JK Tyre & Industries surged 4.34% to Rs 121.40 at 13:51 IST on BSE after the company said on Friday, 11 April 2008, its board has approved the acquisition of a $200 million Mexican tyre-producing company Tornel for Rs 270 crore.
The stock hit a high of Rs 128 and a low of Rs 119.40 so far during the day. The stock had a 52-week high of Rs 195 on
The company’s current equity is Rs 30.79 crore. Face value per share is Rs 10.
The current price of Rs 121.40 discounts its Q1 December 2007 EPS of Rs 28.24, by a PE multiple of 4.30.
Tornel specializes in passenger car radials. It has a total capacity of 6.6 million tyres at its three plants located in
JK Tyre & Industries’ net profit rose 166.1% to Rs 21.74 crore on 9.9% growth in net sales to Rs 722.88 crore in Q1 December 2007 over Q1 December 2006.
The company is engaged in designing, developing, manufacturing, distributing and servicing of conventional and radial tyres, tubes and flaps. It manufactures truck and bus radials, steel radials for cars, light commercial vehicle (LCV), truck and bus. Radial brands of the group include Ultima and Rally.
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