CEAT gains after Bhandup plant resumes operations

CEAT rose 1.02% to Rs 281.50 at 11:05 IST on BSE after the company said that manufacturing operations resumed at its Bhandup plant from Tuesday, 25 February 2014.

The company made the announcement after market hours on Tuesday, 25 February 2014.

Meanwhile, the BSE Sensex was up 55.81 points, or 0.27%, to 20,908.28.

On BSE, so far 27,000 shares were traded in the counter, compared with an average volume of 1.58 lakh shares in the past one quarter.

The stock hit a high of Rs 283.80 and a low of Rs 279.85 so far during the day. The stock hit a record high of Rs 384.65 on 7 January 2014. The stock hit a 52-week low of Rs 87.15 on 22 March 2013.

 

The stock had underperformed the market over the past one month till 25 February 2014, sliding 14.88% compared with the Sensex's 1.33% fall. The scrip had, however, outperformed the market in past one quarter, rising 6.11% as against Sensex's 1.20% rise.

The small-cap company has an equity capital of Rs 35.96 crore. Face value per share is Rs 10.

CEAT announced during trading hours on Monday, 24 February 2014, that its plant at Bhandup in Mumbai had an incident of fire at its raw material store on the evening of Sunday, 23 February 2014. The fire was contained with prompt action of the fire department. There was no loss of life and damage to the main plant and machinery, the company said. Following the incident, the manufacturing operations at the Bhandup plant were temporarily suspended.

On a consolidated basis, CEAT's net profit surged 198.5% to Rs 66.95 crore on 15.3% increase in total income to Rs 1442.34 crore in Q3 December 2013 over Q3 December 2012.

CEAT, the flagship company of RPG Enterprises, is one of lndia's leading tyre manufacturers and has strong presence in global markets, and produces over 700 tonnes of tyre per day.

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