Indian tyre-makers down on rise in crude oil prices

JK Tyre & Industries

03/10/2024 07:37

** Shares of tyre-makers CEAT  CEAT.NS  down 2.8%, Apollo
Tyres  APLO.NS  and JK Tyre & Industries  JKIN.NS  down 3.2%
each, MRF  MRF.NS  down 1.6%
    ** Prices of crude oil-a key ingredient for refiners-rise on
the prospect of a widening Middle East conflict that could
disrupt oil flow from the region  O/R 
    ** Tyre cos use crude intermediates, and a rise in oil
prices likely to increase their input costs
    ** JKIN and APLO each eye worst day since early Aug
    ** CEAT, APLO, and JKIN rated "buy" on avg, MRF rated "sell"
- LSEG data
    ** CEAT and APLO up ~27% and ~21% YTD respectively; MRF and
JKIN each up ~8% 

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))