JK Tyre & Industries disclosed a consolidated net profit of Rs 100.26 crore for the June 30 quarter end. The company had noted consolidated net profit of Rs. 117.07 crore in the mentioned period last financial year. Hence, JK Tyre share price opened with a decrease of 4.74% at Rs. 101.00 against its previous closing at Rs. 105.55.
Net sales during the same period under review read at Rs 1,703.86 crore as compared to Rs 1,749.11 crore last year. Since the financial results also involve that of Cavendish Industries Ltd, which the company had attained in middle of April, the figures are not comparable, it added. Raghupati Singhania, JK Tyre & Industries Chairman and Managing Director informed that the company continued to make deeper inroads in the Indian market with the help of higher sales volumes of both Truck/Bus radials and passenger radials. According to him monsoons have had a good start and it is hoped to be above normal. This augurs well for tyre industry, especially in agriculture sector apart from revival of rural demand.
JK Tyre share price is trading at Rs. 100.55 down. Approximately 17 lakh shares exchanged hands as per NSE. Also, it is important for the company, as it has entered the 2-3 wheelers sectors, a high growth area, where JK Tyre is expecting to be a formidable player. Worried about the over of cheap tyres from China, Singhania is of the view that it is indeed a matter of great concern that Chinese tyres continue to pour in Indian market, specifically, in the Truck/Bus radial (TBR) segment which is causing great injury to the Indian tyre industry.
JK Tyre Share Price Forecast:
The 52 week high of JK Tyre share price is noted at Rs. 128 on 5th August ’15 while the 52 week low has been observed at Rs. 73.80 on 29th Feb ’16. For more details on the closest support and resistance levels refer to JK Tyre share price history.
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