Stocks of JK Tyre & Industries today soared by 16 per cent after the company reported 55.53 per cent jump in consolidated net profit for the third quarter ended December 2014.
The stock ended the day 16.04 per cent higher at Rs 121.90 on the BSE. During the day, it surged 17.89 per cent to Rs 123.85.
At the NSE, it jumped 15.88 per cent to end at Rs 121.50.
Led by the sharp rally in the stock, the company's market value moved up by Rs 382.86 crore to Rs 2,764.86 crore.
In terms of volume, 21.48 lakh shares of the company changed hands at the BSE and over 83 lakh shares were traded at the NSE during the day.
JK Tyre & Industries had yesterday reported 55.53 per cent jump in consolidated net profit at Rs 91.81 crore for the third quarter ended December 2014 on account of the company's focus on radial tyres.
The company had reported consolidated net profit of Rs 59.03 crore in the October-December quarter of last fiscal.
JK Tyre's consolidated net sales during the quarter under review also rose to Rs 1,825.76 crore, up 7.18 per cent, from Rs 1,703.42 crore in the same period last fiscal, the company had said in a statement.
