Ceat shares jump over 6% after strong quarterly earnings1 min read . Updated: 20 Jan 2021, 12:05 PM IST
- The stock gained 6.35% to Rs1,352.40 -- its one-year high -- on the BSE
- At the NSE, it jumped 6.23% to Rs1,353 -- its one-year high
Shares of tyre major Ceat Ltd on Wednesday jumped over 6% after the firm reported over two-and-a-half fold jump in consolidated net profit for the third quarter ended December 31, 2020.
The stock gained 6.35% to ₹1,352.40 -- its one-year high -- on the BSE.
At the NSE, it jumped 6.23% to ₹1,353 -- its one-year high.
Ceat Ltd on Tuesday reported over two-and-a-half fold jump in consolidated net profit to ₹132.34 crore for the third quarter ended December 31, 2020, riding on robust sales.
The company had posted a consolidated net profit of ₹52.5 crore in the year-ago period, Ceat Ltd said in a regulatory filing.
Consolidated revenue from operations stood at ₹2,221.25 crore in the quarter under review, as against ₹1,761.77 crore in the year-ago period, a growth of 26%, it added.
Commenting on the company's performance, Ceat Ltd Managing Director Anant Goenka said, "this quarter's growth has been achieved on the back of new capacities across segments, particularly passenger car, two-wheeler and farm segments." The replacement market has been buoyant because of consumer preference in personal mobility and strong rural demand, he added.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!