CEAT, Apollo, JK Tyre: NCLAT relief may drive tyre stocks up to 16% higher

Most tyre stocks including JK Tyre, Apollo Tyres, CEAT, MRF and TVS Srichakra look strong on technical charts, looking to rally up to 16 per cent

The National Company Law Appellate Tribunal (NCLAT) has set aside the Rs 1,788-crore penalty imposed by the Competition Commission of India (CCI) on select tyre companies for alleged cartelisation. 

The said order from the NCLAT, dated December 1, is in respose to a batch of appeals filed by tyre-makers against a CCI ruling of August 2018. The tribunal has directed CCI to pass a fresh order in the matter after re-examining the imposed penalty. Read full story here.

Following the development, most tyre stocks moved higher in Monday's weak market. Shares of Apollo Tyres and JK Tyre