JK Tyre corrects on profit booking

JK Tyre & Industries fell 3.57% to Rs 107.95 at 10:33 IST on BSE on profit booking after the stock rose 16.19% in the preceding four trading sessions to Rs 111.95 on 2 December 2015, from a recent high of Rs 96.35 on 26 November 2015.

Meanwhile, the BSE Sensex was down 149.70 points, or 0.57%, to 25,968.15.

On BSE, so far 2.98 lakh shares were traded in the counter, compared with an average volume of 4.14 lakh shares in the past one quarter.

The stock hit a high of Rs 112.40 and a low of Rs 107.60 so far during the day. The stock hit a 52-week high of Rs 162.95 on 19 December 2014. The stock hit a 52-week low of Rs 78.25 on 30 June 2015.

The stock had outperformed the market over the past one month till 2 December 2015, rising 12.23% compared with 1.66% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.32% as against Sensex's 2.61% rise.

The small-cap company has an equity capital of Rs 45.36 crore. Face value per share is Rs 2.

On consolidated basis, JK Tyres & Industries' net profit rose 54.7% to Rs 118.27 crore on 3.6% decline in net sales to Rs 1790.91 crore in Q2 September 2015 over Q2 September 2014.

JK Tyre & Industries is a leading tyre manufacturer in India.

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