Stock Reaction: Shares of automotive major Ashok Leyland on Tuesday surged 4.32 per cent to record an intraday high of Rs 187 on the back of strong December quarter (Q3 FY24) result.

Ashok Leyland has posted a standalone net profit of Rs 580 crore in the Q3, 60 per cent higher as against the year-ago period, as per the financial results declared by the Chennai-headquartered automotive manufacturer.

In the same quarter previous fiscal, the Hinduja group firm reported a net profit of Rs 361 crore.

The company's standalone revenue during the quarter stood at Rs 9,273 crore, 2.7 percent higher as compared to Rs 9,030 crore in the third quarter of the preceding fiscal.

The market capitalisation of the auto major is Rs 52.116 crore.

At 10:32 am, the shares of Ashok Lelyand were trading 1.03 per cent higher at Rs 181.10.