CEAT shares approach record high as firm becomes official partner for IPL matches

Shares of tyremaker CEAT Ltd rose 3% today after the firm said it was selected as an official partner by Board of Control for Cricket in India (BCCI) to sponsor certain segments of the IPL matches. The partnership agreement is worth Rs 240 crore over five years. CEAT stock surged 3.04% to Rs 2993 against the previous close of Rs 2904.60 on BSE. A total of 7149 shares of the firm changed hands amounting to a turnover of Rs 2.11 crore on BSE.  On NSE, turnover of the firm climbed to Rs 65.15 crore after 2.20 lakh shares changed hands on the bourse. 

Market cap of the firm stood at Rs 11,919 crore on BSE. On NSE, it stood at 11,917 crore. The stock hit an intraday high of Rs 2993.75 against the previous close of Rs 2906.85 on NSE. The stock almost touched its record high of Rs 2997.25 hit on January 20, 2024.

The firm reported over five-fold year-on-year (Y-o-Y) rise in profit after tax (PAT) during the third quarter ended 31 December, reaching Rs 181.48 crore. Ceat's revenue from operations climbed 8.6 per cent Y-o-Y to Rs 2,963.14 crore.

In terms of technicals, the relative strength index (RSI) of the stock stands at 48.9, signaling it's trading neither in the overbought nor in the oversold zone. Texmaco Rail shares are trading higher than the 5 day, 10 day, 50 day, 100 day, 200 day but lower than 20 day and 30 day moving averages.     

In the last one year, the CEAT stock has surged 99.02% and gained 196.77% in two years. 

Also read: Hot stocks on February 23: Indian Hotels, IREDA, YES Bank, Vodafone Idea, Data Patterns and more

Also read: Stock recommendations by analyst for February 23: Midhani, L&T and Nestle