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Home / Markets / Stock Markets /  Ceat shares jump over 6% after strong quarterly earnings

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.

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