CEAT rose 1.42% to Rs 1,306.05 at 11:25 IST on BSE after the company announced rollout of a new breed of 'Puncture Safe' tyres for the two wheeler market.
The announcement was made after market hours yesterday, 19 October 2016.Meanwhile, the S&P BSE Sensex, was currently up 194.60 points or 0.7% at 28,178.97
On BSE, so far 55,000 shares were traded in the counter, compared with average daily volume of 1.41 lakh shares in the past one quarter. The stock hit a high of Rs 1,311 and low of Rs 1,282.70 so far during the trading session. The stock had hit record high of Rs 1,422 on 6 October 2016. The stock had hit 52-week low of Rs 731.20 on 24 June 2016. The stock had outperformed the market over the past 30 days till 19 October 2016, rising 13.34% compared with 1.89% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 46.6% as against Sensex's 0.99% rise.
The mid-cap company has equity capital of Rs 40.45 crore. Face value per share is Rs 10.
CEAT announced rollout of a new breed of 'Puncture Safe' tyres for the two wheeler market. This new range will offer a technology to consumers that will allow tyres to resist punctures with no loss of air pressure and allow a hassle free and safe ride, CEAT said. This new range is currently available only in the states of Andhra Pradesh and Telangana and the company proposes to roll out the "Puncture Safe" tyre range in the other markets in a phased manner, the company said.
CEAT's consolidated net profit fell 14.5% to Rs 104.06 crore on 4.04% increase in net sales to Rs 1460.92 crore in Q1 June 2016 over Q1 June 2015.
CEAT is one of India's leading tyre manufacturers. The company sells its tyres under the CEAT brand.
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