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Hitting 52-week report high after Q3, JK Tyre scrip jumps by 12%

The Tyre manufacturing company’s share price jumped steeply even more than 12 percent in the morning session.

JK Tyre recently released its Q3 report reporting a hike in the consolidated net profit at Rs 230.46 crores.

The company reached at this milestone due to the advantageous foreign exchange fluctuations and strong sales in the last quarter of December 2020.

The company turned out to be an excellent performer in terms of both profitability and sales.

JK Tyre’s stock was peddling or trading at Rs 130.75 which is above by Rs 15.15 or 13.11 percent increase.

This scrip has touched at Rs 132 on its 52-week high. Also, the shares have struck the intraday low of Rs 126.05.

Apart from the consolidated net profit increment, the company also reported a high value in the consolidated revenue as well.

Though the company has reported a consolidated net profit of Rs 10.27 crore in the third quarter of Fiscal year 2021. The report was released by JK Tyre & Industry in a regulatory filing.

The company reported Rs 2,769.28 cores of consolidated revenue from operations for the last quarter of FY2020.

This revenue was an increase by Rs 569.48 as compared with the numbers of last year. The revenue has tremendously increased from Rs 2,199.80 crore which was reported last year.

Also, the Chairman and Managing Director of JK Tyre Raghupati Singhania added-the hyped up financial performance is due to increased demand for passenger, commercial vehicle and also farm tyres.

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