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Friday, July 1, 2022

Tyre shares gain; Apollo up 7 pct

Reuters Market Eye – Tyre makers gain as natural rubber prices in the local market are near their lowest levels in five years.

A strong rupee also helps further lower the cost of imports.

Tyre makers source natural rubber from both home and abroad.

Auto sales in September were also robust, spurring share gains, dealers say.

Shares in Apollo Tyres (APLO.NS) jump as much as 7.6 percent.

JK Tyre and Industries (JKIN.NS) rises as much as 5.6 percent and Ceat Ltd (CEAT.NS) gains as much as 4.9 percent.

(Reporting by Indulal PM)

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