Apollo Tyres hits new high on heavy volumes

A combined 19.34 million shares representing nearly 4% of total equity of Apollo Tyres changed hands till 1055 hours.

Apollo Tyres has surged 6% to Rs 113 in early noon deals on back of heavy volumes on the bourses. The stock has opened at Rs 107 and touched a record high of Rs 114 on the NSE.

A combined 19.34 million shares representing nearly 4% of total equity of Apollo Tyres changed hands on the counter till 1055 hours against an average sub 5 million shares that were traded daily in past two weeks on the BSE and NSE.

At 1036 hours, around 2.09 million shares have changed hands at price of Rs 107.75 per share on the BSE. The name of buyers and sellers are not immediately ascertained.

On Tuesday, Swiss Finance Corporation (Mauritius) had sold 4.4 million shares of Apollo Tyres at price of Rs 109.05, while on Monday; foreign investor had offloaded another 4.4 million shares at Rs 105.90, the NSE bulk deal data shows.