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Nifty has declined for the second consecutive day but remains above the 24,600 mark. Attention is focused on Ceat and Godrej Consumer as market movements continue to unfold. Investors are encouraged to stay updated on relevant transactions and market developments.
On December 9, the Sensex and Nifty ended in the red as investors awaited key US and Indian CPI data. ITI shares surged 15%, while Mishtann Foods faced a 20% drop due to regulatory issues. FMCG stocks fell over 10% after Godrej Consumer's weak sales forecast, and CDMO stocks dropped amid uncertainty over the US Biosecure Act. CEAT shares rose over 10% following a significant acquisition, while Star Health tanked over 4% after receiving a regulatory notice.
Ceat's acquisition of the Camso brand has boosted its stock by 10%, with Vice Chairman Anant Goenka highlighting the premium quality of the brand as a key advantage. This deal enhances Ceat's position in export markets, providing access to over 40 OEMs and 200 distributors in the high-end segment. The company plans to finance the acquisition with 30% equity and 70% debt, paving the way for entry into the compact construction equipment market and the sale of conveyor belt tracks over the next three years.
CEAT shares surged 9% to a record high of Rs 3,370 on December 9, following the announcement of its $225 million acquisition of Camso's Off-Highway tyre and tracks business from Michelin. This strategic move is expected to enhance CEAT's offerings in the high-margin Off-Highway Tyres segment. Brokerages responded positively, raising price targets and expressing optimism about the company's future prospects.
CEAT has acquired Camso's Off-Highway tyres and tracks business from Michelin for $225 million, gaining global ownership of the Camso brand and two manufacturing facilities in Sri Lanka. This deal, expected to generate revenues of approximately $213 million in CY23, enhances CEAT's product portfolio in the high-margin Off-Highway Tyres segment and provides access to a global customer base, including over 40 international OEMs. The Camso brand will be permanently assigned to CEAT after a three-year licensing period, marking a significant step in CEAT's ambition to become a leading player in this market.
Ace investor Mukul Agrawal has significantly reshuffled his portfolio in the September quarter, increasing his stakes in Hind Rectifiers, Lux Industries, and KDDL. He reduced his holdings in at least 20 companies and is no longer listed as a shareholder in three firms, including Tasty Bite Eatables and Raymond. Agrawal's total disclosed stakes span nearly 56 companies, valued over Rs 6,754 crore.
Himadri Speciality Chemical Ltd plans to enter the electric vehicle (EV) tyre market, targeting a launch within 24 months. The company has partnered with Boston Consulting Group to assess market potential and capital expenditure strategies, following its acquisition of Birla Tyres. As EV adoption rises, particularly in two- and three-wheelers, the demand for specialised tyres designed for efficiency and reduced noise is expected to grow significantly.
CEAT Limited
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Nifty Declines for Second Day While Ceat and Godrej Consumer Gain Attention
11:28 09.12.2024
stocks experience volatility as investors await key economic data releases
11:14 09.12.2024
Ceat Acquires Camso Boosting Stock and Expanding into Premium Markets
07:05 09.12.2024
CEAT Shares Surge to Record High Following Camso Acquisition Announcement
04:51 09.12.2024
CEAT Acquires Camso Off-Highway Tyres Business from Michelin for 225 Million Dollars
13:18 06.12.2024
mukul agrawal reshuffles portfolio increasing stakes in three companies
TASTY BITE EATABLES LTD.
Dredging Corporation of India Limited
PIX Transmissions Limited
InfoBeans Technologies Limited
Pearl Global Industries Limited
Strides Pharma Science Limited
PTC Industries Limited
Indian Metals and Ferro Alloys Limited
West Coast Paper Mills Limited
Tracxn Technologies Limited
Raymond
Zota Healthcare
MITCON Consultancy & Engineering Services Limited
Arman Financial Services Limited
Vidhi Specialty Food Ingredients Limited
Lux Industries Limited
Nuvama Wealth Management Limited
KDDL Limited
Surya Roshni Limited
Intellect Design Arena Limited
Hind Rectifiers Limited
Quick Heal Technologies Limited
Sahyadri Industries Limited
Dishman Carbogen Amcis Limited
PDS Ltd.
CEAT Limited
IND
Mukul Agrawal
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05:23 21.11.2024
Himadri Speciality to Launch Electric Vehicle Tyres Within Two Years
United States Dollar
Himadri Speciality Chemical Ltd.
JK Tyre & Industries Ltd.
MRF Ltd.
CEAT Limited
Boston Consulting Group Inc.
IND
Anurag Choudhary
Birla Tyres
CEAT
JK Tyre
MRF Ltd
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13:00 23.10.2024
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