Meanwhile, the S&P BSE Sensex was down 23.44 points or 0.11% at 19,305.44.
The stock rose on high volumes. On BSE, 19.51 lakh shares were traded in the counter as against average daily volume of 5.67 lakh shares in the past one quarter.
The stock hit a high of Rs 65.70 and a low of Rs 63.65 so far during the day. The stock had hit a 52-week low of Rs 61.45 on Monday, 17 June 2013. The stock had hit a record high of Rs 102.45 on 14 September 2012.
The stock had underperformed the market over the past one month till 17 June 2013, sliding 29.99% compared with the Sensex's 4.73% fall. The scrip had also underperformed the market in past one quarter, falling 26.49% as against Sensex's 0.52% fall.
The mid-cap company has equity capital of Rs 50.40 crore. Face value per share is Re 1.
Shares of Apollo Tyres have dropped 30.49% in three trading days to Rs 63.95 on 17 June 2013 from a recent high of Rs 92 on 12 June 2013 on concerns on the company's balance sheet about the impact of a large US acquisition.
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Apollo Tyres after trading hours on Wednesday, 12 June 2013 said that it has entered into a definitive merger agreement under which a wholly-owned step subsidiary of the company will acquire Cooper Tire & Rubber Company (Cooper), a company listed on the New York Stock Exchange, in an all-cash transaction valued at approximately $2.5 billion. This strategic combination will bring together two companies with highly complementary brands, geographic presence and technological expertise to create a global leader in tire manufacturing and distribution, Apollo Tyres said in a statement.
Cooper is the 11th largest tyre company in the world by revenue and it supplies premium and mid-tier tyres worldwide through renowned brands such as Cooper, Mastercraft, Starfire, Chengshan, Roadmaster and Avon. The combined company will be the seventh-largest tyre company in the world and will have a strong presence in high-growth end-markets across four continents, Apollo Tyres said. With a combined $6.6 billion in total sales in 2012, the combined company will have a comprehensive portfolio of signature brands and greater ability to cross-sell products in diverse countries with negligible overlap, Apollo Tyres said.
Apollo Tyres' consolidated net profit declined 9.7% to Rs 141.78 crore on 6% drop in net sales to Rs 3037.76 crore in Q4 March 2013 over Q4 March 2012.
Apollo Tyres manufactures tyres and tubes for cars, trucks, farm equipment and light commercial vehicles. The company also manufactures automobile flaps and retreading materials.
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