Five tyre stocks were up 0.69% to 3.12% at 12:14 IST on BSE, with these stocks extending recent rally triggered by a steep fall in domestic rubber prices.
MRF rose 2.77% at Rs 30,715. The stock was volatile. The stock hit a record high of Rs 31,025 in intraday trade. The stock hit a low of Rs 29,700.
CEAT was up 3.12% at Rs 813.55. The stock was volatile. The stock hit a high of Rs 818 and a low of Rs 770 so far during the day.
JK Tyre & Industries advanced 2.48% at Rs 377.55. The stock was volatile. The stock hit a high of Rs 381 and a low of Rs 357.40 so far during the day.
Apollo Tyres was up 1.35% at Rs 213.70. The stock was volatile. The stock hit a high of Rs 214.65 and a low of Rs 205.90 so far during the day.
Goodyear India rose 0.69% at Rs 637.95. The stock was volatile. The stock hit a high of Rs 643 and a low of Rs 620 so far during the day.
Meanwhile, the S&P BSE Sensex was down 136.95 points or 0.5% at 27,128.37.
Tyre stocks were on a roll aided by lower rubber prices. As per reports, domestic rubber prices have seen sharpest fall in five years, hitting Rs 126 per kg. Decline in rubber prices could boost profit margin of tyre firms. Rubber is a key raw material in tyre manufacturing. Also recent steep decline in crude oil prices aided rally in tyre stocks. Nearly 30% of raw material for tyres is derived from crude products.
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