India's JK Tyre hits record high on capacity expansion

JK Tyre & Industries

30/06/2023 05:43

** Shares of JK Tyre & Industries  JKIN.NS  rise as much as
5.1% to all-time high of 218 rupees
    ** Stock sees largest intraday pct climb since May 5
    ** Co completes first phase of capacity expansion of its
radial tyre manufacturing facility, with an investment of 3.12
bln rupees ($38 mln)
    ** Says, expansion will increase plant's annual production
capacity by 31% to 5.1 mln units per annum
    ** Adds, second phase of expansion expected to be completed
by April 2024 with additional investment of 6.17 bln rupees
    ** Almost 1.8 mln shares change hands as of 10:07 a.m. IST,
0.9X the 30-day moving average
    ** Stock up 12.6% YTD as of last close
    
($1 = 82.0380 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))