Apollo Tyres rose 1.62% to Rs 216.20 at 10:41 IST on BSE after the company announced inauguration of a plant in Hungary.
The announcement was made after market hours on Friday, 7 April 2017.Meanwhile, the BSE Sensex was up 5.15 points, or 0.02%, to 29,711.76.
On BSE, so far 1.53 lakh shares were traded in the counter, compared with average daily volume of 3.36 lakh shares in the past two weeks. The stock hit a high of Rs 217.50 and a low of Rs 214.50 so far during the day. The stock hit a 52-week high of Rs 235 on 6 October 2016. The stock hit a 52-week low of Rs 139.35 on 24 June 2016.
The stock had outperformed the market over the past one month till 7 April 2017, rising 18.23% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 12.75% as against Sensex's 11.01% rise.
The large-cap company has equity capital of Rs 50.90 crore. Face value per share is Re 1.
Apollo Tyres announced inauguration of the company's sixth global tyre manufacturing unit and the second one in Europe. Located less than 100 km from the capital Budapest, it is the company's first greenfield facility outside India. Built over 72 hectares, construction began on site in April 2015.
Apollo Tyres is investing Euro 475 million in this facility. The final capacity at the end of phase I would be 5.5 million passenger car & light truck (PCLT) tyres and 675,000 commercial vehicle tyres. This facility will complement Apollo Tyres' existing facility in the Netherlands, and will produce both Apollo and Vredestein brand of tyres for the European market.
Speaking on the occasion Onkar S Kanwar, Chairman, Apollo Tyres said that the Hungarian facility will help the company further increase its presence and market share in Europe. From being a replacement market focussed company in Europe, the company would soon be starting supplies of tyres to all the leading OEs in Europe.
Apollo Tyres' consolidated net profit rose 5.98% to Rs 295.70 crore on 17.76% increase in total income to Rs 3495.21 crore in Q3 December 2016 over Q3 December 2015.
Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary. The company markets its products under its two global brands - Apollo and Vredestein. The company's products are available in over 100 countries through a network of branded, exclusive and multi-product outlets.
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