Elgi Tyres And Tread

Elgi Tyres and Treads gained 18.52 per centover the previous weeks close. Market sources attribute this to the results announced last week.

It is a part of the Elgi group and produces retreading raw materials and retreading machinery. Despite a prolonged strike at its Pondichery plant, the turnover of the company was Rs 67.88 crore compared to Rs 62.65 crore during the same period last year. Though there is a marginal increase of 8.3 per cent in the turnover, the net profit of the company zoomed to Rs 7.51 crore as compared to Rs 2.66 crore last year. This is mainly because its total expenditure remained stagnant. Moreover, its interest expenditure was lower by 58 per cent, at Rs 2.83 crore in the first half of 1996-97.