Ceat hits new low

Ceat, which had closed yesterday at Rs.1133.45, went on to hit a new 52-week low at Rs.1051.30 though it has recouped now, with buyers emerging at lower levels.

The company, for Q3FY22 posted a consolidated net loss of Rs.20 crore v/s profit of Rs.132 crore (YoY). Though revenue rose 9% at Rs.2413 crore, the 24% increase in raw material costs pushed down the profits.

Lower demand and inflation impacted the performance. The company plans to offset the costs by hiking prices but expects the pressure to remain in Q4 too.