The Ceat stock was trading at Rs 1,079 at about 2.15 pm on Wednesday on the Bombay Stock Exchange (BSE), up 2.85%, in reaction to the news that the Mumbai-based company has entered into a partnership with Pirelli to sell the Italian tyre maker's premium motorcycle tyres in India.
In a regulatory filing with the BSE, Ceat said Pirelli will leverage its dealer network in India to sell Pirelli tyres.
Ceat had posted net income at Rs 1,409.42 crore for the quarter ended 30 September, 2015, down 2% from Rs 1,437.77 crore in the year-ago quarter. Net profit at Rs 107.40 crore in the September 2015 quarter was up 30.4% from Rs 82.35 crore, year on year.
In six months, the Ceat stock has gone up from Rs 751 (2 June) to trade at around Rs 1,079 on 2 December, 2015.
Most tyre companies had reported a fall in revenues due to imports in the truck and bus radial tyre segment, mainly from China.
The industry body Automotive Tyre Manufacturers Association (ATMA) had recently petitioned the Narendra Modi government recently to take corrective steps to check "unbridled imports of tyres", since imports account for almost 30% of the domestic TBR market.
