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CEAT rose 2.82% to Rs 1,078.75 at 9:48 IST on BSE after the company said it forged an exclusive distribution partnership with premium Italian tyre maker, Pirelli.
The announcement was made after market hours yesterday, 1 December 2015.
Meanwhile, the BSE Sensex was up 26.15 points, or 0.10%, to 26,195.56.
On BSE, so far 41,000 shares were traded in the counter, compared with an average volume of 1.05 lakh shares in the past one quarter.
The stock hit a high of Rs 1,088.20 and a low of Rs 1,064.95 so far during the day. The stock hit a record high of Rs 1,318.30 on 7 October 2015. The stock hit a 52-week low of Rs 596.70 on 9 June 2015.
The stock had underperformed the market over the past one month till 1 December 2015, falling 3.02% compared with 1.83% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 2.56% as against Sensex's 1.84% decline.
The mid-cap company has an equity capital of Rs 40.45 crore. Face value per share is Rs 10.
CEAT and Pirelli announced their exclusive partnership for distribution of Pirelli's global range of premium motorcycle tyres in the Indian market. This sole partnership will leverage CEAT's vast distribution and dealer network pan India. Riding on CEAT's ever-expanding network, Pirelli will offer its entire gamut of motorcycle tyres, the statement said.
Italy-based Pirelli is a leading tyres manufacturing company. Pirelli produces tyres for various types of vehicle: cars, SUV, light vehicles, motorcycles, buses, trucks, agricultural and earth moving machines.
On a consolidated basis, net profit of CEAT rose 30.42% to Rs 107.40 crore on 1.81% decline in net sales to Rs 1399.99 crore in Q2 September 2015 over Q2 September 2014.
CEAT is one of India's leading tyre manufacturer with a capacity of over 800 tonnes per day and has strong presence in global markets. CEAT offers the widest range of tyres to all segments and manufactures world-class tyres for: heavy-duty trucks and buses, light commercial vehicles, earthmovers, forklifts, tractors, trailers, cars, utility vehicles, motorcycles, scooters as well as auto-rickshaws. CEAT enjoys a major market share in the truck, light truck and 2-wheeler segment and its tubes and flaps are renowned for their superior quality and durability.
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