JK Tyre gains 5% on strong Q3 performance by subsidiary Cavendish

The management said increased volumes in truck tyres, both radial and bias, LCV and agricultural tyres have contributed to higher sales

Shares of JK Tyre & Industries were up 5 per cent at Rs 87.25 on the BSE in intra-day trade on Thursday after the company said its subsidiary Cavendish has reported an over two-fold jump in its operating profit during the October-December 2020 quarter (Q3FY21). The stock of the tyre manufacturer was trading close to its 52-week high level of Rs 87.70 touched on January 17, 2020.

Cavendish Industries, a subsidiary of JK Tyre & Industries, reported a record performance for Q3 as Ebitda (earnings before interest, taxes, depreciation, and amortization) jumped 128 per cent year-on-year (YoY) to Rs 157