Ceat shares jump over 6 pc after strong quarterly earnings

Shares of tyre major Ceat Ltd on Wednesday jumped over 6 per cent 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 per cent to Rs 1,352.40 -- its one-year high -- on the BSE.

At the NSE, it jumped 6.23 per cent to Rs 1,353 -- its one-year high.

Ceat Ltd on Tuesday reported over two-and-a-half fold jump in consolidated net profit to Rs 132.34 crore for the third quarter ended December 31, 2020, riding on robust sales.

The company had posted a consolidated net profit of Rs 52.5 crore in the year-ago period, Ceat Ltd said in a regulatory filing.

Consolidated revenue from operations stood at Rs 2,221.25 crore in the quarter under review, as against Rs 1,761.77 crore in the year-ago period, a growth of 26 per cent, 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.