JK Tyre shares zoom 14 pc after robust Sep quarter earnings

Shares of JK Tyre & Industries on Thursday jumped 14 per cent to reach the 52-week high after the company's consolidated net profit surged five-fold in the September 2023 quarter.

The stock rallied 13.94 per cent to Rs 351.05 -- its 52-week high -- on the BSE.

At the NSE, it zoomed 13.98 per cent to reach its 52-week high of Rs 351.25.

JK Tyre & Industries on Wednesday said its consolidated net profit surged five-fold to Rs 249 crore for the September quarter, riding on a robust performance in the domestic market.

The company reported a consolidated net profit of Rs 50 crore in the July-September period of the last fiscal. Net revenues in the second quarter increased to Rs 3,905 crore from Rs 3,764 crore in the year-ago period. ''The sustained thrust on larger market presence enabled to boost volumes across segments and product categories,'' JK Tyre & Industries Chairman and Managing Director Raghupati Singhania said in a statement.