Ceat shares jump over 3 pc after strong quarterly earnings

Shares of tyre major Ceat Ltd on Wednesday closed over 3 per cent higher after the firm reported over two-and-a-half fold jump in consolidated net profit for the quarter ended December.

The stock closed the day at Rs 1,311, rising 3.09 per cent on the BSE. During the day, it gained 6.35 per cent to Rs 1,352.40 -- its one-year high.

On the NSE, it jumped 3.52 per cent to close at Rs 1,318.50.

In traded volume terms, 1.19 lakh shares were traded at the BSE and 23.56 lakh units on the NSE during the day.

Ceat Ltd on Tuesday reported over a 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.