NSEBrokerage firm Emkay has reiterated its "buy" recommendation on JK Tyre.
However, its price target of ₹700 per share implies a potential upside of ₹700 per share.A channel check conducted by Emkay indicated that the trucking industry fundamentals and sentiments are healthy.
'Out of the five analysts that have coverage on JK Tyre, three of them have a "buy" rating, while the other two have a "hold" recommendation.Shares of JK Tyre are trading 8.4% higher at ₹426.95.
The stock had doubled in 2023 and has given positive annual returns every single year since 2019.Taking cue from JK Tyre, other tyre stocks are also surging in today's session.
CEAT shares are up as much as 11%, while those of Apollo Tyres are also trading with healthy gains.
NSE
Brokerage firm Emkay has reiterated its "buy" recommendation on JK Tyre. However, its price target of ₹700 per share implies a potential upside of ₹700 per share.A channel check conducted by Emkay indicated that the trucking industry fundamentals and sentiments are healthy. It expects the commercial vehicle industry to enter an upcycle from financial year 2026.JK Tyre is engaged in the manufacturing of automobile tire, tubes and flaps. It mostly caters to the commercial vehicles and trucking industry.The brokerage also said that Indian tyre companies continue to close the gap with Multinational manufacturers.It also said that demand in the sector is improving and premiumisation are other positives in the sector.At 8 times financial year 2026 price-to-earnings, Emkay believes that the risk-reward for JK Tyre is favourable. 'Out of the five analysts that have coverage on JK Tyre, three of them have a "buy" rating, while the other two have a "hold" recommendation.Shares of JK Tyre are trading 8.4% higher at ₹426.95. With today's surge, the stock has turned positive for 2024. The stock had doubled in 2023 and has given positive annual returns every single year since 2019.Taking cue from JK Tyre, other tyre stocks are also surging in today's session. CEAT shares are up as much as 11%, while those of Apollo Tyres are also trading with healthy gains.
