Tyre stocks gain as govt imposes additional duty on Chinese tyre imports

The government has imposed countervailing duty on new pneumatic radial tyres, which are imported from China, for five years

Shares of tyre makers gained up to 8 per cent on the BSE on report that the government imposes definitive countervailing duty on truck and bus radial tyre imports from China.

Reacting to the news, the stocks of TVS Srichakra rallied 8 per cent to Rs 1,963, followed by JK Tyre, which surged 5 per cent at Rs 80, Ceat was up 4 per cent at Rs 939, followed by Balkrishna Industries, up 3 per cent at Rs 766 and MRF by 2 per cent at Rs 56,099 on the BSE. In comparison, the S&P BSE Sensex was up 0.62