Balkrishna Industries Faces Volatility Amid Broader Sector Decline and Profit Growth
Balkrishna Industries, a prominent player in the Tyres & Allied industry, has experienced significant volatility today, reaching a new 52-week low of Rs 2157.2. The stock has underperformed its sector by 0.96%, marking a continued decline over the past three days, during which it has lost 11.62% in returns. Opening with a gap down of 3%, the stock hit an intraday low of Rs 2157.2, reflecting a 10% drop.In terms of moving averages, Balkrishna Industries is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating a bearish trend. The broader Tyres & Allied sector has also faced challenges, declining by 4.42%.
Despite a year-on-year performance of -5.68%, the company has reported a 42.5% increase in profits, showcasing strong management efficiency with a return on capital employed (ROCE) of 16.7%. With a market capitalization of Rs 46,335 crore, Balkrishna Industries remains the second-largest entity in its sector, holding a significant 31.99% market share.
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