Ceat Tyres gains on inking pact with TN government for tyre plant

Ceat Tyres signed a Memorandum of Understanding with the government of Tamil Nadu to set-up tyre manufacturing company worth Rs. 4,000 crore at Maduramangalam village near the industrial hub of Kancheepuram.

The new plant will produce tyres and its allied products.The investment will be spread over the next 10 years and will provide employment to around a thousand people which will positively reflect upon the economy, said the company in a release.

Ceat Limited posted its intraday high at Rs. 1,210.80 per share and intraday low at Rs. 1,257 per share on the BSE. The share hit its 52-week high at Rs. 2,030 per share and its 52-week low at Rs. 1,232.20 per share on the BSE.

At, 12:50 was trading at Rs.1,310 per share, up by 3.20 per cent while the BSE Sensex was trading at 35,749.45 level, up by 0.49 per cent and Nifty50 at 10,785.25 level, up by 0.46 per cent.