Flipkart co-founder Sachin Bansal bought 1.34% stake in the company, becoming one of the largest individual shareholders, according to BSE data, and aiding the stock’s rally.
JK Tyre scaled a new 52-week high of Rs 108.2 on Wednesday before closing at Rs 106.25 per share on the BSE on Wednesday, up 17.79% on the previous day’s close. Stocks of other tyre makers like Ceat, Apollo Tyres, Goodyear India and MRF rallied between 3% and 7%.
Last week, Cavendish Industries, a subsidiary of JK Tyre, reported a 30% year-on-year growth in revenue to Rs 788 crore. Its earnings before interest, taxes, depreciation and amortisation (Ebitda) grew 128% to Rs 157 crore, improving investor sentiment towards JK Tyre’s stock.
The tyre maker is expected to announce its December quarter earnings tomorrow.
