Quarterly results deflate Apollo Tyres

DALAL STREET SPIKES

Apollo Tyres ended 5.88 per cent lower as the company's third-quarter results failed to enthuse the market.

The counter witnessed aggressive profit booking since the afternoon trade as the scrip lost Rs 14 to close at Rs 2 53.70. More than 45,000 shares were traded at this counter at the BSE.

From a 52-week high of Rs 295 on 9 January 2004, it has now lost over 10.7 per cent to close at above levels.

For the quarter ended December 31, 2003, the companyregistered a 38.5 per cent fall in net profit at Rs 15.64 crore as compared to Rs 25.47 crore in the same period last year.

According to an analyst, the entire tyre industry has been facing problems with respect to the increase in prices of rubber, the key raw material.