Tyre stocks on a roll; Apollo Tyres hits record high, Ceat 52-week high

The raw material (RM) and other input costs have started softening after a long spell of unprecedented increase, which is likely to improve margins in the medium term for tyre companies

Shares of tyre companies were in focus on Monday with Apollo Tyres, Ceat, and JK Tyres surging up to 9 per cent in the intra-day trade amid heavy volumes. The rally comes amid hopes of margin improvement going forward. Of these, Apollo Tyres surged 6 per cent and hit a record high of  Rs 312.35, while Ceat gained 5 per cent and touched a fresh 52-week high.

JK Tyres, meanwhile, surged 9 per cent to Rs 187.65 on the back of nearly four-fold jump in trading volumes. A combined 7.39 million equity shares, representing 3 per cent of total