Tyre stocks in focus, rally up to 8%; Apollo, Ceat register 52-week highs

The tyre industry is expected to perform well mainly due to easing out of pandemic, increasing demand from OEMs and replacement segment.

Shares of tyre companies rallied up to 8 per cent on the BSE in Tuesday’s intra-day trade in an otherwise weak market on expectation of strong demand and margin expansion ahead.

Apollo Tyres (up 7 per cent at Rs 272.35) and Ceat (up 5 per cent at Rs 1,458.40) hit their respective 52-week highs. JK Tyre & Industries surged 8 per cent to Rs 159.50, while, MRF, TVS Srichakra and Goodyear India gained up to 4 per cent in intra-day trade on the BSE. In comparison, the S&P BSE Sensex was down 0.38 per cent at 59,018 at 10:34