India's Apollo Tyres hits over 7-yr high on Q3 profit surge, boosts tyre stocks

TVS Srichakra

04/02/2021 05:40

** Shares of tyre maker  APLO.NS  rise as much as 12.4% to
255.70 rupees, their highest since Dec. 31, 2013
    ** Gurgaon, Haryana-based co on Wednesday reported more than
two-fold rise in Dec. qtr profit to 4.44 bln rupees ($60.91 mln)
 urn:newsml:reuters.com:*:nFWN2K9139
    ** Co reported robust sales in Asia Pacific, Middle East and
Africa markets
    ** Shares of rival tyre makers also gained with MRF
 MRF.NS , Ceat  CEAT.NS , JK Tyre and Industries  JKIN.NS ,
Goodyear India  GDYR.NS , TVS Srichakra  TVSC.NS  and Balkrishna
Industries  BLKI.NS  surging between 5% and 7%
    ** About 43.6 mln APLO shares change hands, 2.7x 30-DMA of
~16 mln
    ** The Nifty auto index  .NIFTYAUTO  was top gainer among
Nifty indexes, rising 1.83% 
    ** Auto and ancillaries gained in Jan on hopes of revival in
consumer demand, improved sales and proposed vehicle scrappage
policy by the Indian govt  urn:newsml:reuters.com:*:nL4N2K816P
    ** Eleven out of 20 analysts rate APLO at "buy" or "strong
"buy"; 3 "sell" or "strong sell"; 6 "hold" - Refinitiv Eikon
data
    ** APLO shares have gained 27.8% in Jan as of last close vs
8.6% rise in 2020


($1 = 72.8930 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))