Tyre stocks lose speed

Shital Jibhe / 22 Aug 2017

Tyre stocks lose speed

Apollo Tyres slipped 2.59% at Rs 261 per share, Govind Rubber slipped 3.7% at Rs 20.70 per share, TVS Srichakra slipped 0.72% at Rs 3,383.20 per share, and J K Tyre and Industries slipped 1.74% at Rs 141.30 per share on the BSE at 1008 hours.

Losing their earlier traction, the tyre stocks were seen underperforming on the bourses during the morning hours of trade. Apollo Tyres slipped 2.59% at Rs 261 per share, Govind Rubber slipped 3.7% at Rs 20.70 per share, TVS Srichakra slipped 0.72% at Rs 3,383.20 per share, and J K Tyre and Industries slipped 1.74% at Rs 141.30 per share on the BSE at 1008 hours.
 
Meanwhile, the Directorate General of Anti-Dumping and Allied Duties (DGAA) has recommended imposition of anti-dumping duty of USD 245-452 per MT (Rs 15,476- Rs 28,552) on truck and bus radial tyres (TBRs) imported from China to minimise the threat of market share losses for domestic producers of radial tyres. 
 
The current rate of 28% GST along with 10% customs duty will increase the transaction cost, largely eliminating the price differential between India-made and Chinese TBR tyres.

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