Meanwhile, the S&P BSE Sensex was up 460.68 points or 1.82% at 25,778.55.

On BSE, so far 2.57 lakh shares were traded in the counter in the counter as against average daily volume of 4.65 lakh shares in the past two weeks.

The stock hit a high of Rs 104.65 and a low of Rs 101.35 so far during the day. The stock had hit a record high of Rs 162.95 on 19 December 2014. The stock had hit a 52-week low of Rs 61.57 on 5 September 2014.

According to reports, JK Tyres & Industries is working on signing up with vendors and is exploring both local and international vendors for entering into two-wheeler tyre segment. It will service both the aftermarket and OEM (original equipment manufacturer) segment, reports suggested. Currently, the company makes tyres for four-wheelers, buses and trucks.

On consolidated basis, JK Tyres & Industries' net profit rose 113.1% to Rs 118.12 crore on 5.1% decline in net sales to Rs 1759.91 crore in Q1 June 2015 over Q1 June 2014.

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