New Delhi, Jan. 22 -- Shares of Ceat Ltd and JK Tyres & Industries Ltd advanced for the fourth consecutive session after both companies reported better than expected earnings.

Rivals Apollo Tyres, Goodyear India and MRF Ltd rallied between 6-8%. So far this year, JK Tyres surged 75%, Ceat advanced 40%, Apollo Tyres 30%, Goodyear India 5%, MRF Ltd 22%.

JK Tyre & Industries on 21 January reported a consolidated profit of Rs.230.46 crore for December quarter from Rs.10.27 crore mainly driven by increased demand from all vehicle segments. Revenue grew to Rs.2,769.28 crore from Rs.2,199.80 crore a year ago.

Last week, Cavendish Industries, an arm of JK Tyre, reported a 30% year-on-year growth in revenue to Rs.788 crore. Its earnings before ...