Apollo Tyres accelerates after strong Q1 earnings

Apollo Tyres surged 4.22% to Rs 82.80 at 15:05 IST on BSE after consolidated net profit jumped 78.95% to Rs 138.01 crore on 12.01% growth in total income to Rs 3174.53 crore in Q1 June 2012 over Q1 June 2011.

Meanwhile, the BSE Sensex was down 54.10 points or 0.31% to 17,546.46.

The stock surged on high volumes. On BSE, 14 lakh shares were traded in the counter as against average daily volume of 2.87 lakh shares in the past one quarter.

The stock hit a high of Rs 83.35 and a low of Rs 80.25 so far during the day. The stock had hit a record high of Rs 95 on 19 April 2012. The stock had hit a 52-week low of Rs 50.80 on 19 August 2011.

The mid-cap stock had underperformed the market over the past one month till 8 August 2012, falling 2.81% compared with the Sensex's 0.45% rise. The scrip had also underperformed the market in past one quarter, declining 3.23% as against Sensex's 6.37% rise.

The company has equity capital of Rs 50.40 crore. Face value per share is Re 1.

Apollo Tyres manufactures tyres and tubes for cars, trucks, farm equipment and light commercial vehicles. The company also manufactures automobile flaps and retreading materials.

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