Jk Group

JK Tyre raises Rs 500 cr; to be used for capex, strengthening balance sheet

JK Tyre & Industries on Monday said it has raised Rs 500 crore by way of qualified institutional placement (QIP). The QIP received an overwhelming response from marquee investors including Indian mutual funds, insurance companies and foreign institutional investors, the tyre major said in a statement. "This is an important milestone in our corporate journey. Participation of several reputed investors in the issue endorses their faith and confidence in the company's growth story," JK Tyre Chairman and Managing Director Raghupati Singhania stated. QIP funds will be used for the purpose of growth capex and strengthening of the balance sheet, he added. JK Tyre shares were trading 0.16 per cent up at Rs 399 apiece on the BSE.

International Finance Corp to buy 5.6% stake in JK Tyre for $30 million

JK Tyre & Industries Ltd on Wednesday said World Bank Group member IFC will invest USD 30 million (about Rs 240 crore) to pick a 5.6 per cent stake in the company to part-fund expansion of energy-efficient tyre manufacturing. The investment by IFC in JK Tyre & Industries will part-finance the expansion of manufacturing capacities and integrate advanced, resource-efficient technologies in the production of commercial and passenger car radial tyres, which have better safety and longevity, the company said in a regulatory filing. Subsequently, International Finance Corporation (IFC) will hold a 5.6 per cent stake in the tyre major through the issue of compulsorily convertible debentures (CCDs) on a preferential basis, it added. "The investment aims to bolster the company's capital structure and increase production of energy-efficient radial tyres by more than 10 per cent -- from 32 million to over 35 million tyres a year by 2025," JK Tyre & Industries said. This aligns with ..

JK Paper shares rise nearly 4% after over two-fold increase in Q3 net

Shares of JK Paper on Wednesday jumped nearly 4 per cent after the company reported over two-fold increase in consolidated net profit for the third quarter ended December 2021. The stock gained 3.61 per cent to settle at Rs 243.65 on BSE. During the day, it rallied 5.46 per cent to Rs 248. On NSE, it jumped 3.17 per cent to close at Rs 242.45. In volume terms, 2.14 lakh shares were traded on BSE and over 25 lakh on NSE. JK Paper on Tuesday reported over two-fold increase in consolidated net profit to Rs 151.05 crore for the third quarter ended December 2021, helped by growth in volume. The company had logged a net profit of Rs 64.59 crore in the October-December period a year ago, JK Paper said in a regulatory filing. The total income increased to Rs 1,056.41 crore during the period under review, against Rs 770.45 crore in the year-ago period, the company said.

JK Tyre reports consolidated net loss of Rs 52.78 cr in March quarter

The company had posted a net profit of Rs 33.66 crore for January-March period of 2018-19.

Uncertainity around Q2 performance of businesses: Harsh Pati Singhania

The return to normalcy will also depend largely on how quickly the consumers also recover from the overall impact of the coronavirus outbreak and the lockdown, he said

Covid-19: Harsh Singhania says only a stimulus package can revive economy

"Even if we start producing, where is the transport, supply chain and customers? If shops are not open, then it makes no sense to keep producing and stocking in the factory sites," said Singhania.

A brand of many firsts, the JK Group trying to live up to its legacy

The British-era company, which started as textiles business, has diversified significantly into other businesses to become the conglomerate it is today