLink">Top stocks to watch today— Britannia, Hero MotoCorp, Ashok Leyland, M&amp;M Financial, Indiabulls Housing and more</a> <a href="https://www.businessinsider.in/tech/news/it-only-takes-50-tweets-to-find-a-troll-on-twitter/articleshow/77512151.cms" data-type="tilCustomLink">It only takes 50 tweets to find a troll on Twitter</a>

Top stock movers on Dalal Street today — TCS, HCL, Wipro, Ashok Leyland, IndiGo and more

<ul><li>At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on positive note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. The US stocks also ended higher on Monday, fueled by a rebound in big tech names. The Dow Jones Industrial Average closed 1.18% higher, and the S&amp;P 500 rose 1.27%. Here’s a list of stocks to watch for in trade on September 15: Future Retail Future Retail reported a net loss of ₹242.2 crore for the quarter ended June 30. The company’s overall revenue was down 88.6% to ₹ 163.2 crore compared to the same period last year. The shares of Future Retail closed 5% lower yesterday. ICICI Bank ICICI Bank said the RBI had exempted it from provisions of the Banking Regulation Act 1949 relating to its investments in its insurance companies. A government notification exempts ICICI Bank from cutting stake to 30% in ICICI Lombard General Insurance and ICICI Prudential Life Insurance, for a period of three years. The shares of ICICI Bank closed 2% lower on Monday. Central Bank of India The Central Bank of India has reduced its marginal cost of funds-based lending rates (MCLR) by 5 basis points (bps) across all tenors, effective from Tuesday. The city-based lender has cut the one-year MCLR to 7.10% from 7.15%, a release said. The shares of the Central Bank of India closed flat on Monday. PVR Limited PVR Limited reported a net loss of ₹225.6 crore for the quarter ended June 30. The company’s overall revenue was down 98.6% to ₹12.7 crore compared to the same period last year. The shares of PVR Limited closed 5% higher yesterday. Indiabulls Housing Finance Indiabulls Housing Finance raised about ₹1,205 crore over the last few days through its qualified institutional placement (QIP) and partial stake sale in UK-based OakNorth Bank Ltd. The non-banking finance company (NBFC) has raised ₹682.87 crore through the QIP and ₹522 crore from the partial stake sale. The shares of Indiabulls Housing Finance closed 5% higher on Monday. Raymond Limited Apparel maker Raymond reported a net loss of ₹247.6 crore compared to last year loss of ₹12.2 crore. The company’s consolidated revenue declined by 88.6% to ₹163.2 crore. The shares of Raymond Limited closed 3% higher on Monday. SAIL: Steel Authority of India Steel Authority of India reported a net loss of ₹1,226.5 crore for the quarter ended June 30. The company’s overall revenue was down 38.8% to ₹ 9,067.5 crore compared to the same period last year. The shares of SAIL closed 2% higher yesterday. Ashok Leyland Hinduja Group-owned Ashok Leyland launched a new light commercial vehicle (LCV) yesterday. Chairman Dheeraj Hinduja said the new LCV comes with the right and left-hand drive options, enabling the company to look at international markets. The shares of Ashok Leyland closed 10% higher yesterday. Allcargo Logistics, SpiceJet, Future Enterprises, and Zee Media Corporation These companies are slated to report their quarterly earnings to the stock exchanges today. SEE ALSO: <a href="https://www.businessinsider.in/india/news/spicejet-airlines-share-price-spikes-4-ahead-of-earnings-tomorrow/articleshow/78107627.cms" data-type="tilCustomLink">SpiceJet shares spike ahead of earnings— losses are certain, but cargo operations may hold some respite</a> <a href="https://www.businessinsider.in/tech/news/oracle-wins-bid-to-become-tiktoks-trusted-technology-provider-in-us/articleshow/78110292.cms" data-type="tilCustomLink">Oracle wins bid to become TikTok's 'trusted technology provider' in US</a>

Top stocks to watch— Future Retail, PVR, Central Bank, ICICI Bank, SpiceJet, Indiabulls Housing Finance, Ashok Leyland and more

E-tailers like <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart%2C+Amazon">Flipkart, Amazon</a> and <keyword id="964794" type="COMPANY" weightage="100" keywordseo="BigBasket">BigBasket</keyword> want to satisfy their customers by fulfilling their demands on time and for that they need commercial vehicles. They have found a suitable ride in on-demand truck despatch platforms, keeping a closer tab on shipment costs. 
 
Around a dozen <a href="http://www.businessinsider.in/searchresult.cms?query=commercial-vehicle+aggregators+">commercial-vehicle aggregators</a> have sprung up because e-Commerce is appearing as a promising business segment for steady revenues. Their business is to get trucks on a mobile platform and let customers hail away as they would do for a cab. 
 
It is a technology access point for a highly unorganized but lucrative market estimated to be around Rs 39,000 crore ($6 billion), the money aggregately earned by light commercial vehicle operators in one year. 
 While there are seniors in the business like Mumbai's The Porter and Shippr in <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>, Chennai's home-grown player GoGo Truck entered e-Commerce within six months into the business. 
 
GoGo Truck has about 200 trucks on its platform. It is expanding its business into smaller cities such as Coimbatore and Erode. The company has contracts with <a href="http://www.businessinsider.in/searchresult.cms?query=e-Commerce+">e-Commerce</a> majors <keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword> and BigBasket for dedicated trucks. 
 
While Amazon will utilize GoGo Truck for movement between its fulfillment centers, <a href="http://www.businessinsider.in/searchresult.cms?query=e-Commerce+">BigBasket</a> is planning to go beyond — using commercial vehicles for linking the last mile. 
 
Having a dedicated fleet on demand will rid e-Commerce firms of the task of deciding prices with individual fleet owners or last-minute haggling at the eleventh hour. "The advantage in this model is the stability of pricing and tracking. If you need a Tata Ace or an <a href="http://www.businessinsider.in/searchresult.cms?query=Ashok+Leyland">Ashok Leyland</a>…in half an hour, it is possible in this model," says A Vasister, Founder and CEO of GoGo. 
 
Amazon Logistics is working with over one vehicle aggregator helping in transport within, and between, cities. It believes vehicle tracking has levers focused on the customer. 
 
Samuel Thomas, director transportation at Amazon India, is of the opinion that in case of inter-city deliveries, the GPS can be a big game changer as it enables us to track the vehicles' movements and helps in managing and tracking the inventory. “Additionally, it enhances route planning and thereby timeliness of deliveries. We can also keep the customer informed,” he said. 
 
Pranav Goel, the entrepreneur at the helm of The Porter, says his trucks can offer data to clients about the loading and unloading capacities of their hubs. With every stop or breakdown and the idle periods captured real-time, e-tailers can know which hubs suffer delays in cargo handling. 
 
"More hubs mean less visibility at every node of the supply chain. This leads to cost leakages in the system. The data we provide can help them spot congested hubs," said Goel. His company recently completed a Rs 35-crore Series-A round. 
 
(Image: Indiatimes)

You Searched For "Ashok Leyland price" and got 8 results

Ashok Leyland Q1 2023-24 net profit jumps over eight fold to Rs 576 cr

PTI

Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

BI India Bureau

Ashok Leyland PAT nearly triples to Rs 561 cr in September quarter

PTI

Ashok Leyland logs Rs 68 cr net in Q1

IANS

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