Shares of JK Tyre & Industries on Tuesday soared over 16 per cent after the company reported a 55.53 per cent jump in consolidated net profit for the third quarter of the 2014-15 financial year.
The company had on Monday reported a 55.53 per cent jump in consolidated net profit at Rs 91.81 crore for the third quarter ended December 31, 2014, on account of its focus on radial tyres.
The tyre manufacturer had reported consolidated net profit of Rs 59.03 crore in Q3 a year ago.
"JK Tyre's consolidated net sales during the quarter under review also surged to Rs 1,825.76 crore, up 7.18 per cent from Rs 1,703.42 crore in the year-ago period," the company had said in a statement.
Reacting to the news, shares of JK Tyre jumped 16 per cent to Rs 121.90 a piece at the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), the shares soared 16.16 per cent to Rs 121.80 a piece.