JK Tyre & Industries shares soared nearly 10% on Thursday after the company reported a five-fold jump in its consolidated net profit for the September quarter.
New Delhi, Nov 2 (PTI) Shares of JK Tyre & Industries on Thursday jumped nearly 10 per cent after the company's consolidated net profit surged five-fold in the September 2023 quarter.
The stock rallied 13.94 per cent to Rs 351.05 -- its 52-week high -- during the day on the BSE. It later ended at Rs 337.40, up 9.51 per cent.
On the NSE, it zoomed 13.98 per cent to reach its 52-week high of Rs 351.25 during the day. The stock ended at Rs 338.25, climbing 9.76 per cent.
The company's market valuation climbed Rs 721.46 crore to Rs 8,307.83 crore.
In volume terms, 9.70 lakh shares of the firm were traded on the BSE and 1.80 crore shares on the NSE during the day.
JK Tyre & Industries on Wednesday said its consolidated net profit surged five-fold to Rs 249 crore for the September quarter, riding on a robust performance in the domestic market.
The company reported a consolidated net profit of Rs 50 crore in the July-September period of the last fiscal.
Net revenues in the second quarter increased to Rs 3,905 crore from Rs 3,764 crore in the year-ago period.
"The sustained thrust on larger market presence enabled to boost volumes across segments and product categories," JK Tyre & Industries Chairman and Managing Director Raghupati Singhania said in a statement.
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