Goodyear India slips after suspending production

Goodyear India fell 1.17% to Rs 953.15 after the company said its plant at Ballabgarh in Haryana will halt operations between 25th and 30th November 2019 to align production in line with the market demand.

The announcement was made after trading hours yesterday, 25 November 2019.

Shares of Goodyear India dropped 4.76% in six trading sessions to its current market price of Rs 953.15 from its recent closing high of Rs 1,000.85 on Monday, 18 November 2019.

Meanwhile, the S&P BSE Sensex was up 66 points or 0.16% to 40,955.29.

The stock was trading in the range of Rs 950.05 to Rs 979 so far during the day.

On the technical front, the stock's RSI (relative strength index) stood at 44.024. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 962.49, but it was above its 200 DMA placed at Rs 925.05 respectively.

Goodyear India's net profit surged 31.5% to Rs 37.79 crore on 7.2% decline in net sales to Rs 454.08 crore in Q2 September 2019 over Q2 September 2018.

Goodyear India is engaged in the manufacturing and trading of tires, tubes and flaps.

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