Buy Ceat, target price Rs 1317: Motilal Oswal

Motilal Oswal has given a buy rating to Ceat with a target price of Rs 1317. The share price moved up by 2.30 per cent from its previous close of Rs 1121.70. The stock’s last traded price is Rs 1147.50.

Ceat Ltd., incorporated in the year 1958, is a Mid Cap company (having a market cap of Rs 4660.26 Crore) operating in Tyres sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 1978.47 Crore, up 76.62 % from last quarter Sales of Rs 1120.16 Crore and up 16.96 % from last year same quarter Sales of Rs 1691.55 Crore Company reported net profit after tax of Rs 168.87 Crore in latest quarter.


Promoter/FII Holdings
Promoters held 46.8 per cent stake in the company as of Sept 30, 2020, while FIIs held 23.7 per cent, DIIs 16.2 per cent and public and other 13.3 per cent.