Meanwhile, the BSE Sensex was up 21.78 points, or 0.08%, to 26,232.46.

On the BSE, so far 91,000 shares were traded in the counter, compared with average daily volumes of 3.43 lakh shares in the past one quarter. The stock had hit a high of Rs 115 and a low of Rs 113.35 so far during the day.

The stock hit a 52-week high of Rs 161.50 on 6 October 2016. The stock hit a 52-week low of Rs 74.05 on 29 February 2016. The stock had underperformed the market over the past 30 days till 28 December 2016, falling 4.69% compared with the 0.69% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.69% as against Sensex's 5.81% decline.

The small-cap company has equity capital of Rs 45.36 crore. Face value per share is Rs 2.

The board of JK Tyre & Industries at its meeting yesterday, 28 December 2016, approved raising up to Rs 1000 crore by issuing securities, convertible/non-convertible, with or without warrant with right exercisable by the warrant holder to convert or subscribe to equity shares, by way of public and/or private offerings and/or qualified institutions placement, including Global depository receipts, American depository receipts, foreign currency convertible bonds, or any combination thereof, in one of more tranches.

The approval of shareholders in this connection will be obtained by way of a postal ballot.

On a consolidated basis, net profit of JK Tyre & Industries declined 13.54% to Rs 100.15 crore on 1.66% rise in net sales to Rs 1805.91 crore in Q2 September 2016 over Q2 September 2015.

JK Tyre & Industries is a leading tyre manufacturer in India.