JK Tyre tumbles after weak Q3 outcome

JK Tyre & Industries fell 5.04% to Rs 180.75 at 10:11 IST on BSE after consolidated net profit declined 86.91% to Rs 11.32 crore on 15.54% rise in net sales to Rs 2123.24 crore in Q3 December 2017 over Q3 December 2016.

The results were announced after market hours on Monday, 12 February 2018.

Meanwhile, the S&P BSE Sensex was up 28.44 points, or 0.08% to 34,328.91.

On the BSE, 2.26 lakh shares were traded in the counter so far compared with average daily volumes of 2.64 lakh shares in the past one quarter. The stock had hit a high of Rs 186.90 and a low of Rs 179.25 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 112 on 14 February 2017.

The stock had outperformed the market over the past 30 days till 12 February 2018, rising 7.79% compared with 0.84% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.79% as against Sensex's 4.12% rise. The scrip had also outperformed the market in past one year, rising 63.11% as against Sensex's 20.98% rise.

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

In a separate announcement after market hours on Monday, 12 February 2018, JK Tyre & Industries said that its board approved raising of funds by issue of securities, convertible/non-convertible, by way of private offerings/qualified institutions placement or any combination thereof, subject to such approvals as may be required, for an amount upto Rs 1000 crore, in one or more tranches, to eligible investors in such manner and on such terms and conditions including security, rate of interest, etc. as may be permitted under applicable laws.

JK Tyre & Industries is a leading tyre manufacturer in India and amongst the top 25 manufacturers in the world with a wide range of products catering to diverse business segments in the automobile industry.

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