Share price of this company jumped 8% moving closer to its 52-week high; know why?

Share price of this company jumped 8% moving closer to its 52-week high; know why?

by 5paisa Research Team Last Updated: Dec 13, 2022 - 03:37 pm 17.1k Views
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JK Tyre and Industries stock gave a 60% return in just 2.5 months.

The stock of JK Tyre and Industries is indicating newer highs since June 20. The stock delivered a return of over 60% in just two months. Strong volume levels are being recorded for the stock. It has had a spike in volumes over the last three market days of more than 3.61 times, 2.24 times, and 1.14 times on the BSE.

On Tuesday, the stock price jumped by about 8% from its opening price of Rs 148 to Rs 161.55. The stock's 52-week high and low are Rs 171.55 and Rs 96.40, respectively.

The JK group's primary business, JK Tyre & Industries, is run by Dr R. P. Singhania, who also serves as chairman and managing director. One of the major tyre producers in India and one of the top 25 producers globally, it produces a wide range of goods for a variety of market categories, including trucks, buses, light commercial vehicles, passenger cars, multi-utility vehicles, and tractors.

JK Tyre, Vikrat, Tornel, Challenger, and Blaze are just a few of the brands in the company's portfolio. Among its clients are significant OEMs including Maruti, Hyundai, Tata, Mahindra, Honda, TAFE, Escorts, Swaraj, Sonalika, Ashok Leyland, Volvo, Eicher, Bobcat, ACE, BEML, Bajaj, etc.

A fantastic growth of 10% sequentially and 40% annually was seen in the Q1FY 23 sales numbers. The first quarter of FY22 recorded revenues of Rs 3643 crore. Operating profit for the quarter ending in June increased by 25% sequentially and is at Rs 285 crore. The June quarter's net profit was Rs 34 crore. The company has improved its liquidity efficiency in FY22. The number of receivable days decreased from 69 to 54. In FY22, the ROE and ROCE were 7.3% and 9.4%, respectively. Cash flow from operations was Rs 346 crore for the company. The PE ratio for the stock is 21.98.

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