Ceat shares bounce back after early fall

Shares of tyre maker Ceat Ltd on Tuesday bounced back after an early fall and settled flat.During the early trade, the stock tumbled nearly 10 per cent after the company reported a 77 per cent decline in consolidated net profit for the second quarter ended September.The stock tanked 9.92 per cent to Rs 1,165 during the early trade on BSE.

Shares of tyre maker Ceat Ltd on Tuesday bounced back after an early fall and settled flat.

During the early trade, the stock tumbled nearly 10 per cent after the company reported a 77 per cent decline in consolidated net profit for the second quarter ended September.

The stock tanked 9.92 per cent to Rs 1,165 during the early trade on BSE. It staged a comeback later to close 0.14 per cent higher at Rs 1,295.25. On NSE, it tumbled 7.94 per cent to Rs 1,191 during the early trade. The stock closed 0.13 per cent higher at Rs 1,295.50.

Tyre maker Ceat Ltd on Monday reported a 77 per cent decline in consolidated net profit at Rs 42.28 crore for the second quarter ended September 30, impacted by higher input costs.

The company, which posted a consolidated net profit of Rs 182.18 crore in the same quarter last fiscal, also said its board at a meeting held on Monday approved raising of up to Rs 500 crore through issuance of debt securities on a private placement basis.

Consolidated revenue from operations during the quarter under review stood at Rs 2,451.76 crore, as against Rs 1,978.47 crore in the year-ago period, Ceat Ltd said in a regulatory filing.

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