Apollo Tyres gains on bargain hunting

Apollo Tyres rose 1.65% to Rs 67.85 at 10:13 IST on BSE on bargain hunting after the stock tumbled 8.06% in the preceding five trading sessions to Rs 66.75 on 27 September 2013 from a recent high of Rs 72.60 on 20 September 2013.

Meanwhile, the BSE Sensex was down 216.32 points, or 1.10%, to 19,510.95.

On BSE, 98,000 shares were traded in the counter compared with average volume of 7.56 lakh shares in the past one quarter.

The stock hit a high of Rs 69 and a low of Rs 66.05 so far during the day. The stock hit a 52-week high of Rs 101.50 on 8 May 2013. The stock hit a 52-week low of Rs 54.60 on 21 June 2013.

The stock had outperformed the market over the past one month till 27 September 2013, rising 8.18% compared with the Sensex's 9.79% rise. The scrip had also outperformed the market in past one quarter, rising 18.35% as against Sensex's 4.51% rise.

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

Apollo Tyres' consolidated net profit rose 19.5% to Rs 165.95 crore on 0.83% growth in total income to Rs 3200.94 crore in Q1 June 2013 over Q1 June 2012.

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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