JTEKT (TYO:6473) raised its full-year consolidated forecasts for the fiscal year ended March 31 due to reduced costs, price pass-throughs to customers, deferred tax asset recognition in India and US tax refunds.

It now projecting a higher net profit of 13 billion yen or 38.26 yen per share, from 5 billion yen or 14.58 yen per share initially, while revenue is forecasted to be higher at 1.88 trillion yen from 1.86 trillion yen.

JTEKT's shares gained nearly 3% at market close.

Price (JPY): $1032.50, Change: $+29, Percent Change: +2.84%