Shares of Ashok Leyland Ltd. rose by 2%, reaching a day’s high of Rs 218.34 on 24th October, after the company announced that its subsidiary, OHM Global Mobility, secured an order for 500 12-metre ultra-low floor electric buses from the Metropolitan Transport Corporation (MTC) in Chennai.

Another subsidiary, Switch Mobility, will provide EiV12 model buses to OHM. As per the MTC contract, OHM will handle the operation and maintenance of the buses for 12 years. Out of the 500 buses, 400 will be non-AC, while the remaining will have air conditioning.

The electric buses can seat 37 passengers and have space for 24 standing passengers. They offer a range of over 200 km per charge, making them ideal for long city routes in Chennai.

Designed for comfort and efficiency, the buses feature an ultra-low floor design.

Ashok Leyland’s MD and CEO, Shenu Agarwal, stated that the SWITCH EiV12 buses combine advanced technology, reliability, and comfort, making them ideal for modern cities. He emphasised the company’s commitment to electric mobility, with the MTC partnership supporting cleaner, more efficient transport systems.

Agarwal also mentioned that Switch already operates 950 vehicles, and with the new order, their order book now exceeds 2,000 vehicles.

So far in 2024, the shares of Ashok Leyland have surged by 16%. Currently, the company’s market capitalisation stands at around Rs 63,834 crore.

At 10:48 AM, the shares of Ashok Leyland were trading 1.55% higher at Rs 217.43 on NSE.

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