Price hike move drives up Apollo Tyres

DALAL STREET SPIKES

The shares of Apollo Tyres went up marginally to close at Rs 179.70, after having opened at Rs 179.15 and gone to an intra-day high of Rs 190, while the low for the day was Rs 172.

On the BSE, the trading volumes were of the order of 97,871 shares and on the NSE 3.21 lakh shares.

The main impetus for the rise in the share prices was the result of the company announcing a hike in its tyre prices. In just a week's trading, the scrip has appreciated by around ten per cent.

However, it is also part of a larger upward movement in the prices of small and mid-cap stocks.

The hike in tyres prices has been prompted by the rise in the prices of natural rubber, a vital component in the production of tyres.

The prices of bus and truck tyres have gone up by around two to three per cent.