CEAT on a roll as board gives nod to set up unit in Bangladesh

capital market | Mumbai |

CEAT jumped 4.6% to Rs 89.80 at 12:33 IST on BSE after the company said its board evaluated couple of overseas projects and decided to venture into Bangladesh market through establishing a 65 tonnes per day manufacturing facility in Bangladesh.

The company made this announcement after market hours on Wednesday, 8 February 2012.

Meanwhile, the BSE Sensex was down 46.25 points, or 0.26% to 17,661.07.

On BSE, 1.62 lakh shares were traded in the counter as against average daily volume of 58,167 shares in the past one quarter.

The stock hit a high of Rs 96.30 and a low of Rs 87 so far during the day. The stock had hit a 52-week low of Rs 66.20 on 21 December 2011. The stock had hit a 52-week high of Rs 119.60 on 8 April 2011.

The stock had outperformed the market over the past one month till 8 February 2012, surging 15.94% compared with the Sensex's return of 11.73%. The scrip had also outperformed the market in past one quarter, rising 15% as against Sensex's 0.78% return.

The small-cap tyre maker has an equity capital of Rs 34.24 crore. Face value per share is Rs 10.

CEAT's net profit fell 52.3% to Rs 2.39 crore on 18.2% growth in net sales to Rs 1048.02 crore in Q3 December 2011 over Q3 December 2010.

CEAT makes tyres, tubes and flaps.

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