Ceat surges 16% from day's low post Q2 results; MRF skids 8% on muted show

Going forward, the management of Ceat expects the second half of this year to be better in terms of revenue and margins because of improving domestic demand and stabilising commodity prices.

Shares of MRF slipped 8 per cent to Rs 86,881 on the BSE in Wednesday’s intra-day trade after the tyre major reported muted numbers for the July-September quarter (Q2FY23) with EBITDA margin down 30 bps sequentially at 8.2 per cent.

On a standalone basis, the company reported net sales of Rs 5,719 crore, up 2.1 per cent quarter-on-quarter (QoQ). Profit after tax (PAT) jumped 10.4 per cent QoQ at Rs 124 crore. The company’s Q2FY23 performance was adversely impacted due to raw material cost pressures despite good beat on revenues. The industry is taking gradual price increases to dilute