Balkrishna Industries

Tyre-maker's challenges include excess inventory, muted demand in agriculture sector

Its revenue from operations increased marginally by around 6 per cent to Rs 2,165.57 crore in Q3

Company's near term will be tough, but brokerages believe it will continue to gain market share

The management commentary suggests Q2FY23 to be weak (QoQ decline) due to sluggish demand prospects in Europe and US.

Stocks to Watch: With oil prices staging a dramatic reversal, related stocks, along with rate-sensitive sectors will be on the radar as RBI announces its monetary policy outcome Friday.

According to the technical analyst from Anand Rathi, Balkrishna Industries is showing immense strength on the 2-hour chart, while the weekly chart of HDFC Life indicates a sharp up move.

The company announced commencement of commercial production from its brownfield expansion & debottlenecking project at the Bhuj plant.

Balkrishna Industries: Volume constraints and valuations are the other concerns

According to the technical analyst from Anand Rathi, LT is in a secular uptrend and currently hovering above all its major exponential moving averages on daily time frame indicating inherent strength

Balkrishna Industries hit a new high of Rs 2,656.95, up 5 per cent on the BSE in intra-day trade, surpassing its previous high of Rs 2,558.15 touched on August 4, 2021

While growth momentum has been strong, what has helped the company perform better than peers in the June quarter is its reliance on overseas markets

On the daily chart, the Nifty MidCap index in reaching the '100% Price Extension' of the previous up move

The management said the demand continues to be robust in Agriculture segment across Geographies

Off-highway tyre manufacturer Balkrishna Industries (BKT Tires) on Wednesday said it is sponsoring seven teams in the upcoming season of the Indian Premier League (IPL).

With 9MFY21 volumes of approximately 159,130 MT, the management increased guidance for FY21 and expects to end FY21 with a sales volume of 215,000-220,000 MT

Weightage-wise, Infosys (up 3 per cent), Reliance Industries, ICICI Bank, M&M, and TCS contributed around 408-points towards overall gains on the index

However the upsides are capped given stock gains and margin pressures

MRF hit a fresh 52-week high of Rs 81,000, up 2.4 per cent on the BSE, thus gaining 26 per cent in the past month.

Benefits will be restricted to Rs 2 crore per exporter from Sep 1 to Dec 31, and may be discontinued from Jan 1, 2021

In addition to revenue growth, lower costs to aid the company in meeting its margin guidance for FY21