JK Tyre rises after Navodya Enterprises buys stake

JK Tyre & Industries rose 2.42% to Rs 90.9 after Navodya Enterprises purchased 0.62% stake in the firm via bulk deal on Thursday, 14 January 2021.

As per the bulk deal data on the NSE, Navodya Enterprises purchased 15,46,500 shares, or 0.62% equity, of JK Tyre on Thursday, 14 January 2021, at an average price of Rs 87.27 each.

Shares of JK Tyre have jumped 19.13% in seven days from its previous closing low of Rs 76.30 on 6 January 2021.

JK Tyre & Industries manufactures a wide range of automobile tires, tubes and flaps. The company also operates a chain of tire outlets across the country which sell the company's tires in addition to providing a range of automotive services, including wheel alignment and tire changing.

 

JK Tyre's consolidated net profit dropped 35.4% to Rs 108.91 crore on 5.6% increase in net sales to Rs 2,274.84 crore in Q2 September 2020 over Q2 September 2019.

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