Tyre stocks in focus; Balkrishna Industries hits new high
Shares of tyre companies were trading higher in the range of 1% to 3% on the bourses after media report suggests that the Commerce Ministry to meet on March 28, to discuss anti dumping duty.
MRF, Balkrishna Industries, TVS Srichakra, Ceat, Apollo Tyres, Goodyear India and JK Tyre & Industries were up 1% to 3% as compared to 0.47% decline in the S&P BSE Sensex at 11:15 am.
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Among the individual stocks, Balkrishna Industries hits a new high of Rs 1,450, up 2.6% on BSE in intra-day trade.
According to PTI reports, taking forward the probe for possible imposition of anti dumping duty on imports of a certain kind of radial tyres, the Commerce Ministry has called a meeting of the domestic players on March 28.
In past one-week, most of the tyre stocks outperformed the market by gaining up to 14% against 1.9% rise in the benchmark index.
Phillip Capital in recent research report said that imports from China to India have reduced drastically. Chinese manufactures are focusing on the US market since the US Department of Commerce decided not impose anti?dumping duties on Chinese truck & bus radial (TBR) tyres.
As the US is a highly profitable market, Chinese manufacturers have shifted their focus to that country. To add to the importers’ woes, Chinese players have hiked prices by 10?15% for the Indian market, making imports less lucrative, added report.
COMPANY LATEST 1-WK BEFORE GAIN(%) APOLLO TYRES 203.90 178.95 13.94 JK TYRE & INDUST 133.05 117.05 13.67 CEAT 1286.45 1153.15 11.56 GOODYEAR INDIA 789.00 709.05 11.28 GOVIND RUBBER 37.50 34.15 9.81 TVS SRICHAKRA 3300.00 3010.25 9.63 BALKRISHNA INDS 1442.00 1324.45 8.88 MRF 56186.90 52063.20 7.92 Sensex 28946.23 29506.04 1.9 Latest price on BSE in Rs at 11:15 am.