Mumbai: JK Tyre inventory rallied nearly 18% and scaled a brand new 52-week excessive throughout intraday commerce on Wednesday as tyre shares captured investor curiosity following sharp demand restoration.
Flipkart co-founder Sachin Bansal purchased 1.34% stake within the firm, changing into one of many largest particular person shareholders, in line with BSE knowledge, and aiding the inventory’s rally.
JK Tyre scaled a brand new 52-week excessive of Rs 108.2 on Wednesday earlier than closing at Rs 106.25 per share on the BSE on Wednesday, up 17.79% on the day before today’s shut. Shares of different tyre makers like Ceat, Apollo Tyres, Goodyear India and MRF rallied between 3% and seven%.
Final week, Cavendish Industries, a subsidiary of JK Tyre, reported a 30% year-on-year progress in income to Rs 788 crore. Its earnings earlier than curiosity, taxes, depreciation and amortisation (Ebitda) grew 128% to Rs 157 crore, enhancing investor sentiment in direction of JK Tyre’s inventory.
The tyre maker is predicted to announce its December quarter earnings tomorrow.