JK Tyre shares climb 5% after reporting 54% rise in Q4 net profit

Shares of JK Tyre & Industries on Wednesday ended nearly 5 per cent higher after the company's consolidated net profit increased 54 per cent for the fourth quarter ended March 2024.

Shares of JK Tyre & Industries on Wednesday ended nearly 5 per cent higher after the company's consolidated net profit increased 54 per cent for the fourth quarter ended March 2024.

The company's stock climbed 4.91 per cent to settle at ₹424.15 on the BSE. During the day, it soared 10.49 per cent to ₹446.75.

At the NSE, it rallied 4.77 per cent to Rs 423.80. In intra-day trade, it zoomed 10.55 per cent to ₹447.20 apiece.

The company's market valuation climbed ₹517.54 crore to ₹11,058.59 crore.

In traded volume terms, 3.79 lakh shares of the company were traded at the BSE and 59.62 lakh shares at the NSE during the session.

JK Tyre & Industries on Tuesday said its consolidated net profit increased 54 per cent to ₹172 crore for the fourth quarter ended March 31, 2024, on account of higher sales.

The tyre maker had reported a net profit of ₹112 crore in the year-ago period.

The total income rose to ₹3,714 crore for the fourth quarter compared to ₹3,645 crore in the year-ago period, JK Tyre said in a statement.

Also read: JK Tyre Q3 profit trebles to ₹227 croreFor the full year ended March 2024, the tyre maker posted a net profit of ₹811 crore, a three-fold jump against ₹265 crore in FY23.

Its total income rose to ₹15,046 crore for the last fiscal compared to ₹14,681 crore in FY23.

The company said it achieved the highest-ever sales and profits during FY24.

Like (0)
Previous May 23, 2024 5:00 pm
Next May 23, 2024 5:00 pm

Related posts

  • Sweetgreen rose 16.3% before opening, Q1 revenue exceeds expectations, raises annual guidance

    Gelonghui, May 10 | American fast-food restaurant Sweetgreen rose 16.3% before the opening, to US$27.4

    stock index May 10, 2024
  • State Financial Supervision and Administration: By 2027, a green insurance service system will be initially established

    The \”Guiding Opinions\” propose 9 key tasks from the liability side, including improving society\’s ability to respond to climate change, ensuring green and low-carbon technological innovation, promoting green and low-carbon energy transformation, promoting the consolidation and improvement of carbon sink capabilities, supporting green and low-carbon national actions, Improve the level of environmental pollution prevention and control in enterprises, serve the development of green low-carbon and green manufacturing projects in the industrial field, promote energy conservation, carbon reduction and efficiency improvement in urban and rural construction, and support the green and low-carbon development of transportation, etc., aiming to improve insurance protection and service levels in key areas. The \”Guiding Opinions\” propose three key tasks from the investment side, including improving the green investment management system, strengthening support for the green development of insurance funds, and strengthening green investment process management, aiming to strengthen support for green investment of insurance funds. In terms of insurance protection, the \”Guiding Opinions\” encourage insurance companies to actively focus on comprehensive green transformation to serve economic and social development, focus on key areas and key industries of ecological civilization construction, provide targeted risk protection solutions, and provide ecological priority, green and low-carbon, high-quality Development and protection. The main framework of the key tasks of green insurance protection comes from the classification of key areas of green development in the \”Top Ten Actions to Peak Carbon\” in the \”Carbon Peaking Action Plan before 2030\” issued by the State Council. At the same time, combined with the actual situation of the insurance industry, additional services are provided to respond Climate change and improving corporate environmental pollution prevention and control are two key areas.

    stock index April 25, 2024
  • US stocks end down, crude slides amid Fed, geopolitical crosscurrents

    U.S. stocks closed lower on Wednesday as crude prices tumbled and investors weighed cautious U.S. Federal Reserve commentary and ongoing geopolitical strife against mixed quarterly earnings. Benchmark U.S. Treasury yields and the dollar eased back from multi-month highs, while gold backed down from its all-time high.   All three major U.S. stock indexes ended the session in the red, with the tech shares dragging the Nasdaq down 1.15%. “April has been a little disappointing for investors, but remember stocks have gained the past five months, some kind of pause or break would be perfectly normal, and we very well could be seeing that right now,” said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. U.S. Federal Reserve Chair Jerome Powell declined to provide guidance on Tuesday regarding the timing and extent of expected interest rate cuts, but said policy needs to be restrictive for longer, dimming hopes for rate cuts this year. “The realization that Powell is pushing back on when the interest rate cuts might start has added to the overall confusion, solidifying the assumption that…

    stock index April 18, 2024
  • Former Bank of Japan Governor Haruhiko Kuroda says yen depreciation is only temporary

    Former Bank of Japan Governor Haruhiko Kuroda said on Thursday that he believed the yen\’s depreciation was only a temporary phenomenon and that a weaker local currency would help boost the performance of the country\’s multinational companies.

    stock index May 7, 2024
  • Well-known technology analyst: Tesla’s revenue is expected to grow by more than 25% next year

    Well-known technology analyst Gene Munster expressed concerns about morale after the departure of several Tesla executives

    stock index May 10, 2024
  • HCLTech and Cisco launch ‘pervasive wireless mobility-as-a-service’

    HCLTech and Cisco have announced the launch of ‘pervasive wireless mobility-as-a-service.’

    stock index May 7, 2024