Tyres stocks rally, MRF nears Rs 70,000-mark
DSIJ Intelligence / 26 Apr 2017
Tyre stocks, including MRF, Apollo Tyres, Balkrishna Industries, Ceat, JK Tyre & Industries and TVS Srichakra, hit their all-time highs on the BSE on April 26, 2017, as tyre companies' stocks rallied intra-day.
Tyre stocks, including MRF, Apollo Tyres, Balkrishna Industries, Ceat, JK Tyre & Industries and TVS Srichakra, hit their all-time highs on the BSE on April 26, 2017, as tyre companies' stocks rallied intra-day.
MRF surged the most, hitting a high of Rs 69,780 on the BSE (Rs 69,849 on the NSE), just shy of the Rs 70,000-mark, in the noon trade.
The S&P BSE Sensex also hit a record high of 30,146.54 intra-day on April 26, 2017, exceeding its all-time high of 30,024.74, touched on March 4, 2015.
Most of the tyre stocks overshadowed the increase of 3 per cent in the benchmark index, surging up by 21 per cent in the previous month.
The demonetisation effect wearing off, lower cost of ownership of auto vehicles facilitated by interest rate cuts, lower fuel prices and the government's inclination towards manufacturing and infrastructure sector, all these factors have fuelled the demand for commercial vehicles, thereby raising the demand for tyres.
The sales of tyres is likely to grow by 10-11 per cent on a yearly basis in FY18, backed by strong growth prospects of auto OEMs.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.