 "Tyre stocks under pressure")
Shares of tyre manufacturers are under pressure and have slipped up to 5% on reports that tyre companies have agreed to procure rubber at 25% higher price.
JK Tyre and Industries was the largest loser among the pack, down 5% at Rs 145 on the National Stock Exchange (NSE). The stock hit a low of Rs 143 and has seen a combined three million shares changed hands on BSE and NSE. Meanwhile, the stock had rallied 30% in past two trading sessions post stock split from Rs 118 to Rs 153 till yesterday.
Among the other individual stocks, Ceat dipped 3.4% to Rs 855, followed by Apollo Tyres (down 1.4%) at Rs 220 and MRF 1% at Rs 37,512 on the NSE.
The Kerala government has, in return for some waiver on payment, got 12 leading tyre companies to agree to buy natural rubber (NR) from the local market till the end of this financial year (March 31), though this is 25% costlier than the global (Bangkok) price, a Business Standard report suggests. A little over 90% of India's NR comes from Kerala, with 1.1 million cultivators in the state.
JK Tyre and Industries was the largest loser among the pack, down 5% at Rs 145 on the National Stock Exchange (NSE). The stock hit a low of Rs 143 and has seen a combined three million shares changed hands on BSE and NSE. Meanwhile, the stock had rallied 30% in past two trading sessions post stock split from Rs 118 to Rs 153 till yesterday.
Among the other individual stocks, Ceat dipped 3.4% to Rs 855, followed by Apollo Tyres (down 1.4%) at Rs 220 and MRF 1% at Rs 37,512 on the NSE.
The Kerala government has, in return for some waiver on payment, got 12 leading tyre companies to agree to buy natural rubber (NR) from the local market till the end of this financial year (March 31), though this is 25% costlier than the global (Bangkok) price, a Business Standard report suggests. A little over 90% of India's NR comes from Kerala, with 1.1 million cultivators in the state.