India's CEAT gains on taking stake in Tyresnmore to above 50%

JK Tyre & Industries

09/06/2023 08:06

** Shares of CEAT  CEAT.NS  rise as much as 2.36% to 1,990
rupees
    ** The tyre maker takes additional 10.89% in Tyresnmore
Online for 90 mln rupees, increasing total stake to 56.9%
    ** Tyresnmore sells tyres, auto accessories and provides
tyre-related services
    ** Avg rating of the 19 analysts on CEAT is the equivalent
of "buy" and median TP is 1,820 rupees - Refinitiv data
    ** The avg rating on Apollo Tyres  APLO.NS  is also "buy",
while the avg for JK Tyre  JKIN.NS  and MRF  MRF.NS  is "sell"
    ** YTD, CEAT is up ~21%, while APLO is up ~25%, but much
more than MRF's ~11% gain and JKIN's 2.5%


 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))