CEAT stock falls after weak results

Leading tyre manufacturer CEAT Limited has reported weak financial results for the Q3FY18-19.  It has posted net sales of Rs1717.95 cr during the period ended Dec 31, 2018 v/s to Rs.1757.88 cr during the period ended Sept 30, 2018.

The company has reported net profit of Rs.52.77 cr for the period ended Dec 31, 2018 v/s Rs.63.17 cr for the period ended Sept 30, 2018. The company’s consolidated total income stood at Rs 1717.95 cr for the quarter, v/s Rs 1580.78 crore for the corresponding period a year ago.

On reaction of the results, the CEAT stock was seen volatile in trade today. The stock which opened at Rs.1,119.00 per share and registered a high of Rs.1,168.10 and also dipped to a low of Rs. 1,104.15 per share on the NSE.

At 1:30 hours, the stock was trading at Rs. 1,111.55 per share, down by Rs. 40.10 or 3.48 percent on Tuesday. Meanwhile, the benchmark indices were down-beat with BSE Sensex at 35,422 down by 233 points and Nifty at 10,596, down by 65 points or 61 percent.