CEAT shares rise nearly 2% on robust earnings

Shares of CEAT Ltd on Wednesday rose nearly 2 per cent after the company reported a multi-fold jump in consolidated net profit for the June 2023 quarter.

The stock closed at Rs 2,493.35, up 0.66 per cent on the BSE. During the day, it gained 4.66 per cent to Rs 2,592.50.

At the NSE, it climbed 1.66 per cent to settle at Rs 2,517.80. In the session, it rallied 4.90 per cent to Rs 2,598.

Tyre maker CEAT on Tuesday reported a multi-fold jump in consolidated net profit at Rs 144.01 crore for the June 2023 quarter.

The company had posted a net profit of Rs 8.68 crore in the year-ago period, CEAT said in a regulatory filing.

Its revenue from operations was Rs 2,935.17 crore against Rs 2,818.38 crore a year ago, it added.

The total expenses were lower at Rs 2,739.14 crore compared to Rs 2,816.66 crore in the same period a year ago.