CEAT trades higher on planning to expand tyre sales network
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Ceat is currently trading at Rs. 1380.60, up by 11.25 points or 0.82% from its previous closing of Rs. 1369.35 on the BSE.
The scrip opened at Rs. 1371.00 and has touched a high and low of Rs. 1392.55 and Rs. 1352.40 respectively. So far 12033 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1420.00 on 11-Oct-2021 and a 52 week low of Rs. 890.00 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 1397.30 and Rs. 1331.40 respectively. The current market cap of the company is Rs. 5586.76 crore.
The promoters holding in the company stood at 47.21%, while Institutions and Non-Institutions held 33.60% and 19.20% respectively.
CEAT is planning to expand its tyre sales network in places with population of 5,000-10,000 via its FMCG style of distribution, aiming to double outlets to 1 lakh in two to three years.
The company is doing a habitat-based survey because not all places with 5,000 or 10,000 population have outlets and its aim is to reach the customers as close as possible whether it is through kirana stores, auto spare parts shops or even some concept shops.
CEAT is among the best tyre manufacturers in India. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps.
