Ceat has rallied 7% to Rs 380 on back of heavy volumes on the bourses. The stock opened at Rs 355 and hit a new high of Rs 388 on the BSE.
A combined 902,809 shares changed hands on the counter till 1035 hours against an average sub 800,000 shares that were traded daily in past two weeks on the BSE and NSE.
Since February 25, the stock has rallied 39% from Rs 279 after the company said it has resumed the manufacturing operations at the Bhandup plant, near Mumbai. The benchmark S&P BSE Sensex was up 5% during the same period.
The Bhandup facility manufactures farm, truck and off the road tyres and contributes about 30% to Ceat's total capacity.
The company had suspended the plant operations for a day and a half, after fire gutted the raw material store on February 23.
Meanwhile, the foreign institutional investors (FIIs) are buying shares of the company from open market. FIIs stake in the company has increased to 8.22% in December 2013 from mere 0.03% at the end of September quarter.
A combined 902,809 shares changed hands on the counter till 1035 hours against an average sub 800,000 shares that were traded daily in past two weeks on the BSE and NSE.
Since February 25, the stock has rallied 39% from Rs 279 after the company said it has resumed the manufacturing operations at the Bhandup plant, near Mumbai. The benchmark S&P BSE Sensex was up 5% during the same period.
The Bhandup facility manufactures farm, truck and off the road tyres and contributes about 30% to Ceat's total capacity.
The company had suspended the plant operations for a day and a half, after fire gutted the raw material store on February 23.
Meanwhile, the foreign institutional investors (FIIs) are buying shares of the company from open market. FIIs stake in the company has increased to 8.22% in December 2013 from mere 0.03% at the end of September quarter.