Apollo Tyres, MRF, Ceat, Balkrishna Industries shares gain on fall in rubber prices

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Published: July 25, 2016 1:46:03 PM

Shares of tyre companies such as Apollo Tyres, MRF, Ceat and Balkrishna Industries rallied on Monday after rubber prices hit nearly 1-week low in the international markets.

tyre stocks bse sensexShares of tyre companies such as Apollo Tyres, MRF, Ceat and Balkrishna Industries rallied on Monday after rubber prices hit nearly 1-week low in the international markets. (Reuters)

Shares of tyre companies such as Apollo Tyres, MRF, Ceat and Balkrishna Industries rallied on Monday after rubber prices hit nearly 1-week low in the international markets. According to reports, Tokyo’s TOCOM rubber futures declined over 3 per cent to a near one-week low of 157.2 yen. Apollo Tyres, MRF, Ceat and Balkrishna Industries gained as much as 3.36 per cent, 1.45 per cent, 3.23 per cent and 1.70 per cent, respectively.

Rubber prices came under pressure after crude oil prices declined on Monday amid worries that a global crude and refined product supply would weigh on markets for some time to come.

At 1.34 pm, Apollo Tyres and MRF were trading 2.95 per cent and 0.82 per cent up at Rs 162.50 and Rs 34420, respectively. Balkrishna Industries and Ceat were also trading 1.70 per cent and 2.59 per cent up at Rs 705 and Rs 908.20, respectively.

Any kind of reduction in rubber prices affects tyre companies margin.

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