India's JK Tyre & Industries hits record high on Q1 profit jump

JK Tyre & Industries

04/08/2023 08:54

** Shares of JK Tyre & Industries Ltd  JKIN.NS  rise as much
as 6.3% to an all-time high of 281.7 rupees
    ** Tyre manufacturer says June-qtr profit more than
quadrupled y/y to 1.54 bln rupees ($18.60 mln) as total expenses
declined ~2%
    ** Relative strength index (RSI) above 70, indicating stock
is overbought
    ** Trading volume at ~4.3 mln shares as of 1:05 p.m. IST,
1.5x the 30-day avg  
    ** Stock up ~50% so far this year


($1 = 82.7860 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))