Shares of tyre maker CEAT were on the climb on Wednesday after the company posted strong quarterly results on the back of its replacement and international businesses.
Read More:- If You Invested ₹10,000 In This Jhunjhunwala Portfolio Stock A Year Ago, Here’s How Much You’d Have Today
What Happened? The firm posted a nearly 1500% increase in net profit to ₹144.6 crore for the quarter ended June, while its revenue went up to ₹2,938.4 in the quarter from ₹2,821.1 last year.
The firm’s board also approved a private placement of up to ₹500 crore via debt instruments.
“Our continuous focus on cash has helped us reduce our debt for the second consecutive quarter, and we have seen a reduction in our standalone gross debt by ₹97 crore,” said Kumar Subbiah, CFO of CEAT Limited.
Read More:- Piramal Enterprises Announces Rs 1,750-Crore Share Buyback, Posts Q1 Net Profit of Rs 509 Crore
Price Action: Shares of CEAT were up 3.80% at ₹2570.60 in early trade on Wednesday. The stock has gained nearly 60% so far this year.
