JK Tyre jumps after strong Q4 results

JK Tyre & Industries rose 5.27% to Rs 151.75 at 11:21 IST on BSE after consolidated net profit rose 77.55% to Rs 158.87 crore on 6.11% increase in net sales to Rs 2283.97 crore in Q4 March 2018 over Q4 March 2017.

The result was announced after market hours yesterday, 17 May 2018.

Meanwhile, the S&P BSE Sensex was down 154.26 points, or 0.44% to 34,994.86.

On the BSE, 1.86 lakh shares were traded in the counter so far compared with average daily volumes of 69,000 shares in the past two weeks. The stock had hit a high of Rs 155.55 and a low of Rs 149.70 so far during the day. The stock hit a record high of Rs 192.95 on 12 February 2018. The stock hit a 52-week low of Rs 128 on 14 December 2017.

Commenting upon the results, Dr Raghupati Singhania, chairman and managing director of the company said that in the year 2017-2018, the sales volumes at JK Tyre grew by 11%. The company registered a growth higher than the industry at large, which helped JK Tyre increase its presence across categories especially in truck, light truck, small commercial vehicle (SCV), farm and off-the-road (OTR) tyres. Dr Singhania further added that the year witnessed an unprecedented increase in oil prices which had a major impact on margins.

JK Tyre & Industries is a leading tyre manufacturer in India with a wide range of products catering to diverse business segments in the automobile industry.

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