Shares of Ceat Ltd. surged to hit the 20% upper circuit to a record high and traded over 18% on Thursday afternoon.
Shares closed 18.7% higher compared to a 0.5% advance in the S&P BSE Sensex.
The relative strength index was at 72, implying that the stock may be overbought.
Of the 22 analysts tracking the company, 13 maintain a 'buy' rating, five recommend a 'hold' and four suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 0.3%.
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