JK Tyre stock rises more than 2.80% after rating upgrade from CARE

Jk Tyre Shares Price: Shares of JK Tyre ended the trading session on Thursday (September 14) on a higher note,,up 2.88 per cent, or Rs 7.30, at Rs 260.60 each. During the session, the stock jumped as high as Rs 261.55.

The shares jumped higher after the tyremaker announced on Wednesday that CARE Ratings Ltd. (CARE) had upgraded its long-term issuer rating to CARE A+ from 'CARE A'.

CARE has also upgraded the outlook of Cavendish Industries Limited, a subsidiary of JK Tyre, to 'stable' from 'negative'.

JK Tyre Stock Performance

The performance of the stock of JK Tyre on Thursday is in stark contrast to its performance in the last month. While the stock of JK Tyre has declined 1.57 per cent in the last five trading sessions, it has slid 4.68 per cent in the last one month.

The stock has done well in the longer perspective, as in the last six months, it has skyrocketed 74.66 per cent, while it has soared 39.32 per cent in the last one year.

Compared to this, the benchmark Nifty 50 has jumped 1.62 per cent in the last five trading sessions, while 3.28 in the last one month.

The index has soared 18.45 per cent in the last six months and 12.45 per cent in the last one year.