Shares of tyre companies rose by 0.48% to 4.93% at 15:03 IST on BSE after Tokyo rubber futures hit a five-week low today, 7 January 2014.
Dunlop India (up 4.93%), Falcon Tyres (up 4.73%), Apollo Tyres (up 1.46%), JK Tyre & Industries (up 0.61%) and CEAT (up 0.48%), edged higher.
However, MRF was down 0.52%.
Meanwhile, the S&P BSE Sensex was down 23.87 points, or 0.11% at 20,763.43.
According to media reports, the key Tokyo Commodity Exchange rubber contract hit a five-week low on today, 7 January 2014, as services sector data in China and the United States revived concerns about slow growth. The key rubber contract for June delivery fell as low as 260.8 yen, the lowest since 258.9 yen hit on 29 November 2013.
Rubber is key raw material in tyre making. Lower rubber prices will boost profitability of tyre makers.
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