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Tyre stocks gain on easing oil prices; JK Tyre, Kesoram up over 5%

Apollo Tyres, MRF, Balkrishna Industries and Ceat were up in the range of 1% to 3% on the BSE in intra-day trade.

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SI Reporter Mumbai
Shares of tyre manufacturing companies have rallied by up to 14% on the BSE in early morning trade in an otherwise subdued market on easing crude oil prices.

Kesoram Industries has surged 14% to Rs 94.40, while JK Tyre soared 7% to Rs 110 on back of heavy volumes. Shares of TVS Srichakra, Apollo Tyres, MRF, Balkrishna Industries and Ceat were up in the range of 1% to 3% on the BSE in intra-day trade. In comparison, the S&P BSE Sensex was down 0.39% at 36,340 points at 09:58 am.

On Wednesday, the prices of Brent crude was seen at