JK Tyre share price hits 52-week high, up 108% in 7 months; should you buy, sell or hold?
₹294.95 and looked set to extend the gains into the second consecutive session. JK Tyre share price opened at ₹273.95 against the previous close of ₹270.15 and jumped 8.6 per cent to the 52-week high of ₹294.95 on BSE. While there is no immediate fundamental trigger for the stock, technical analysts observed that the stock breached the level of ₹290 which it had been struggling to cross for some time.
JK Tyre share price hit its 52-week low of ₹141.65 on BSE on March 20, 2023. In about seven months, this stock has jumped about 108 per cent to hit its fresh 52-week high. On a monthly basis, the stock has been gaining since March this year.
The stock traded 8.46 per cent higher at ₹293 around 12:10 pm on BSE. (Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Fundamental experts are positive about the stock for the long term.
Brokerage firm Emkay Global Financial Services has initiated coverage on JK Tyre with a buy recommendation, pegging the target price of ₹415, implying a 55 per cent upside potential. Emkay believes JK Tyre stock price can potentially double over three years. "Based on structurally strengthened positioning across growth, margin and BS parameters which are seen propelling RoCE (return on capital employed) to about 21 per cent in FY26E versus nearly 11 per cent in FY23, we argue that JK Tyre’s valuation should start converging towards larger peers, thereby driving substantial value creation," said Emkay.
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