Tyre companies are gearing up to add capacity in order to meet demand as the economy recovers and demand increases
Tyre companies -- CEAT, Apollo Tyres and MRF -- saw a significant recovery in the second quarter of FY21, driven by a sharp rise in replacement demand
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
The S&P BSE Sensex is just 0.38 percent and Nifty50 about 0.6 percent away from hitting fresh record highs.
Net Sales are expected to decrease by 1.5 percent Y-o-Y (down 3.2 percent Q-o-Q) to Rs. 4,194.5 crore, according to ICICI Direct.
Amid market volatility, sluggish industry demand outlook and significant rise in raw material cost, stock prices of tyre companies have come down significantly from their 52-week highs
Net Sales are expected to increase by 19.5 percent Y-o-Y (down 2.7 percent Q-o-Q) to Rs. 3,921.7 crore, according to ICICI.
Net Sales are expected to increase by 17 percent Y-o-Y (down 3.9 percent Q-o-Q) to Rs. 3,890.1 crore, according to ICICI Direct.
Ashwani Gujral of ashwanigujral.com advises buying Jubilant Life Sciences, Aban Offshore and Apollo Tyre.
Ashwani Gujral of ashwanigujral.com is of the view that one may buy Bank of Baroda, Canara Bank and Apollo Tyre.
Speaking of the more impending monetary policy meet tomorrow, Ambit Capital's Saurabh Mukherjea said a 25 bps rate hike is highly likely given the runaway price rise. If the inflation data stays as punchy, then another 25 bps rate hike cannot be ruled out in January, as it is the only tool left with the RBI to tackle price rise.
Apollo Tyre | Fortis Healthcare | Financial Technologies | MCX India and Federal Bank are stocks, which are in the news today.
Technical analyst, Sudarshan Sukhani, s2analytics.com is mildly bullish on the Nifty.
Rajen Shah of Angel Broking says he is positive on tyre industry. "JK Tyre looks more promising because on a valuation basis it is the cheapest," he adds. He feels the stock can move to Rs 220-225.
In CNBC-TV18's popular show Bull's Eye, Aashish Tater of FortuneWizard.com shares trading strategy of the day.
Sudarshan Sukhani of s2analytics.com advised buying Apollo Tyre. He has been upbeat on the stock.
Dolat Capital has come out with its report on 20 stocks. The research firm recommends buy ratings for 18 stocks and Sell ratings for 2 stocks.
In CNBC-TV18's popular show Bull's Eye, Aashish Tater, FortuneWizard.com shares trading strategy of the day.
According to the By Satish Gupta of Astrostocktips Tyre stocks like Apollo Tyre, MRF, JK Tyre and Pharma stocks like Dr Reddy, Sun Pharma, Cipla, Divis Lab will be grtting astologicz support.
According to Satish Gupta of Astrostocktips, pharma stocks like Divis Lab, Dr Reddy, Ranbaxy, Sun Pharma, Cipla and Tyre stocks like Apollo Tyre, MRF, Ceat will be getting astrological support.
Tyre stocks like Apollo Tyre, MRF, Ceat, pharma stocks like Orchid Chemical, lupin, Ranbaxy and sugar stocks like Shree Renuka, Balrampur Chini will be getting astrological suppor, says Satish Gupta of Astrostocktips.
Buy Apollo Tyre, says Sudarshan Sukhani of s2analytics.com. The chances are that once it breaks out it should go into uncharted territory; it is a very attractive stock to own.
A major fire broke out at the production unit of Apollo Tyres Kalamassery unit here tonight but no one was injured, police said.
In CNBC-TV18's popular show Bull's Eye, Parag Doctor, Keynote Capital shares trading strategy of the day.