CEAT corrects on profit booking

CEAT fell 1.99% to Rs 283.75 at 11:06 IST on BSE on profit booking after the stock spurted 14.02% in the preceding four trading sessions to Rs 289.50 on 28 November 2013, from a recent low of Rs 253.90 on 22 November 2013.

Meanwhile, the BSE Sensex was up 251.65 points, or 1.23%, to 20,786.56.

On BSE, 1.01 lakh shares were traded in the counter compared with average volume of 2.12 lakh shares in the past one quarter.

The stock hit a high of Rs 286.75 and a low of Rs 281.10 so far during the day. The stock hit a record high of Rs 294.70 on Thursday, 28 November 2013. The stock hit a 52-week low of Rs 87.15 on 22 March 2013.

The stock had outperformed the market over the past one month till 28 November 2013, rising 69.50% compared with the Sensex's 0.17% fall. The scrip had also outperformed the market in past one quarter, soaring 181.61% as against Sensex's 14.11% rise.

The small-cap company has an equity capital of Rs 35.96 crore. Face value per share is Rs 10.

On a consolidated basis, CEAT's net profit surged 1909.2% to Rs 76.55 crore on 8.7% increase in net sales to Rs 1318.81 crore in Q2 September 2013 over Q2 September 2012.

CEAT is one of the leading tyre makers and has strong presence in the global market, and produces over 700 tonnes of tyre per day.

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