Reuters Market Eye - Shares in tyre companies extend gains, adding to sharp spikes on Monday, on the back of weak natural rubber prices that are at multi-year lows.
Rubber prices continue to fall and are trading near 5-year lows. This will continue to support margins in the medium term, said an analyst with a local brokerage.
Shares in Apollo Tyres Ltd rise 3 percent, adding to their 8 percent gain on Monday, while JK Tyre and Industries surges 4.7 percent, extending a 17.8 percent rally from the previous session.
Ceat Ltd surged 8.4 percent, adding to a 20 percent surge on Monday.
(Reporting by Indulal PM)
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