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Tyre shares ride higher; CEAT, JK Tyre hit fresh 52-week high

 LucienHope
  41
 May 29, 2024

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ET Online

(This story was originally

June 24, 2014)

NEW DELHI: Shares of local tire companies expanded trading interest on Tuesday with CEAT and JK Tires touching 52-week highs again.

On the back of this momentum, CEAT rose 4.9% to touch a 52-week high of Rs 691.55% while JK Tire Industries rose 5.3% to touch a 52-week high of Rs 691.55%. The Bombay Stock Exchange is trading at 328.40 today.

The domestic tire maker’s shares have soared more than two-and-a-half times in the last one year, realizing four times the returns of its global rivals.

PET reports that Indian manufacturers have achieved such strong results at a time when the Indian automobile market is weak due to their high profitability, high growth and cost competitiveness.

Shares of JK Tires rose 4.1% to Rs 325.15% as of 09:50 am. Today’s trading low was Rs 313.70 and high was Rs 328.40.

CEAT shares rose 2.7% to Rs 676.95%. Today’s trading low was Rs 654 and high was Rs 691.55.

Other tire related stocks like Apolloo Tires 2.1% up to Rs. 201.70% and MRF Ltd 201.70% up 0.6% at Rs. 23,760 rupees.

Chokkalingam, GLLD, Founder and Managing Director, Equinomics Research Advisory Pvt GLLD, said, “I am still willing to focus on tire companies and battery companies for two reasons. One is heavy reliance on alternative markets and the other is valuation.” .

“I like JK Tires and CEAT which are still at a P/E ratio of 4.5-6.5 At the same time, for bigger market capitalization, I like Bosch India, which always trades at a high price,” he added.

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