Indian tyre stocks gain as oil drops on easing Gulf tensions
Mon 07:44
BUZZ-Indian tyre stocks gain as oil drops on easing Gulf tensions ** Apollo Tyres APLO.NS and JK Tyre JKIN.NS gain about 4% to 413.50 rupees and 393.30 rupees, respectively
** MRF MRF.NS and CEAT CEAT.NS climb about 3.5% to 1,30,115 rupees and 3,450 rupees
** US and Iran agree on a framework to end the conflict and reopen the Strait of Hormuz, sending crude prices lower O/R
** Lower crude prices are positive for tyre makers as key raw materials, including synthetic rubber and carbon black, are linked to crude oil derivatives
** YTD, APLO down 17.3%, JKIN falls 23.8%, MRF drops 14.2%, CEAT declines 8.6%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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