Shares of JK Tryre & Industries hit an all-time high of Rs 203.95, up 5 per cent on the BSE in Tuesday’s intra-day trade. The stock of tyre maker surpassed its previous high of Rs 197.50, touched on September 16, 2022.
In the past two days, the stock price of JK Tyre has rallied 18 per cent on back of heavy volumes. At 02:35 pm; it traded 3.5 per cent higher at Rs 200.50, as compared to 0.39 per cent gain on the S&P BSE Sensex. A combined 14.7 million equity shares representing 6 per cent of total equity of the company had changed hands on the NSE and BSE.
On increase in the volume at the counter, JK Tyre clarified that it has disclosed all the required events/information/announcements and there is no such pending announcement, which may have a bearing on the price/volume behavior of the scrip.
Further, the company is not aware of any information that led to increase in the volume of the shares, JK Tyre said.
Meanwhile, in the past three months, the stock price of the company appreciated by 50 per cent, as compared to 8 per cent rise in the S&P BSE Sensex. It has zoomed 112 per cent from its 52-week low level of Rs 96.40, touched on June 17, 2022.
JK Tyre, the flagship company of the JK group, is headed by Dr R P Singhania as its chairman and managing director. It is a one of the leading tyre manufacturers in India and amongst the top 25 manufacturers in the world with a wide range of products catering to diverse business segments including, truck/bus, light commercial vehicles (LCV), passenger cars, multi-utility vehicles (MUV) and tractors.
Last month, rating agency CARE Ratings reaffirmed ratings of the company bank facilities and instruments with stable outlook.
With softening of the raw material prices, continuous price hikes by JK Tyre coupled with several cost-reduction and efficiency-improvement initiatives including the management’s focus on sweating existing asset with robust demand outlook for the sector is likely to support the credit profile of JK Tyre from H2FY23. The impact of the reduced input prices over the last quarter should be visible Q3FY23 onwards, CARE Ratings said in rationale.
The ratings are, however, constrained by the leveraged capital structure, exposure to foreign currency fluctuation risks, raw material prices volatility and competitive nature of the industry. Any cost overruns in the announced capacity expansion plans by JK Tyre, delays in deriving the likely benefits and/or a sharp rise in the raw material prices and slower than expected deleveraging could lead to higher-than-expected deterioration in the credit metrics which remains a key monitorable, the rating agency said.
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
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