Hold Ceat, says Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "In this kind of market situation the entire space is buzzing with positivity. Ceat has crossed that hurdle where normally the proper booking comes into play. I would certainly feel that if somebody has a long-term horizon and has an appetite to hold for another one year, probably one will be surprised on the upside and one should continue to hold the stock."

At 14:46 hrs Ceat was quoting at Rs 588.45, down Rs 1.70, or 0.29 percent.

The share touched its 52-week high Rs 731 and 52-week low Rs 104.90 on 25 June, 2014 and 28 August, 2013, respectively.