Tyre makers climb after crude oil slides

Shares of six tyre manufacturing companies rose 0.32% to 3.34% at 15:09 IST on BSE as crude oil prices dropped.

Apollo Tyres (up 3.34%), CEAT (up 2.62%), JK Tyre & Industries (up 2.23%), MRF (up 1.70%), Goodyear India (up 0.82%) and Balkrishna Industries (up 0.32%), edged higher.

Meanwhile, the S&P BSE Sensex was down 105.93 points, or 0.33% to 32,469.24.

In the global commodities markets, Brent for October 2017 settlement was down 4 cents at $51.74 a barrel. The contract had fallen 94 cents to settle at $51.78 a barrel during the previous trading session.

There are two types of rubber used in manufacturing tires - natural and synthetic. Synthetic rubber is produced from petroleum waste. Price of natural rubber, a main raw material in making tyres, has strong correlation to crude oil prices.

 

Powered by Capital Market - Live News