Apollo Tyres slips on profit booking

Apollo Tyres lost 1.14% to Rs 185.50 at 09:40 IST on BSE, with the stock declining on profit booking after recent upmove.

Meanwhile, the BSE Sensex was down 55.52 points, or 0.2%, to 27,084.42

On BSE, so far 71,563 shares were traded in the counter, compared with an average volume of 5.01 lakh shares in the past one quarter.

The stock hit a high of Rs 188.15 and a low of Rs 184.30 so far during the day. The stock hit a record high of Rs 214.80 on 7 July 2014. The stock hit a 52-week low of Rs 61 on 1 October 2013.

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

Shares of Apollo Tyres were on a roll recently, gaining 12.34% in two trading days to Rs 185.60 on 2 September 2014 from recent low of Rs 165.20 on 28 August 2014. The rise was following softening of natural rubber prices. Decline in rubber prices could boost profit margin of tyre firms as rubber is a key raw material in tyre manufacturing.

Apollo Tyres' consolidated net profit increased 37.4% to Rs 227.94 crore on 2.4% growth in total income to Rs 3276.53 crore in Q1 June 2014 over Q1 June 2013.

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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