This Mid-Cap Stock Is Zooming After A 1,500% Jump In Profit

Shares of tyre maker CEAT were on the climb on Wednesday after the company posted strong quarterly results on the back of its replacement and international businesses.

What Happened? The firm posted a nearly 1500% increase in net profit to ₹144.6 crore for the quarter ended June, while its revenue went up to ₹2,938.4 in the quarter from ₹2,821.1 last year.

The firm’s board also approved a private placement of up to ₹500 crore via debt instruments.

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“Our continuous focus on cash has helped us reduce our debt for the second consecutive quarter, and we have seen a reduction in our standalone gross debt by ₹97 crore," said Kumar Subbiah, CFO of CEAT Limited.

Price Action: Shares of CEAT were up 3.80% at ₹2570.60 in early trade on Wednesday. The stock has gained nearly 60% so far this year.

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