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JK Tyre jumps 18% as tyre stocks rally, Sachin Bansal invests in the company, Auto News, ET Auto


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.

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.



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