CEAT tumbles on buzz of fire at Mumbai plant

CEAT fell 4.01% to Rs 268.35 at 12:07 IST on BSE after media reports suggested that a major fire broke out on Sunday, 23 February 2014, at the premises of the company's tyre manufacturing unit in Mumbai.

Meanwhile, the BSE Sensex was up 58.08 points, or 0.28%, to 20,758.83.

On BSE, so far 91,000 shares were traded in the counter, compared with an average volume of 1.61 lakh shares in the past one quarter.

The stock hit a high of Rs 275 and a low of Rs 266 so far during the day. The stock hit a 52-week high of Rs 384.65 on 7 January 2014. The stock hit a 52-week low of Rs 87.15 on 22 March 2013.

The stock had underperformed the market over the past one month till 21 February 2014, sliding 15.31% compared with the Sensex's 2.59% fall. The scrip had, however, outperformed the market in past one quarter, rising 7.19% as against Sensex's 2.33% rise.

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

According to media reports, a massive fire on Sunday, 23 February 2014, gutted CEAT's tyre manufacturing unit, situated alongside Nahur suburban railway station near Bhandup in north-eastern Mumbai.

Reports suggested that as many as 10 fire tenders and an equal number of water tankers were immediately rushed to the spot to extinguish the blaze, which could not be brought under control till late evening on Sunday. However, the exact details of damage are unknown.

On a consolidated basis, CEAT's net profit surged 198.5% to Rs 66.95 crore on 15.3% increase in total income to Rs 1442.34 crore in Q3 December 2013 over Q3 December 2012.

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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