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Ashok Leyland share price surged more than 3 percent on Tuesday, a day after the commercial vehicle maker launched BADA DOST i1 and i2 and its limited edition, adding to the range of BADA DOST vehicles.

Ashok Leyland stock price opened at Rs 148.65 and hit the day's high at Rs 153.35 on BSE. The stock is less than 5 percent away from its 52-week high of Rs 158.15. Ashok Leyland shares are trading higher than five-day, 20-day, 50-day, 100-day and 200-day moving averages. So far this year, Ashok Leyland stock price has rewarded investors with more than a 23 percent return.

The flagship company of the Hinduja group is working to ensure its whole range of products are available in alternate fuels including CNG, LNG, hydrogen and electric by a switch in the next six months, said Dheeraj Hinduja, executive chairman, Ashok Leyland.

"We will start our new product launch in electric by switch soon," Hinduja said at the launch in Chennai on Monday.

"Globally, LCVs account for 70 percent of the commercial vehicle market and in our current portfolio we are ready to address this. These products have been designed with a view to exporting to many global markets helping us to get closer in our vision of being the top 10 markets as global commercial vehicle- maker," he added.

The upswing in the e-commerce sector, post-COVID, and the change in purchasing habits has resulted in an increase in last-mile transport requirement thus enhancing the demand for small trucks. This is also supported by the agriculture sector, he said and added: "We expect 8-10 percent growth in the LCV segment."

The BADA DOST range covered 58 percent of the market, he said and added the LCV journey of Ashok Leyland began modestly in 2008 and its launch in 2011 became "a runaway success with our customers," he said.

In September 2020, BADA DOST was launched and it made a huge impact on the market and well accepted best-in-class power, payload and comfort, he said. Besides, it offered a car-like experience and is best in industry sales and customer satisfaction.

"Today marks a special day for us, as we celebrate our second anniversary of BADA DOST. On this occasion we are excited to deliver on our promise of expanding our BADA DOST range and launch the Bada dost i1 and BADA DOST i2," Hinduja said. "Our DOST and BADA DOST range have been some of the most successful vehicles in the segment and it gives us immense pleasure to unveil these new products," said Rajat Gupta, head (light commercial vehicle), Ashok Leyland.

BADA DOST is a customer-centric product ensuring a superior experience and has earned the confidence and trust among the customers.

"We have 35,000 vehicles successfully running today showcasing the strength of this range… our aim is to aggressively gain market share in the LCV segment," Gupta said.

These two new products also feature an ARAI-certified 3-seater walkthrough cabin offering superior comfort and space. It comes with the widest cabin in this segment—making it very spacious and roomy. The wide seat design can be converted into a bed to ensure rest between trips.

The ergonomically positioned dash-mounted gear shift lever, dual tone dashboard and digital instrument cluster enhance the aesthetics and offer a premium car-like experience to the customer.

—With inputs from PTI

First Published:Aug 30, 2022 11:04 AM IST