JK Tyre jumps 10% after reporting robust Q3 results

JK Tyre and Industries has surged over 10% at Rs 116 on the NSE after reporting a 55.53% increase in cons net profit

JK Tyre and Industries has surged over 10% at Rs 116 on the NSE after reporting a 55.53% increase in consolidated net profit at Rs 91.81 crore for the third quarter ended December 31, 2014.

The company had reported consolidated net profit of Rs 59.03 crore in the October-December quarter of the last fiscal.

JK Tyre's consolidated net sales during the quarter under review also rose to Rs 1,825.76 crore, up 7.18% from Rs 1,703.42 crore in the same period last fiscal, the company said in a statement.

"Our emphasis on truck and bus radials continues to help us achieve higher growth and maintain its leadership position in truck/bus radials. Continuous efforts to develop new products to cater to the changing customer needs, and widening of sales network has helped deeper market penetration," JK Tyre and Industries CMD Raghupati Singhania said.

The stock opened at Rs 115, touched a low of Rs 111 on the BSE. A total of 1,25,000 shares changed hands on the BSE so far.