JK Tyre deflates on profit booking

JK Tyre & Industries dropped 5.41% to Rs 477 at 15:15 IST on BSE, with the stock sliding on profit booking after recent upmove.

Meanwhile, the S&P BSE Sensex was down 451.73 points or 1.66% at 26,755.01

On BSE, so far 5.95 lakh shares were traded in the counter as against average daily volume of 2.37 lakh shares in the past one quarter.

The stock hit a high of Rs 525 and low of Rs 457.05 so far during the day. The stock had scaled a record high of Rs 534.90 on Monday, 22 September 2014. The stock had hit a 52-week low of Rs 89.05 on 25 September 2013.

The stock had outperformed the market over the past one month till 22 September 2014, rising 76.27% compared with 2.98% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 69.14% as against Sensex's 8.37% rise.

The small-cap tyre maker has equity capital of Rs 41.06 crore. Face value per share is Rs 10.

Shares of JK Tyre & Industries' were on a roll recently, advancing 32.43% in four trading sessions to Rs 504.30 on 22 September 2014 from Rs 380.80 on 16 September 2014.

On Monday, 22 September 2014, JK Tyre & Industries said that the company has scheduled a board meeting on Thursday, 25 September 2014 to consider stock-split proposal.

JK Tyre & Industries' consolidated net profit rose 0.3% to Rs 55.44 crore on 0.6% fall in total income to Rs 1867.75 crore in Q1 June 2014 over Q1 June 2013.

JK Tyre & Industries is engaged in designing, developing, manufacturing, distributing and servicing of conventional and radial tyres, tubes and flaps. It manufactures truck and bus radials, steel radials for cars, light commercial vehicle (LCV), truck and bus.

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