Apollo Tyres moves higher on thrust on new product development

Apollo Tyres rose 2.03% to Rs 151 at 15:30 IST on BSE after the company said in an investor conference presentation submitted to the stock exchanges that the company is focusing on new product development to grow market share.

Meanwhile, the S&P BSE Sensex was provisionally up 4.85 points 0.02% at 26,401.62.

On BSE, 1.76 lakh shares were traded in the counter as against average daily volume of 1.86 lakh shares in the past one quarter. The stock hit a high of Rs 152.10 and a low of Rs 147.90. The stock had hit 52-week high of Rs 223.30 on 5 August 2015. The stock had hit 52-week low of Rs 127.95 on 20 January 2016. The stock had underperformed the market over the past one month till 13 June 2016, sliding 7.38% compared with the Sensex's 3.56% rise. The scrip had also underperformed the market in past one quarter, sliding 11.69% as against the Sensex's 6.79% rise.

The mid-cap company has equity capital of Rs 50.90 crore. Face value per share is Rs 1.

Apollo Tyres said in its investor conference presentation that the company has a track record of launching innovative products in the market. The company also said that it has strong relationships with market leading original equipment manufacturers (OEMs), raw material suppliers and testing facilities. The company said that its global presence helps it in balancing business growth. The company said that it has a wide distribution network across India and Europe. Apollo Tyres further said that a long-standing relationship with dealers has been a key growth driver for the company.

Apollo Tyres' consolidated net profit declined 20.3% to Rs 245.16 crore on 5.4% decline in net sales to Rs 2966.12 crore in Q4 March 2016 over Q4 March 2015.

Apollo Tyres is one of the leading global tyre companies with presence across India, Europe and other growing economies of Asia. The company has manufacturing operations in Asia and Europe.

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