Ceat races ahead on land sale in Mumbai

DALAL STREET SPIKES

CEAT surged 11.95 per cent to Rs 140.55 on the BSE, after the company said that it had agreed to sell nearly seven acres of surplus land at Bhandup in Mumbai for Rs 130 crore. The scrip hit a high of Rs 150 and low of Rs 115.05 during the day. On BSE, 40,867 shares were traded on the counter.

The scrip had an average daily volume of 1.32 lakh shares in the past one quarter. The company's net profit rose 63.2 per cent to Rs 19.22 crore on 5.1 per cent growth in net sales to Rs 564.11 crore in Q3 December 2007 over Q3 December 2006.