Shares of bicycle makers such has Atlas Cycles (Haryana), Hercules Hoists and Tube Investments of India are in focus during noon trades in otherwise subdued market on hopes of higher demand in overseas market after the Europe has imposed an anti-dumping duty on China-made bicycles.
Atlas Cycles (Haryana) has hit the upper circuit of 10% at Rs 410 in trade today, extending its previous day’s 5% gain, followed by Hercules Hoists has soared 7% at Rs 324 and Tube Investments of India is up 4% at Rs 154 on the Bombay Stock Exchange. The trading volumes on these counters has surged more than two-fold, as compared to the average volume in past ten trading days.
“Indian bicycle exports have the potential to grow into a $5-billion (approximately Rs 27,000 crore) business from the present $200 million,” the report suggests quoting Pankaj Munjal, MD of Hero Cycles and president of All India Cycle Manufacturers Association.