JK Tyre scales record high on foreign fund buying

JK Tyre & Industries gained 3.64% to Rs 573 at 09:46 IST on BSE after a foreign fund bought 0.5% stake in the tyre maker on Monday, 24 November 2014.

Meanwhile, the S&P BSE Sensex was down 28.37 points or 0.1% at 28,471.17

On BSE, so far 1.75 lakh shares were traded in the counter as against average daily volume of 2.88 lakh shares in the past one quarter.

The stock hit a record high of Rs 578.80 in intraday trade today, 25 November 2014. The stock hit a low of Rs 560.10 so far during the day. The stock had hit a 52-week low of Rs 133.50 on 18 February 2014.

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

Foreign fund Merrill Lynch Capital Markets Espana S.A. SVB bought 2.07 lakh shares of JK Tyre & Industries at an average price of Rs 536.24 per share in a bulk deal on NSE on Monday, 24 November 2014.

JK Tyre & Industries' consolidated net profit rose 16.2% to Rs 76.45 crore on 3.6% rise in total income to Rs 1875.94 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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