JK Tyres stock rises on robust earnings performance of subsidiary
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New Delhi, Jan. 14 -- Shares of JK Tyre & Industries Ltd rose more than 3% on the NSE on Wednesday after its subsidiary reported robust earnings performance.
It's subsidiary Cavendish Industries Ltd (CIL) witnessed a profit of Rs.46.87 crore in the quarter ended December 2020. This compares with a loss of Rs.4.51 crore in Q3 FY20. The improvement in earnings performance was aided by higher capacity utilisation and better sales. According to the company's press release, sales during the quarter rose grew 30% year-on-year basis from Rs.607.51 crore to Rs.788.37 crore.
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"Increased volumes in truck tyres both radial and bias, LCV and Agricultural tyres have contributed to higher Sales...
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