JK Tyre & Industries posted its Q2 results for the September quarter of the ongoing financial year. The company reported a less-than-expected 9.86 per cent Year on Year drop in net profit at Rs 101.40 crore for the quarter ended September 30, as against Rs 112.50 crore reported for the same quarter last year. The company's consolidated total income from operations during the quarter went up by 5.22 per cent to Rs 2,069.91 crore from Rs 1,967.18 crore earned during the corresponding quarter of FY16.
Following the results, JK Tyre share price soared over 8 per cent to hit the intraday high of Rs 149 on NSE.
Raghupati Singhania, Chairman and Managing Director of JK Tyre, in a filling to BSE, said that the company continues to surge ahead in the Indian market with higher sales volume. The company continues to uphold its leadership position in truck/bus radials and has posted higher operating profit for the second quarter on a consolidated basis.
At 11:46 AM, JK Tyre share price was trading at Rs. 146.50, with the rise of 6.51 per cent as against 1.85 per cent rise in the Benchmark Index Nifty. So far, nearly fifteen lakhs shares have changed hands over the NSE trading counter. The stock had opened at Rs. 141.90 as compared to its previous close of Rs. 137.55.
He also said that the passenger radials and agri-tyres have recorded double-digit growth. With good monsoon together with renewed focus of the government on roads and infrastructure and marginally cheaper consumer financing, commercial vehicle sale is likely to show good growth in the coming period. The JK Tyre Chairman said import of cheaper Chinese tyres has sustained unabated in the truck/bus radial segment, which has been stinging the domestic tyre industry badly.
JK Tyres is the Multibagger stocks recommendation of the month by Dynamic Levels. For the details on the stock, visit JK Tyre share price history page of Dynamic Levels website.
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