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Tyre stocks: Cruising well amid the pandemic

Though sales of CEAT, Apollo Tyres and MRF got hit by the pandemic, the impact was less compared to other auto ancillary companies because of replacement demand

August 28, 2020 / 05:36 PM IST
Tyre stocks: Cruising well amid the pandemic

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

 Tyre companies posted a decent set of numbers - Replacement demand helped in arresting the fall in revenues - Barring commercial vehicles, other segments are expected to witness significant demand pick-up - Replacement segment to help growth - Accumulate Apollo Tyres, CEAT and MRF ————————————————————————— Nitin Agrawal Moneycontrol Research Tyre companies have posted a better-than-expected set of numbers in the first quarter of FY21. Though sales of companies such as CEAT (CMP: Rs 934.1, Mcap: Rs 3,778 crore), Apollo Tyres (CMP: Rs 135.5, Mcap: Rs 7,737 crore) and MRF...

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