Tyre shares extend gain; MRF, TVS Srichakra up over 8%

Goodyear India, JK Tyre, Balkrishna Industries, Ceat and Apollo Tyres were up 3% to 7% on BSE

Shares of tyre companies were trading higher for the third straight trading session on expectation of an improvement in pricing power due decline in Chinese imports and falling rubber prices.

MRF and TVS Srichakra rallied more than 8% each, while Goodyear India, JK Tyre & Industries, Balkrishna Industries, Ceat and Apollo Tyres were up 3% to 7% on the BSE. On comparison, the S&P BSE Sensex was down 0.03% at 29,429 at 01:07 pm.

MRF hit a record high of Rs 57,959, up 9% on BSE in intra-day trade.

In past three-trading sessions, all these stock have