CEAT jumps after workers call off strike

CEAT jumped 3.82% to Rs 683 at 10:02 IST on BSE after the company said workers at Nasik plant called off a flash strike on 27 June 2014.

The announcement was made before trading hours today, 30 June 2014.

Meanwhile, the BSE Sensex was up 263.34 points, or 1.05%, to 25,363.26.

On BSE, so far 1.40 lakh shares were traded in the counter, compared with an average volume of 2 lakh shares in the past one quarter.

The stock hit a high of Rs 691.85 and a low of Rs 657.05 so far during the day. The stock hit a 52-week high of Rs 731 on 25 June 2014. The stock hit a 52-week low of Rs 97.50 on 28 August 2013.

The stock had outperformed the market over the past one month till 27 June 2014, rising 49.64% compared with 2.24% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 51.07% as against Sensex's 12.99% rise.

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

Ceat informed that the workmen of the company's Nasik plant went for a flash strike from second shift on 26 June 2014, which was called off by the second shift on 27 June 2014, with the intervention of Deputy Labour Commissioner.

On a consolidated basis, CEAT's net profit fell 3.9% to Rs 62.42 crore on 7.9% increase in total income to Rs 1457.58 crore in Q4 March 2014 over Q4 March 2013.

CEAT, the flagship company of RPG Enterprises, is one of lndia's leading tyre manufacturers and has strong presence in global markets, and produces over 700 tonnes of tyre per day.

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