Shares of tyre makers are continue at their upward march on the bourses even though the frontline stocks struggling for gain.
Most of the frontline stocks Ceat, Goodyear India, JK Tyre Industries and TVS Srichakra hits 52-week high today, are trading higher by up to 10% on the Bombay Stock Exchange (BSE). The benchmark index S&P BSE Sensex was trading flat at 1330 hours.
A strong earnings growth for the recently concluded first half has seen investors interest in these stocks. These four companies have reported an average 43% year-on-year (yoy) jump in aggregate net profit at Rs 183 crore for the first half ended September 2013 on the back of strong volume growth and lower raw material cost.
Most of the frontline stocks Ceat, Goodyear India, JK Tyre Industries and TVS Srichakra hits 52-week high today, are trading higher by up to 10% on the Bombay Stock Exchange (BSE). The benchmark index S&P BSE Sensex was trading flat at 1330 hours.
A strong earnings growth for the recently concluded first half has seen investors interest in these stocks. These four companies have reported an average 43% year-on-year (yoy) jump in aggregate net profit at Rs 183 crore for the first half ended September 2013 on the back of strong volume growth and lower raw material cost.
Ceat has rallied 8% to Rs 324, also its new high on the BSE. Since August 28, the stock has been almost doubled from Rs 162 after reporting an over four-fold yoy jump in consolidated net profit at Rs 142 crore for H1FY14. It had clocked in a net profit of Rs 33 crore in the entire previous fiscal.
Among the other individual stocks, JK Tyre Industries has soared 10% to Rs 172, followed by TVS Srichakara (8% at Rs 310) and Goodyear India (6% at Rs 387).