Tyre stocks on the highway
Tyre stocks are clearly ruling the roost today. The top three gainers are all tyre companies – Apollo Tyres is the top gainer, up over 11%; followed by Ceat which is up over 4.5% and then JK Tyre which is up over 3.5%.
Yesterday, Apollo Tyres announced its Q3 numbers and being good numbers. It reported a 51% (YOY) jump in consolidated net profit at Rs.278 crore and net sales stood at Rs.2929 crore v/s Rs.3037 crore in previous Q3.
On 8th Feb, JK Tyre had announced its Q3 numbers with a 20% (YoY) consolidated net profit at Rs.92 crore though net sales was down 12% at Rs.1598 crore.
Ceat is scheduled to announce its numbers on the 12th and the expectations are that they will be good numbers like its peers, if not better. It is this sense of optimism which is keeping the tyre stocks up in the green today.