CEAT Ltd has been selected by the Board of Control for Cricket in India (BCCI) as an official partner to sponsor certain segments of the IPL matches

According to the company’s stock exchange filing, the contract is valued at an aggregate spend of ₹240 crore over five years.

CEAT stock rose 1.19 per cent to trade at ₹2,939.15 on the BSE as of 11.37 am on Friday. The stock had earlier hit a 52-week high on the BSE at ₹2,997.25 on January 20, 2024.

On the NSE, the stock traded at ₹2,945, up by 1.31 per cent as of 11.38 am.

The tyremaker had reported a fivefold increase in net profit at ₹181 crore for the quarter that ended in December 2023 compared to ₹35 crore reported during the same quarter last year.