On December 09, 2024, CEAT share price (NSE: CEATLTD) scaled a new 52-week high of ₹3,444.95, up 10.54% for the day at 10:10 AM on the NSE. The share opened at ₹3,240.05, higher than ₹3,092.10 at the previous close.
Last week, the Board of Directors of the company approved a pivotal move to enter into definitive agreements with associate companies within the Michelin Group.
This decision will enable the acquisition of the Camso brand’s Off-Highway construction equipment tyre and tracks business, marking a significant expansion for the company.
The acquisition will be executed through one or more subsidiaries, which the company intends to incorporate specifically for this purpose.
This strategic initiative is poised to enhance the company’s market position in the off-highway segment and broaden its product portfolio, reinforcing its commitment to growth and innovation in the sector.
CEAT reported strong revenue for Q2 FY25, with consolidated revenue reaching ₹3,304.5 crore, marking the highest ever for the company.
However, the company experienced a 41.5% year-on-year decline in consolidated net profit, which stood at ₹121.5 crore.
Additionally, consolidated EBITDA was ₹367.9 crore, reflecting a 20.3% year-on-year decline. Despite the drop in profitability, the record revenue highlights the company’s growth in the market.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 9, 2024, 10:14 AM IST
We're Live on WhatsApp! Join our channel for market insights & updates