According to the technical analyst from Anand Rathi, LT is in a secular uptrend and currently hovering above all its major exponential moving averages on daily time frame indicating inherent strength
Balkrishna Industries hit a new high of Rs 2,656.95, up 5 per cent on the BSE in intra-day trade, surpassing its previous high of Rs 2,558.15 touched on August 4, 2021
While growth momentum has been strong, what has helped the company perform better than peers in the June quarter is its reliance on overseas markets
On the daily chart, the Nifty MidCap index in reaching the '100% Price Extension' of the previous up move
The management said the demand continues to be robust in Agriculture segment across Geographies
Off-highway tyre manufacturer Balkrishna Industries (BKT Tires) on Wednesday said it is sponsoring seven teams in the upcoming season of the Indian Premier League (IPL).
With 9MFY21 volumes of approximately 159,130 MT, the management increased guidance for FY21 and expects to end FY21 with a sales volume of 215,000-220,000 MT
Weightage-wise, Infosys (up 3 per cent), Reliance Industries, ICICI Bank, M&M, and TCS contributed around 408-points towards overall gains on the index
However the upsides are capped given stock gains and margin pressures
MRF hit a fresh 52-week high of Rs 81,000, up 2.4 per cent on the BSE, thus gaining 26 per cent in the past month.
Benefits will be restricted to Rs 2 crore per exporter from Sep 1 to Dec 31, and may be discontinued from Jan 1, 2021
In addition to revenue growth, lower costs to aid the company in meeting its margin guidance for FY21
In addition to revenue growth, lower costs should help the management to meet margin guidance for FY21
Consolidated profit before tax (PBT) fell 32.5 per cent to Rs 172.27 crore, as against Rs 255.15 crore in Q1FY19
BKT is the only tyre maker in the country, which has its own Carbon Black plant at Bhuj, with its total current capacity at 1,40,000 metric tonne per annum
The company achieved the highest ever quarterly sales volumes in Q4FY20, in spite of lockdown during the last 7 days of March 2020.
Gain in market share, strong balance sheet are other positives
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Nifty is currently near its previous swing low which is placed at 9,150
In the past three months, the stock has rallied 46 per cent, as compared to a 2 per cent rise in the S&P BSE Sensex.