Shares of tyre companies are in demand and trading higher by up to 16% on the bourses on back of heavy volumes. Ceat, MRF, Goodyear India, JK Tyre, Apollo Tyres and TVS Srichakra have rallied in the range of 5-16% on the Bombay Stock Exchange (BSE). Most of these stocks are trading at their multi-year highs.
Among the individual stocks, Ceat has zoomed 16% to Rs 445, also its record high on the BSE. The trading volumes on the counter more than doubled with a combined 2.95 million shares changed hands on the BSE and NSE till 1450 hours.
Since February 10, the stock has appreciated 48% from Rs 300 after reporting nearly three-fold jump in consolidated net profit at Rs 67 crore for the third quarter ended December 2013. It had clocked in a net profit of Rs 22 crore in the same quarter in previous fiscal. The benchmark S&P BSE Sensex has gained 7% during the same period.
Meanwhile, the company has clocked a consolidated net profit of Rs 209 crore in first nine months (April-December) of current fiscal 2013-14. It had reported profit of Rs 120 crore during entire previous fiscal 2012-13.
Among the other individual stocks, JK Tyre Industries has soared 11% to Rs 174, followed by TVS Srichakara and Goodyear India are up 5% each at Rs 89) and Rs 431 respectively, while MRF up 4% at Rs 22,307.
Among the individual stocks, Ceat has zoomed 16% to Rs 445, also its record high on the BSE. The trading volumes on the counter more than doubled with a combined 2.95 million shares changed hands on the BSE and NSE till 1450 hours.
Since February 10, the stock has appreciated 48% from Rs 300 after reporting nearly three-fold jump in consolidated net profit at Rs 67 crore for the third quarter ended December 2013. It had clocked in a net profit of Rs 22 crore in the same quarter in previous fiscal. The benchmark S&P BSE Sensex has gained 7% during the same period.
Meanwhile, the company has clocked a consolidated net profit of Rs 209 crore in first nine months (April-December) of current fiscal 2013-14. It had reported profit of Rs 120 crore during entire previous fiscal 2012-13.
Among the other individual stocks, JK Tyre Industries has soared 11% to Rs 174, followed by TVS Srichakara and Goodyear India are up 5% each at Rs 89) and Rs 431 respectively, while MRF up 4% at Rs 22,307.
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