As oil prices dip, tyre stocks gain
DSIJ Intelligence / 02 Aug 2017
Apollo Tyres gained 3.63% at Rs 275.75 per share, JK Tyre Industries gained 2.11% at Rs 167.25 per share, CEAT Ltd. gained 1.77% at Rs 1,907.90 per share and Balkrishna Industries gained 0.19% at Rs 1,601.90 per share.
Tyre companies were buzzing on the bourses on Wednesday’s intra-day trade.
Apollo Tyres gained 3.63% at Rs 275.75 per share, JK Tyre Industries gained 2.11% at Rs 167.25 per share, CEAT Ltd. gained 1.77% at Rs 1,907.90 per share and Balkrishna Industries gained 0.19% at Rs 1,601.90 per share.
In the overseas market, oil prices dipped over 1% due to rise in US’ fuel inventories dragging US crude back below USD 50 per barrel.
Brent crude was down 47 cents - almost 1% - at USD 51.31 per barrel.
Movement in oil prices has an inverse impact on tyre manufacturing companies. It takes approximately 7 gallons of oil to produce a single tyre.
Meanwhile, BSE Auto index gained 2.55 points or 0.01% at 24,850 levels. Hero MotoCorp is the top index gainer and contributing the most to index gains.
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