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      Ceat deflates after announcing investment

      MoM Team / Mumbai, Jun 27, 2017 11:06 AM IST

        Ceat deflates after announcing investment

        Ceat fell 1.3 percent to Rs 1,785 on BSE after the company's board approved investment of Rs 7 crore in Tyresnmore Online in one or more tranches.

        The announcement was made after market hours on Friday, 23 June 2017. Stock markets remained closed on Monday, 26 June 2017, for a local holiday.

        Meanwhile, the S&P BSE Sensex was down 102.22 points or 0.33 percent at 31,035.99. The BSE Mid-Cap index was down 150.47 points or 1.03 percent at 14,433.34.

        On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 1.14 lakh shares in the past one quarter. The stock hit a high of Rs 1,815.30 and a low of Rs 1,779.05 so far during the day. The stock had hit a record high of Rs 1,948 on 13 June 2017. The stock had hit a 52-week low of Rs 731.20 on 24 June 2016.

        The mid-cap company has equity capital of Rs 40.45 crore. Face value per share is Rs 10.

        Tyresnmore Online belongs to auto ancillary industry and is involved in selling of automotive tyres, accessories and/or providing and providing ancillary automotive services. Tyresnmore Online had turnover of Rs 1.19 crore as on 31 March 2017.

        Ceat's consolidated net profit dropped 32.51 percent to Rs 66.33 crore on 5.28 percent growth in total income to Rs 1475.42 crore in Q4 March 2017 over Q4 March 2016.

        Ceat is one of India's leading tyre manufacturers. The company sells its tyres under the Ceat brand.

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      Source: Capital Market

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