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"Investors are buying on the dip and retail investors are also interested in picking up some jewellery," said Peter Fung, head of dealing at Wing Fung Precious Metals, adding there could be more buying if prices retreat further.
CEAT's consolidated net profit surged 195.9% to Rs 153.02 crore on 45.5% surge in net sales to Rs 2,289.72 crore in Q4 FY21 over Q4 FY20.On a consolidated basis, EBITDA surged 32% to Rs 268.70 crore in Q4 FY21 compared with Rs 202.90 crore in Q4 FY20. EBITDA margin stood at 11.7% in Q4 FY21 from 12.9% in Q4 FY20. The debt-to-equity ratio stood at 0.42x in Q4 FY21 as against 0.66x in Q4 FY20. Commenting on the results as well as the outlook of the business, Anant Goenka, managing director (MD) of CEAT, said: "It has been a very satisfactory year with record sales and profitability especially in a year that has been marked by uncertainty due to COVID-19. We gained market share in PCR and TBR segments. Encouraged by buoyancy in demand, we added new capacity in the TBR segment. Towards the latter part of the year due to increase in commodity prices, there has been some erosion in gross margins which prompted us to take a small increase in price. Frequent lockdowns and high commodity prices remain an industry-wide concern on OEM and retail demand. The vaccination drive gives us reason to remain bullish on the industry from a medium to longer term perspective."
Read more about Ceat posts three-fold jump in standalone net profit in March quarter on Business Standard. Tyre maker Ceat Ltd reported a nearly three-fold increase in standalone net profit to Rs 141.84 crore in the March quarter of the previous financial year
Tata Motors remains vigilant about the evolving COVID situation and has scaled up efforts to enhance the wellbeing of its personnel and their supporting ecosystem.The auto major said that the lockdown enforced in various parts of the country is expected to impact vehicle demand temporarily. Hence, the company has set in motion a comprehensive 'Business Agility Plan' to protect and serve the interests of its customers, dealers and suppliers. "By carefully calibrating and matching supplies with retail demand, Tata Motors shall ensure that optimal levels of inventory are maintained with dealers to meet whatever customer demands arise and also be prepared for a rebound in demand once the situation returns to normalcy. We will also continue to review and plan for the critical raw materials to cater to this volatile demand outlook and work closely with our vendor partners to meet the same," the company said in a statement.