India's JK Tyre rises after IFC investment of $30 mln

JK Tyre & Industries

22/03/2023 08:46

** Shares of JK Tyre & Industries  JKIN.NS  rise as much as
5.06% to 151.60 rupees; post sharpest intraday pct gain since
Jan. 5
    ** Co says World Bank member International Finance Corp
(IFC) to invest $30 mln
    ** Adds IFC will hold 5.6% stake in co through issue of
compulsorily convertible debentures on preferential basis
    ** IFC will also invest 6 billion rupees ($72.6 million) in
Mahindra and Mahindra's  MAHM.NS  last mile electric mobility
unit
    ** JKIN's moving average convergence divergence (MACD) line
above the signal line, indicating a bullish bias
    ** More than 1.3 mln shares change hands by 1:51 p.m. IST,
1.8x 30-day avg
    ** All 3 analysts covering the stock have a "hold" rating;
median PT is 180 rupees - Refinitiv data
    ** Stock down 21.6% YTD, as of last close

($1 = 82.6320 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))