BOM:500878

CEAT Approves INR12.1 Billion Investment to Expand Two-Wheeler Tyre Manufacturing Capacity; Shares Plummet 8%

CEAT (NSE:CEATLTD, BOM:500878) has approved an investment of around 12.1 billion Indian rupees to expand two-wheeler tyre manufacturing capacity.The company plans to add about 53,000 tyres per day by the end of fiscal 2031 through phased capacity expansion. CEAT currently has two-wheeler tyre capacity of about 80,000 tyres per day, with utilization at around 95%, according to an Indian bourse filing on Thursday.The expansion will be funded through a mix of internal accruals and debt. The investment is aimed at addressing capacity constraints at its Nagpur plant, which is nearing full utilization.Shares of the company fell nearly 8% in recent trade.

Nirmal Bang Institutional Equities Downgrades CEAT to Hold From Buy; Price Target is INR4,015

CEAT (BOM:500878, NSE:CEATLTD) has an average rating of overweight and mean price target of 3,844 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Yes Research Downgrades Ceat to Neutral from Buy; Price Target is INR3,929

Ceat (BOM:500878, NSE:CEATLTD) as an average rating of hold and mean price target of 3,834.47 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Nomura Adjusts CEAT's Price Target to INR4,276 From INR4,613, Keeps at Buy

Emkay Global Downgrades Ceat to Reduce from Buy; Price Target is INR3,600

IIFL Downgrades Ceat to Reduce from Add; Price Target is INR3,200

ICICI Securities Downgrades Ceat to Hold from Buy; Price Target is INR3,850