CEAT rose 4.67% to Rs 247.50 at 14:37 IST on BSE after a foreign fund bought 0.7% stake in the tyre maker on Friday, 8 November 2013.
Foreign fund Manulife Global FD-Asian Small Cap Equity Fund bought 2.5 lakh shares or 0.7% stake in CEAT at Rs 228.43 per share in a bulk deal on NSE on Friday, 8 November 2013.
Meanwhile, the S&P BSE Sensex was down 89.69 points, or 0.43%, to 20,576.46
On BSE, 4.05 lakh shares were traded in the counter compared with average volume of 1.32 lakh shares in the past one quarter.
The stock hit a high of Rs 248 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 232 so far during the day. The stock hit a 52-week low of Rs 87.15 on 22 March 2013.
The stock had outperformed the market over the past one month till 8 November 2013, rising 61.95% compared with the Sensex's 3.42% rise. The scrip also outperformed the market in past one quarter, rising 93.89% as against Sensex's 9.99% rise.
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The small-cap company has an equity capital of Rs 35.96 crore. Face value per share is Rs 10.
Shares of CEAT were on a roll recently triggered by the company reporting strong Q2 results during trading hours on Monday, 28 October 2013. Logging gains in eight of 10 trading days, the stock surged 46.36% to Rs 236.45 on 8 November 2013 from Rs 161.55 on 25 October 2013.
On a consolidated basis, CEAT's net profit surged 1909.2% to Rs 76.55 crore on 8.7% increase in net sales to Rs 1318.81 crore in Q2 September 2013 over Q2 September 2012.
CEAT is one of the leading tyre makers and has strong presence in the global market, and produces over 700 tonnes of tyre per day.
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