Tyre shares on a roll

Shares of five tyre companies rose 0.95% to 4.20% at 12:35 IST on the BSE after the government imposed duty on imports of Chinese radial tyres with rim above 16-inch.

Meanwhile, the S&P BSE Sensex was up by 84.54 points, or 0.22% to 39,207.50.

Shares of JK Tyre & Industries (up 4.20%), Ceat (up 3.21%), BalKrishna Industries (up 3.06%), MRF (up 2.21%) and Apollo Tyres (up 0.95%) edged higher.

Above 16-inch rim refers mainly to heavy truck and bus tyres. Anti-subsidy countervailing duty has been imposed now for a period of five years in addition to the anti-dumping duty already prevalent on Chinese truck and bus radial imports.

 

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