The stock declined almost 8% from intra-day high
Apollo Tyres has slipped 6% to Rs 79.65, declining over 8% from intra-day high level after reporting 18% year-on-year (y-o-y) drop in net profit at Rs 157 crore for the quarter ended March 2012, due to higher raw material and staff cost.
The operating profit margins declined marginally to 11.14% from 11.30% during the quarter under review. Net sales however, grew 18% at Rs 323 crore on y-o-y basis.
Meanwhile, the board of directors of India’s second-biggest tyre producer by tonnage has recommended final dividend @ Re. 0.50 per share, on equity shares of Re 1/- each for the year.
A combined 10.54 million shares have changed hands on the counter so far, against an average sub 3.7 million share that were traded daily in past ten trading days on the NSE and BSE.
In view of rising farm input costs, the Agriculture Ministry has proposed a Rs 170 per quintal increase in the minimum support price (MSP) of paddy ...