CEAT rose 2.66% to Rs 175.35 at 11:57 IST on BSE, extending Monday's 5.73% rise triggered by robust Q2 September 2013 earnings.
CEAT announced the result during trading hours on Monday, 28 October 2013. The stock surged 5.73% to Rs 170.80 on that day. The stock has risen 8.54% in two sessions from Rs 161.55 on Friday, 25 October 2013.
Meanwhile, the BSE Sensex was up 59.04 points, or 0.29%, to 20,629.32.
On BSE, 2.94 lakh shares were traded in the counter compared with average volume of 1.05 lakh shares in the past one quarter.
The stock hit a high of Rs 176.80 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 168.10 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 28 October 2013, rising 40.75% compared with the Sensex's 4.27% rise. The scrip had also outperformed the market in past one quarter, gaining 41.45% as against Sensex's 4.16% rise.
The small-cap company has an equity capital of Rs 35.96 crore. Face value per share is Rs 10.
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.
The consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) margins stood at 13.8% in Q2 September 2013 compared with 7.2% in Q2 September 2012.
Mr. Anant Goenka, managing director, CEAT said, "02 has been positive for CEAT with strong volume growth in passenger segments. Going forward, we expect both growth and margins to be on similar levels. Our Sri Lankan operations too continue to show robust and profitable growth.
Mr. Subbarao Amarthaluru, CFO, CEAT said, "On a consolidated basis, we have clocked EBIDTA of around Rs 340 crore for the first half of the current fiscal as compared to Rs 450 crore clocked for the full year ended March 2013. This is indeed very encouraging."
CEAT has announced its plan to expand production at its Halol plant. As part of its expansion, it is investing an additional Rs 650 crore to enhance the existing capacity of the radial tyre unit by 120 tonne per day (TPD).
"CEAT is seeing traction in UV radials and passenger cars. In order to cater to the growing demand of CEAT tyres in the domestic replacement market as well as to cater to new original equipment manufacturers (OEMs), we are expanding our production in passenger car and UV radials by 120 TPD," Mr Goenka added.
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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