Apollo Tyres can move to Rs 94, says SP Tulsian

Apollo Tyres can move to Rs 94, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, “I am quite positive for the tyre sector. If you see the sword has been hanging for last six months or so and there have been so much dillydallying that this judgment will come, we will be seeing the severe penalty as we have seen in case of cement companies where the penalty of 6-8% of the turnover was levied. So, I think this is a big relief and in fact I am taking a very positive stance on the stocks like Apollo Tyres or maybe stocks like JK Tyre and Ceat because JK and Ceat both have been giving huge volatility.”
He further added, “We have been seeing strong hands already into the stock. I am not so upbeat on MRF because of the thinly traded nature and because of the high price of the stock but keeping very positive stance on Apollo Tyres once we will be having its quarterly numbers also in next couple of days and taking a view on that I expect that Apollo Tyres can again move back to Rs 94-96 and same thing is for JK Tyre and Ceat Tyre, both can give a upside move of about 10% in next one week or so.”