Ceat Tyres are on a roll! Know why
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Futures of Ceat Ltd. were the top gainers on the derivatives market as traders couldn't get enough of the tyre maker which announced a fantastic set of numbers last week.Ceat Futures rose 39 rupees, or 4.8 percent, to 855 rupees on the National Stock Exchange. The company is also the second best performer on the monthly list of futures, surging 26 percent during July.
Ceat Futures' Open Interest rose 9.5 percent over the previous day and its deliveries in the cash market gained a whopping 900 percent, indicating investors are picking up the stock in anticipation of future gains.
On July 23, Ceat said its first quarter net profit jumped 134 percent to 121 crore rupees compared with the year ago quarter. Sales for the same period remained flat at 1,456 crore rupees. Ceat said its Operating margin expanded to 15.9 percent during the April-June quarter compared with 9 percent a year ago because input costs such as synthetic rubber fell sharply. A better product mix also contributed to higher margins.
Ceat's market capitalization has jumped 45 percent to `3,320 crore rupees in the past year as a global drop in commodity prices have helped an expansion of margins in such companies.
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Image credit: Indiatimes
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