Apollo Tyres gains after Hungary secures EU nod to offer aid

Hungary has secured approval of the European Union to award grant for building a plant in northern Hungary

Shares of Apollo Tyres were up over 3% at Rs 217 on reports that Hungary has secured approval of the European Union to award grant for building a plant there.

According to reports, Hungary has gained regulatory approval from the European Union to grant 95.7 million euros in aid to Apollo Tyres for the construction of a tyre plant.

Hungary is offering a direct grant of 48.2 million euros, an employment grant of 2.8 million euros and tax allowances of about 44.7 million euros for the new facility which will lead to  a creation of 975 jobs.

The stock opened at Rs 212 and touched a high of Rs 217 as of now. Over 550,000 shares were traded on both the stock exchanges so far.