Tyre stocks gain; MRF hits record high

MRF, Ceat, Goodyear India, Apollo Tyres, JK Tyre, TVS Srichakra and Balkrishna Ind were up 1%-5%

Shares of tyre manufacturer were in focus with the sector major MRF hitting a record high crossing Rs 55,000 mark on the BSE in intra-day trade.

MRF has rallied nearly 5% to Rs 55,450, also its lifetime high on the BSE in late noon deal. The stock outperformed the market by surging 15% from its recent low of Rs 48,229 on December 26, as compared to 5% rise in the S&P BSE Sensex.

Ceat, Goodyear India, Apollo Tyres, JK Tyre & Industries, Balkrishna Industries and TVS Srichakra were up between 1%-4%, as compared to 1.2% rise in the benchmark index.

According to industry representatives, Chinese tyre sales, which rose by about 40% in the Indian replacement market between April and October 2016, saw a de-growth of around 17% after the note ban, the Business Standard report suggests. CLICK HERE FOR FULL REPORT

COMPANY	LATEST	PREV CLOSE	GAIN(%)
GOVIND RUBBER	26.20	23.55	11.25
MRF	55397.95	53001.15	4.52
JK TYRE & INDUST	124.70	120.75	3.27
KRYPTON INDS.	14.98	14.60	2.60
MODI RUBBER	44.30	43.25	2.43
PTL ENTERPRISES	143.40	140.00	2.43
BALKRISHNA INDS	1107.00	1087.00	1.84
CEAT	1234.65	1217.30	1.43
APOLLO TYRES	197.15	194.65	1.28
GOODYEAR INDIA	743.15	735.30	1.07