CEAT fell 4.13% to Rs 268 at 14:02 IST on BSE after the company said that its plant at Bhandup in Mumbai had an incident of fire at its raw material store on the evening of 23 February 2014.
The company made the announcement during trading hours today, 24 February 2014.
Meanwhile, the BSE Sensex was up 84.50 points, or 0.41%, to 20,785.25.
On BSE, so far 1.09 lakh shares were traded in the counter, compared with an average volume of 1.61 lakh shares in the past one quarter.
Trading in the counter was volatile. The stock fell 4.85% at the day's low of Rs 266. The stock fell 1.63% at the day's a high of Rs 275. The stock hit a 52-week 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 21 February 2014, sliding 15.31% compared with the Sensex's 2.59% fall. The scrip had, however, outperformed the market in past one quarter, rising 7.19% as against Sensex's 2.33% rise.
The small-cap company has an equity capital of Rs 35.96 crore. Face value per share is Rs 10.
CEAT said that it is in the process of ascertaining the cause of the fire and also the extent of loss. The fire was contained with prompt action of the fire department. As such, there has been no loss of life and damage to the main plant and machinery, the company said.
While the manufacturing operations have been temporarily suspended in the said plant, the company is confident to resume the production at the earliest. The resumption of the operations shall be informed to the stock exchanges promptly, CEAT said.
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.
Powered by Capital Market - Live News
