JK Tyre hits record high

JK Tyre & Industries rose 4.33% to Rs 677.15 at 10:46 IST on BSE, with the stock extending yesterday's gains triggered by the company fixing 19 December 2014 as record date for 5-for-1 stock split.

Meanwhile, the S&P BSE Sensex was up 91.61 points or 0.32% at 28,534.32.

On BSE, so far 1.84 lakh shares were traded in the counter as against average daily volume of 3.23 lakh shares in the past one quarter.

The stock hit a high of Rs 681.65 so far during the day, which is a record high for the counter. The stock hit a low of Rs 653.35 so far during the day. The stock had hit a 52-week low of Rs 133.50 on 18 February 2014.

The stock had outperformed the market over the past one month till 3 December 2014, surging 30.31% compared with Sensex's 2.09% rise. The scrip had also outperformed the market in past one quarter, galloping 117.95% as against Sensex's 4.8% rise.

Shares of JK Tyre & Industries have risen 6.04% in two trading sessions from Rs 638.35 on 2 December 2014, after the company during fag end of trading hours yesterday, 3 December 2014 said it has fixed 19 December 2014 as record date for 5-for-1 stock split. The stock had risen 1.68% to settle at Rs 649.05 yesterday, 3 December 2014.

JK Tyre & Industries' consolidated net profit rose 16.2% to Rs 76.45 crore on 3.3% growth in net sales to Rs 1858.68 crore in Q2 September 2014 over Q2 September 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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