JK Tyre shares gain 9 percent

Bangalore: The JK Tyre stock was among the top gainer of the day after its price went up by nearly nine percent. After opening trade at 183.50, the stock touched an intraday high of 208.40, before ending the day at 199.45, a gain of 8.96 percent over its previous close. Through the day, 1,452,886 shares of JK Tyre were traded in the market with the current P/E ratio of the stock at 5.45.

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JK Tyre and Industries is an India-based company engaged in manufacturing of automobile tyres, tubes and flaps. It also manufactures bulk drugs and intermediates and the company markets agricultural products. The company operates in the tyre, tubes and flaps segment. It has operations in India and Mexico. In June 2008, the company acquired 100 percent interest in Tornel, a Mexican tyre company. The tyre stocks started rallying after the companies decided to pass on the increase in excise duty to its customers, effective March 2.

The Union Budget proposed an increase in excise duty on tyres from a current level of eight percent to 10 percent. Out of four analysts following the stock currently, the consensus recommendation is buy, with all the four analysts recommending a buy rating.