On The Stock Exchange, Mumbai (BSE), the stock of Apollo Tyres closed at Rs 121.65, gaining marginally by 0.12 per cent as against its previous close at Rs 121.50. The stock hit an intra-day high of Rs 123.70. A total number of 1,93,439 shares of Apollo Tyres were traded on the counter.
Dealers said that the stock of the tyre-manufacturing major surged on hectic institutional activity.
Dealers further said that the scrip of Apollo Tyres, from its low of Rs 69.70 on May 23, 2002, has surged by collosal 81.7 per cent in a few months to a 52-week closing high of rs 126.70 on July 5, 2002.
Dealers further opined that investors hopes are upbeat on reports that Apollo Tyres is currently carrying out due-diligence and negotiations with Modi Rubber for taking over the assets and the liabilities of the latters tyre business.
Analysts said that such a development would be a force multiplier for Apollo Tyres considering the superior technical knowhow used by Modi Rubber.
They are further optimistic on the future outlook on the stock considering the encouraging bottomline figures posted by the company for the first quarter ended June 30, 2002.