Tyre stocks on good road

JK Tyre is among the top three gainers since opening bell. The stock is showing some 2.6 times rise in volume and stock price rose 12% to Rs.165; Ceat also rose 2.5% to Rs.1822.70; MRF rose over 2% to Rs.65,579.20; Goodyear India was up over 5% at Rs.874.60; Apollo Tyres rose over 4% while Balkrishna was up over 2%.

Tyre stocks are up and about as their much needed demand to impose anti-dumping duty was finally met.

The Govt announced an anti-dumping duty on import of certain type of radial tyres used in buses and trucks. This is a good move as this gives a leg up to the domestic manufacturers who were forced to sell below cost to counter cheap imports from China.

This anit-dumping duty is for five years.