Tyre makers gain as rubber prices slump

Reuters Market Eye – Shares of tyre makers gain 2 to 4 percent as prices of natural rubber fell to their lowest in 4-1/2 years in the global market.

Apollo Tyres Ltd (APLO.NS) gains 2 percent, MRF Ltd (MRF.NS) is up 2.2 percent, Ceat Ltd (CEAT.NS) jumps 4.5 percent, while JK Tyre & Industries Ltd (JKIN.NS) rises 2.1 percent.

Natural rubber makes up more than 40 percent of the cost of a tyre, according to analysts.

Indian tyre makers are increasing imports of natural rubber as it is cheaper overseas compared to local supplies.

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(Reporting by Abhishek Vishnoi)