Price on 10/10/97: Rs 88.50
Price on 3/10/97: Rs 71.00
The Apollo Tyres scrip gained 24.6 per cent last week. The record sales of 2.10 lakh tyres in the month of September 1997 is the reason behind this rally.
By this, Apollo has accounted for 40 per cent of industrys sales in this month. Apollo, which derives 88 per cent of its turnover from truck and bus tyres (T&B) segment mananged to stay atop, despite negative sales growth of 30.6 per cent in the heavy commercial vehicle segment in the first five months of 1997-98.
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This is due to its strong presence in the replacement market which accounts for 68 per cent of the total T&B tyre sales. The imposition of minimum ceiling price on imports of used tyres that curbed import threat also favoured Apollo.