MRF jumped 3.47 percent, hitting a record high of Rs 75,612 per scrip on the NSE while Balkrishna Industries zoomed 6.5 percent and was trading at Rs 1151 per share.
Auto sector is in focus today especially SUV makers like M&M, Tata Motors and Maruti. Reports suggest that the cess on SUVs is likely to increase from 15 percent to 25 percent and the total rate on them will be at 53 percent from earlier announced 47 percent. In an interview to CNBC-TV18, Ankit Merchant of KR Choksey Shares & Securities shared his views and readings on the same.
Commerce Ministry has recommended anti-dumping duty on Chinese tyres to the Finance Ministry. Tyre stocks gain in trade today on the back of an increased possibility of anti-dumping duty on Chinese tyres.
Watch the interview of Nitesh Sharma Phillip Capital with Sonia Shenoy and Surabhi Upadhyay on CNBC-TV18, in which he shared his reading and outlook on tyre stocks.
Tyre stocks are in focus ahead of Commerce Ministry meeting today to discuss issue of imposing anti-dumping duty on tyres. Sonia Shenoy of CNBC-TV18 has more details.
In an interview to CNBC-TV18’s Latha Venkatesh & Sumaira Abidi, SP Singh of Tyre Dealers' Federation spoke about why anti-dumping duty is not required according to the Tyre Dealers' Federation.
Speaking to CNBC-TV18, Milak said though the decline in Chinese dumping along with fall in rubber will give a significant advantage for Indian companies, he cautioned that unless and until these factors sustain for a longer period of time rubber companies will fail to benefit significantly as the inventory carried by them is of around 40-45 days.
Ambareesh Baliga, Independent Market Expert feels that Ceat may dip to Rs 550-500.
In an interview with CNBC-TV18, market expert Ajay Bagga, Centrum's Abhishek Anand and Kunal Bothra of LKP, discussed a number of stock and sector ideas in light of the Chinese currency devaluation.
Domestic mutual fund inflows are triggering the ongoing midcap rally, but Harendra Kumar of Elara Capital warns that cracks are likely to emerge sooner than later and advises selling them on rally.
According to Sudarshan Sukhani both the Nifty and the Bank Nifty are a buy in the morning. However, for the Nifty he would keep a stop loss at 8100.
Navneet Daga of KR Choksey Securities feels that Apollo Tyres may touch Rs 82-85. He advises going long on the stock somewhere near to Rs 77-78 and selling upper strike Call Option of 80.
CNBC-TV18's managing editor Udayan Mukherjee explains that the Nifty fell below its long-standing range of 5,630 which was the base for the market throughout October and closed below that at around 5,600. So in a narrow technical trading sense, there was a breakdown of sorts.
Stock-analyst SP Tulsian explains to CNBC-TV18 that long positions can be created on all UB group stocks as he estimates that the proposed sale of stake to Diageo is inevitable. He is also bullish on mid-cap cement stock Heidelberg as the company has adequate capacity-addition initiatives that will be operational in the next three-to-six months
SP Tulsian, sptulsian.com is negative on tyre stocks.
Buy tyre stocks for long term, says Ambareesh Baliga, COO of Way2Wealth.