Tire maker Ceat has given shocking returns to its investors. On the fourth trading day of the week i.e. on Thursday, the share price of Ceat increased by 20 percent and it crossed the level of Rs 1600. This is Ceat's best performance in 52 weeks.
Stock Price: On Thursday, the share price went up to Rs 1661 and got an upper circuit. The price rose by Rs 276.80 or 20.00% compared to a day earlier. Talking about the market capital, it stood at Rs 6,718.76 crore. The stock has gained over 75 percent in the last 3 months. At the same time, there has been an increase of about 23 percent in the last month.
Reasons for the rise: Strong management comments on several parameters such as demand for products, softening raw material prices, and capacity expansion have led to the rise in CEAT stock. The company is trying to reduce the EBITDA margin gap over the next five years. At the same time, the company is also planning to increase the prices by 1-1.5 percent next month. CEAT's Sri Lanka operations are profitable but volumes are low.
