Apollo Tyres shares up over 3 pc on South Africa biz move

Shares of Apollo Tyres rose by more than 3 per cent today after the company said it is undertaking an exercise to 'rescue' operations of its South African arm in the wake of uncompetitive cost structure, continuous labour unrest and related issues.
The company's scrip ended with a gain of 2.91 per cent at Rs 201.30 on the BSE. During the day, it climbed 4.11 per cent to Rs 203.65.
At the NSE, it ended 3.25 per cent higher at Rs 202.
On the volume front, 11.21 lakh shares of the company changed hands at the BSE, while over one crore shares were traded at the NSE during the day.

The company has roped in a specialist to re-structure its operations there.
"Apollo Tyres Africa (Pty) Ltd has voluntarily initiated the Business Rescue proceedings, and has appointed a specialist to re-structure its operations and to secure the best value for all stakeholders," a company spokesperson had said in a statement yesterday.
The evaluation by the independent Business Rescue Practitioner will decide the future course of action for the company in South Africa, the statement said.
"This move by the company, has been prompted by the uncompetitive cost structure in the South African market, along with the continuous labour unrest and related issues," it had said.