With a market value of Rs 9,535 crore, shares of one of India’s major tyre brand and one of the world’s most popular Consumer Cyclical company rose around 20% on Thursday.
At 1:28 p.m., Ceat Limited shares were trading at Rs 2,407.50,up 15.01 percent, hitting a 52-week high of Rs 2,499 apiece. This occurred after the company announced a dividend for the March quarter of 2023.
According to the Exchange filing, The Company’s board of directors approved the declaration of a dividend of Rs 12 per equity share with a face value of Rs 10 each, resulting in a dividend yield of 0.72%.In the March 2023 quarter.
The company’s share price has climbed from Rs 1,024 to its current price in the last year, yielding multibagger returns of 127%. As a result, if an investor bought 1 lakh company shares the previous year, their holdings are now worth 2.27 lakhs!
As of the March 2023 quarter, Mukul Agrawal owned 5,00,000 shares in the company, or 1.24 percent of the total.
Ceat Ltd manufactures tyres for automobiles, utility vehicles, and trucks in India and abroad. The firm also manufactures and markets tubes and flaps.
As per the company’s financials, operating revenue climbed by 11 percent to Rs 2,874 crore in Q4FY23 compared to the same quarter the previous year, Likewise, net profit increased by 202 percent to Rs 124 crore.
Revenues increased by 21 percent year on year, from Rs 9,363 crore in FY 21-22 to Rs 11,314 crore in FY 22-23. Net profit climbed by 324 percent within the same period, from Rs 41 crore to Rs 174 crore.
As of FY 22-23, the promoters of the firm held a 47.21 percent stake, Foreign Institutional Investors held a 23.3 percent interest, and Domestic Institutional Investors held a 13.6 percent stake.
Written By Omkar Chitnis
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