JK Tyre & Industries shares soared 14% to a 52-week high after its consolidated net profit jumped five-fold in the September 2023 quarter, driven by robust domestic market performance.
New Delhi, Nov 2 (PTI) Shares of JK Tyre & Industries on Thursday jumped 14 per cent to reach the 52-week high 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 -- on the BSE.
At the NSE, it zoomed 13.98 per cent to reach its 52-week high of Rs 351.25.
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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