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Ashok Leyland operates nine manufacturing facilities, including seven in India, a bus plant in Ras Al Khaimah (UAE), and one in Leeds, UK. The company has a joint venture with Alteams Group for high-pressure die-casting aluminum components in the automotive and telecommunications sectors.

It was recently ranked the 34th best brand in India. The company benefits from improving commercial vehicle demand, strong order inflows in the bus and defense sectors, and stable margins due to operating leverage.

With a healthy balance sheet and a focus on electric vehicles and exports, Ashok Leyland's long-term earnings outlook is positive. Technically, the stock remains in a bullish trend, trading above key moving averages, with a formation of higher highs and higher lows.

The MACD indicates strong momentum. A dip to ₹185-188 is expected to attract accumulation, with a recommendation to buy in that range targeting ₹225-230, and a stop-loss at ₹184, over a trading horizon of 1-2 weeks.