CEAT stock hits all-time high; m-cap crosses Rs 10,000 crore mark

CEAT share price BSE: Shares of tyre maker Ceat Ltd hit a new milestone on Thursday, July 6 as the company's market capitalisation crossed the Rs 10000 crore mark. The stock hit a record high of Rs 2,498.10 on the BSE.

CEAT share price BSE: Shares of tyre maker Ceat Ltd hit a new milestone on Thursday, July 6 as the company's market capitalisation crossed the Rs 10000 crore mark. Image: Freepik/ Representational image

CEAT share price BSE: Shares of tyre maker CEAT Ltd hit a new milestone on Thursday, July 6, as the company's market capitalisation crossed the Rs 10,000 crore mark. CEAT shares zoomed as much as 20 per cent to hit a new high of Rs 2,512.2 in Thursday’s intra-day trade from the previous close of Rs 2,093.5 on the NSE. The counter closed at Rs 2,469, up nearly 18 per cent. Amid high volumes, the company’s market capitalisation touched the Rs 10,000 crore mark during the session.

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So far in FY24, the stock has jumped 70 per cent. The company is focusing on improving the product mix, increasing market share in the PV segment, and controlling Capex. CEAT aims to achieve market leadership in the PV segment in the next 3 years to increase export earnings by 2x to Rs 4000 crore in the medium term.

The company targets starting sales of the CEAT brand in the US by the end of FY24. The flagship company of RPG Enterprises is one of the leading tyre manufacturers in India.

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