Tyre stocks in focus; Balkrishna Industries hits new high

TVS Srichakra, Goodyear India, Ceat, Apollo Tyres and MRF were up between 2% and 7% against 0.19% decline in the S&P BSE Sensex at 11:51 AM.

Shares of tyre companies were in focus in otherwise weak market with most of frontline stock rallying up to 8% on the BSE in intra-day trade.

Balkrishna Industries (BIL), TVS Srichakra, Goodyear India, Ceat, Apollo Tyres and MRF were up between 2% and 7% on the BSE. On comparison, the S&P BSE Sensex was down 0.19% at 32,878at 11:51 AM.

BIL hit a new high of Rs 2,242, up 8% on the BSE in intra-day trade. The stock soared 25% in past one week after its board recommended bonus issue in the ratio of 1:1 i.e. 1 bonus