The demand for tyres has driven up 7% gains for TVS, JK Tyre, Apollo, Balkrishna, and MRF. The increase in demand is being attributed to the growing automotive industry and the need for replacement tyres. The tyre companies have been able to benefit from the growth in the automotive industry and have been able to increase their sales and profits.
a BSE. The S&P BSE Sensex, in contrast, was down 0.15 percent at 60,568 at 10:53 AM.
Balkrishna Industries, one of the individual stocks, increased 5% to Rs 2,222. The company just revealed that the 55,000 MTPA carbon black project and power plant expansion was finished on December 31, 2022.
In the meantime, Apollo Tyres rose 5% during today’s intraday trade on the BSE, reaching a record high of Rs 335.90. The stock has increased by 80% over the last six months after reporting strong earnings growth. Given the high demand for passenger vehicles (PV) and the continuous cyclical upswing in commercial vehicles (CV), management’s commentary on the demand outlook was positive.
“Our outlook for demand is cautiously optimistic. In the short to medium term, a correction in input prices should aid in an improvement in operating margin performance “Q2FY23, according to Apollo Tyres’ investor presentation.
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