India's JK Tyre declines after quarterly profit slump

JK Tyre & Industries

06/11/2024 04:59

** Shares of JK Tyre & Industries  JKIN.NS  drop 2%, their
biggest one-day fall since Oct. 25
** Tyre maker's Q2 consol profit falls 44% Y/Y, its first in two
years, hurt by weak tyre sales to car, bus and truck makers
    ** JKIN sees busiest day in over 2 weeks, with over 756,000
shares traded
    ** Analysts' avg rating on stock is "Buy" vs "Sell" on peer
MRF  MRF.NS  
    ** Their median PT on JKIN is 525 rupees - LSEG
    ** Stock down 4.4% YTD vs 7% decline in MRF

(Reporting by Aleef Jahan in Bengaluru)
((mailto:aleefjahan.cs@thomsonreuters.com))