Apollo Tyres skids after weak Q4 outcome

Apollo Tyres fell 0.81% to Rs 152.15 at 9:44 IST on BSE after consolidated net profit declined 20.27% to Rs 245.16 crore on 5.35% decline in net sales to Rs 2966.12 crore in Q4 March 2016 over Q4 March 2015.

The result was announced after market hours yesterday, 11 May 2016.

Meanwhile, the BSE Sensex was up 225.83 points, or 0.88%, to 25,822.85 .

On BSE, so far 2.43 lakh shares were traded in the counter, compared with an average volume of 2.12 lakh shares in the past one quarter. The stock hit a high of Rs 155.10 and a low of Rs 148.65 so far during the day. The stock hit a 52-week high of Rs 223.30 on 5 August 2015. The stock hit a 52-week low of Rs 127.95 on 20 January 2016. The stock had underperformed the market over the past one month till 11 May 2016, falling 8.80% compared with 2.30% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 3.13% as against Sensex's 11.52% rise.

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

On a consolidated basis, Apollo Tyres' net profit rose 11.81% to Rs 1093.02 crore on 8% decline in net sales to Rs 11707.80 crore in the year ended March 2016 over the year ended March 2015.

Apollo Tyres' board of directors at its meeting held yesterday, 11 May 2016, approved the issue of non convertible debentures aggregating to Rs 1000 crore on private placement basis, in one or more tranches.

Apollo Tyres is in the business of manufacture and sale of tyres. The company markets its products under its two global brands - Apollo and Vredestein, and its products are available in over 100 countries.

Powered by Capital Market - Live News