Apollo Tyres said the operations at its four plants situated in Kerala, Gujarat and Tamil Nadu will continue to remain shut till 20 April 2020.
In view of the lockdown to contain the spread of COVID-19, the operations at the company's four plants in India were shut down till 14 April 2020. In view of the further extension of the countrywide lockdown, the operations at the plants situated in the states of Kerala (at Kalamassery & Perambra), Gujarat (at Limda) and Tamil Nadu (at Chennai) will continue to remain shut up to 20 April 2020. The company will assess the situation based on the announcements made by the respective state governments and update accordingly. The news was announced post trading hours yesterday, 15 April 2020.Apollo Tyres on Tuesday, 14 April 2020, had announced that its board would meet on Friday, 17 April 2020 to consider the issuance of non-convertible debentures (NCDs) through private placement. The company is proposing to issue NCDs through private placement within the limits approved by the members in the annual general meeting held on 31 July 2019.
Shares of Apollo Tyres soared 8.52% to Rs 95.50 on BSE. The scrip hovered in the range of Rs 89 to 95.90 so far.
Apollo Tyres' consolidated net profit dropped 29.12% to Rs 173.86 crore on a 6.62% decline in net sales to Rs 4,347.16 crore in Q3 December 2019 over Q3 December 2018.
Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary.
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