Share of multinational tire maker Ceat slipped 10% today after the firm reported a 77% fall in Q2 net profit.
It opened with a loss of 6.45% at Rs 1,210 against previous close of Rs 1,293. The stock touched an intraday low of Rs 1,165, falling 9.93% on BSE.
The mid cap stock has lost 8.83% in the last 3 days.
Ceat share is trading lower than 5 - day, 20-day, 50-day, 100-day and 200-day moving averages.
The stock has increased 10% in a year and has gained 14.88% since the beginning of this year. Total 0.13 lakh shares of the firm changed hands amounting to a turnover of Rs 1.58 crore.
The stock hit 52 week high of Rs 1,763. 5 on February 4, 2021 and 52 week low of Rs 1,018 on December 22, 2020.
Market cap of the firm fell to Rs 5,018 crore.
At 11: 50 am, the share was trading 4.08% lower on BSE at Rs 1,240.
The tyre maker reported a 77 per cent decrease in consolidated net profit at Rs 42.28 crore in Q2, impacted by higher expenses, especially cost of materials consumed.
The company reported a consolidated net profit of Rs 182.18 crore in the corresponding quarter of the last fiscal year. Its board approved raising of up to 500 crore through issuance of debt securities on a private placement basis.
Consolidated revenue from operations in Q 2 rose 24% to Rs 2,451. 76 crore against Rs 1,978. 47 crore in the year-ago period.
However, total expenses were higher at Rs 2,401. As compared to Rs 1,814 crore, 64 crore is available. 89 crore in the corresponding period last fiscal.
Cost of materials consumed stood at Rs 1,616. 59 crore compared to Rs 1,051 crore. 57 crore earlier.
Ceat said its board approved raising of up to Rs 500 crore through issuance of non-convertible debentures NCDs which can be listed on unlisted, secured unsecured or such debt securities on a private placement basis in one or more tranches.
In Q 1 of the current fiscal, Ceat posted a consolidated net profit of Rs 23 crore compared to a net loss of Rs 35 crore for the year-ago period amid massive COVID-led disruptions in the market.
Revenue from operations rose to Rs 1,906 crore in Q 1, compared with Rs 1,120 crore in the same period of the previous fiscal year.