Ceat extends gain on resumption of manufacturing operations at Bhandup plant

Since February 25, the stock has rallied 11.4% as compared to 1.35% rise in benchmark S&P BSE Sensex.

Ceat is locked in upper circuit for second day in a row, up 5% at Rs 311 on the BSE, extending its past one week gain, after the company said it has resumed the manufacturing operations at the Bhandup plant, from February 25.

Plant operations were suspended for a day and a half, after fire gutted the raw material store on February 23.

The Bhandup facility manufactures farm, truck and off the road tyres and contributes about 30% to Ceat's total capacity. The company said it is yet to ascertain the exact cause of fire or the damage caused.

Since February 25, the stock has rallied 11.4% as compared to 1.35% rise in benchmark S&P BSE Sensex.

At 1215 hours, a combined 441,423 shares have already changed hands and there are pending buy orders for around 90,000 shares on the BSE and NSE.