Go long on Apollo Tyres around Rs 89: Kulkarni

Go long on Apollo Tyres around Rs 89 as it can move to Rs 95, says Shardul Kulkarni, Angel Broking.

Kulkarni told CNBC-TV18, “The tyre space looks good and Apollo Tyres as a stock is showing you first signs of reversal. Yesterday was the first sign and today it is being followed up by a good bullish candle.”
He further added, “If the stock closes around Rs 89, it is a good strong closing. At this point of time I would recommend that one can go long. Place a stop loss at Rs 84. I think the stock can move to around Rs 95 levels assuming that the market is headed for a strong upmove, I think Apollo tyres will participate.”
The company's trailing 12-month (TTM) EPS was at Rs 3.93 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 22.39. The latest book value of the company is Rs 40.56 per share. At current value, the price-to-book value of the company was 2.17. The dividend yield of the company was 0.57%.
Disclosure: It is possible that we have positions in the stocks discussed and we have recommended them to our clients.