Buy Ceat, target price Rs 2950: Motilal Oswal

Ceat Ltd. key Products/Revenue Segments include Automobile Tubes, Other Operating Revenue, Scrap, Others, Royalty Income for the year ending 31-Mar-2023.

By ETMarkets.com | Oct 18, 2023, 09.35 AM IST

Promoters held 47.21 per cent stake in the company as of 30-Sep-2023, while FIIs owned 24.1 per cent, DIIs 12.91 per cent.

Motilal Oswal Securities has buy call on Ceat Ltd. with a target price of Rs 2950. The current market price of Ceat Ltd. is Rs 2198.8. Ceat Ltd., incorporated in the year 1958, is a Mid Cap company (having a market cap of Rs 8939.47 Crore) operating in Tyres sector.

Ceat Ltd. key Products/Revenue Segments include Automobile Tubes, Other Operating Revenue, Scrap, Others, Royalty Income for the year ending 31-Mar-2023.

Financials
For the quarter ended 30-09-2023, the company has reported a Consolidated Total Income of Rs 3063.79 Crore, up 4.27 % from last quarter Total Income of Rs 2938.42 Crore and up 5.49 % from last year same quarter Total Income of Rs 2904.25 Crore. Company has reported net profit after tax of Rs 202.09 Crore in latest quarter.

Promoter/FII Holdings
Promoters held 47.21 per cent stake in the company as of 30-Sep-2023, while FIIs owned 24.1 per cent, DIIs 12.91 per cent.

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