Tyre stocks in demand; JK Tyre rallies 15%, MRF scales fresh high

Shares of JK Tyre & Industries hit a 52-week high of Rs 103.80 amid heavy volumes

Shares of tyre companies hogged the limelight in Wednesday's session and rallied up to 15 per cent on the BSE after Ceat reported a strong operational performance for the quarter ended December 2020 (Q3FY21).

Ceat, on Tuesday, said that in Q3FY21, its Ebitda (earnings before interest, taxes, depreciation, and amortization) margin improved by 460 basis points (bps) to 15.3 per cent over the previous year quarter. The stock of the auto tyres and rubber products company hit a 52-week high of Rs 1,352 today, having surged 12 per cent in the past two trading days, post its Q3 results.

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