India's CEAT set for worst day in over 4 months on surprise profit drop

MRF

03/05/2024 05:13

** Shares of CEAT  CEAT.NS  down 3.9%, on track for worst
day since Dec. 20, 2023
    ** Co's Q4 profit fell 18.8% YoY; analysts on avg expected
it to rise 22.4%, per LSEG data
    ** Stock was down as much as 9.9% in early trade before
trimming some losses
    ** Rivals MRF  MRF.NS  and Apollo Tyres  APLO.NS  down 2.7%
and 2.1%, respectively
    ** MRF will report results on Friday, APLO to report in the
coming weeks
    ** CEAT, APLO stocks rated "buy" on avg, MRF rated "sell" -
LSEG data
    ** YTD, CEAT stock up 3.8%; APLO and MRF up 11% and 1.3%,
respectively

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