Tire maker Ceat has given bumper returns to its investors. In the last 3 days, an increase of 22 percent has been registered in the share price of Ceat and it has reached close to Rs 1700. On Monday, it closed at the level of 1689.35 on the NSE.
If we talk about market experts, out of 19, 4 have given strong buy and 5 have given buy advice. At the same time, 5 analysts have given hold, one has given sell and 4 have given strong sell advice.
Talking about the market capital, it stood at Rs 6,833 crore. The stock has gained over 87 per cent in the last 3 months. At the same time, there has been an increase of more than 23 percent in the last one month.
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Why is the stock soaring
Ceat stock rose on the back of strong management comments on several parameters like demand for products, softening raw material prices and capacity expansion. The company is trying to reduce the EBITDA margin gap over the next five years. At the same time, the company is also planning to increase the prices by 1-1.5 percent next month. CEAT’s Sri Lanka operations are profitable, but volumes are low.