Apollo Tyres scales record high on blockbuster Q4 outcome

Apollo Tyres surged 5.43% to Rs 176.55 on BSE, after consolidated net profit jumped 98.62% to Rs 281.62 crore on 5.39% growth in total income to Rs 3247.88 crore in Q4 March 2014 over Q4 March 2013.

The result was announced during market hours today, 15 May 2014.

Meanwhile as per provisional closing, the BSE Sensex was up 78.21 points, or 0.33%, to 23,893.33

On BSE, 30.20 lakh shares were traded in the counter, compared with an average volume of 6.72 lakh shares in the past one quarter.

The stock hit a record high of Rs 183 in intraday trade today, 15 May 2014. The stock hit an intraday low of Rs 166.80. The stock hit a 52-week low of Rs 54.60 on 21 June 2013.

The stock had underperformed the market over the past one month till 14 May 2014, rising 1.45% compared with 5.24% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 42.63% as against Sensex's 16.93% 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 jumped 64.06% to Rs 1005.05 crore on 4.81% growth in total income to Rs 13509.82 crore in the year ended 31 March 2014 over the year ended 31 March 2013.

Apollo Tyres' Board of Directors at its meeting held today, 15 May 2014, has noted/approved that Mr. Shardul S. Shroff has resigned from the Board of Directors of the company with immediate effect and Ms. Pallavi Shroff has been appointed as an Additional Director (Independent) on the Board of the company. The Board also approved Greenfield Project in Eastern Europe, at a project cost of approx. Euro 500 million over the next four years, funded with accruals and debt at the company's European subsidiary. The planned capacity is expected to be 16000 Passenger Car Tyres (PCR) per day and 3000 Truck Bus Radial Tyres (TBR) per day.

Apollo Tyres Board of Directors at its meeting held on today, 15 May 2014, has recommended final dividend of Re 0.75 per share for the year ended 31 March 2014.

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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