Ceat stock rises 7.91% after HSBC unit raises stake

The Ceat stock rose on Tuesday on reports a HSBC unit raised its stake in the tyremaker to 5.64 per cent.

The stock closed 7.91 per cent higher at Rs 1,000.40 on the BSE.

Jwalamukhi Investments Holdings (JIH), a sub-account of HSBC Bank (Mauritius) acquired 14,21,375 shares of Ceat , amounting to 3.51 per cent stake on July 31, 2015, the company said in a BSE filing.

With the acquisition, JIH, which already holds 2.13 per cent stake increased its holding in the company to 5.64 per cent.

The Sensex closed 115.13 points lower at 28,071 level on Tuesday.