Shares of Ashok Leyland rose as much as 2 percent on Friday after the automobile company reported its sales numbers for March. At 14.09 pm, shares of the company were trading 1.3 percent higher at Rs 118.75 on BSE.

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The company said total domestic sales in March 2022 came in at 20,123 units as compared to the CNBC-TV18 poll estimate of 17,500 units. In March 2021, total sales for Ashok Leyland came in at 17,231 units.

Medium and Heavy Commercial Vehicle sales rose 26 percent Year-On-Year (YoY) to 13,990 units, while Light Commercial Vehicle sales were flat YoY at 6,133 units in March.

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Retail demand trends remain subdued across most segments except Medium and Heavy Commercial Vehicles which continue to clock double-digit growth, Nomura had said in a note to clients. The brokerage firm has a 'buy' rating on shares of Ashok Leyland shares.

Two-wheelers remain weak and for Passenger Vehicles (PVs), demand is better but skewed towards CNG and new launches, where supply constraints have been impacting sales, while the mass market/entry segments remain slow, Nomura had said.

The foreign brokerage firm sees demand risks from rising inflation, fuel prices and a likely increase in vehicle prices due to higher commodity costs.

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