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CEAT share hits fresh 52-week high on four-fold rise in Q2 profit

Share price of CEAT touched a fresh 52 week high of Rs 1249 , rising 10.79% against previous close of Rs 1127 on BSE

twitter-logoBusinessToday.In | October 27, 2020 | Updated 17:30 IST
CEAT share hits fresh 52-week high on four-fold rise in Q2 profit
CEAT share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

CEAT share price rose over 10% in afternoon trade today after the tyre maker reported a four-fold rise in Q2 net profit.  Share price of CEAT touched a fresh 52 week high of Rs 1249, rising 10.79% against previous close of Rs 1127 on BSE. The stock has gained 10.45% in five trading sessions.

CEAT share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 19.5% in one year and risen 15.55% since the beginning of this year. The stock has risen 26.03% in one month.

Total 0.73 lakh shares of the firm changed hands amounting to turnover of Rs 8.63 crore.

Market cap of the firm rose to Rs 4,621 crore.

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Net profit in Q2 rose to Rs 182.18 crore in the second quarter ended September 3 against Rs 43.64 crore in the July-September period of previous fiscal.

The tyre maker's revenue from operations during the second quarter stood at Rs 1,978.47 crore as compared to Rs 1,691.55 crore in the year-ago period.

CEAT said it has commissioned the second phase of its Nagpur-based manufacturing facility with effect from August 24.

"The plant would be ramped up over a period of time, based on market demand and overall capacities," it added.

Commenting on the results as well as the outlook of the business, Anant Goenka, Managing Director, CEAT Limited said, "We have witnessed strong growth across categories on the back of a challenging business environment. We ramped up our capacities to pre-covid levels very quickly and ensured on time supplies to customers.

We continued our focus on the well-being of our people and partners and have embarked on  reducing our costs, which should pay further dividend over the next few quarters. Demand for the next quarter continues to look strong, with an uptick in rural and personal mobility and channel filling in preparation of ongoing festive demand."

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