JK Tyre and Industries has soared 16% to Rs 162 on back of heavy volumes on the bourses. The stock is currently trading at 52-week high on the BSE, rallied 76% in past one month compared to 2.35% fall in the benchmark S&P BSE Sensex.
The counter has seen a huge trading activity with a combined 7.03 million shares already changed hands till 1500 hours, against an average sub one shares that were traded daily in past two weeks on the BSE and NSE.
JK Tyre had reported 41% year-on-year jump in consolidated net profit at Rs 121 crore for the first six months (April-September) of the current financial year 2013-14, mainly on account of lower raw material cost.
The company’s Mexican operations continue to perform well and have added to the profitability of the company. Expansion of passenger car radials to enhance its capacity by 25% currently under way at JK Tornel, says Dr Raghupati Singhania, chairman and managing director of the company while announcing September quarter earnings.
Meanwhile, the board of directors of the company at their meeting held on October 24, has approved major expansion plan involving capex of Rs 1,430 crore in truck/bus and passenger line radials.
The company expected that despite current slowdown, demand growth is likely to bounce back in the next couple of quarters.
The counter has seen a huge trading activity with a combined 7.03 million shares already changed hands till 1500 hours, against an average sub one shares that were traded daily in past two weeks on the BSE and NSE.
JK Tyre had reported 41% year-on-year jump in consolidated net profit at Rs 121 crore for the first six months (April-September) of the current financial year 2013-14, mainly on account of lower raw material cost.
The company’s Mexican operations continue to perform well and have added to the profitability of the company. Expansion of passenger car radials to enhance its capacity by 25% currently under way at JK Tornel, says Dr Raghupati Singhania, chairman and managing director of the company while announcing September quarter earnings.
Meanwhile, the board of directors of the company at their meeting held on October 24, has approved major expansion plan involving capex of Rs 1,430 crore in truck/bus and passenger line radials.
The company expected that despite current slowdown, demand growth is likely to bounce back in the next couple of quarters.
