Apollo Tyres Shares Gain 7% After Large Trade
A large deal of 2.86 crore shares took place during trade, with 4.5% stake changing hands.
Apollo Tyres Ltd.'s shares rose over 7% on Tuesday after the company's stock changed hand.
A large deal of 2.86 crore shares took place during trade, with 4.5% stake changing hands. The buyers and sellers were not immediately known.
Valuations
Apollo Tyres' current price-to-earnings ratio stands at 26, which is the cheapest among peers. MRF Ltd. is the most expensive with its PE ratio at 65.
Shares of tyre manufacturers have risen, with JK Tyre and Industries Ltd. stock seeing a 98% surge in the one-year period.
Apollo Tyres' shares have risen 40% and TVS Srichakra stock has advanced 37% during the period.
Shares of Apollo Tyres rose as much as 7.05% on Tuesday before paring gains to trade 1.32% higher at 11:54 a.m. compared to a 0.13% advance in the Nifty 50.
Total traded volume so far in the day stood at 4.57 times its 30-day average. The relative strength index stood at 67.80.
Of the 29 analysts tracking the company, 17 maintains a 'buy' rating, eight recommend a 'hold' and four suggest a 'sell', according to Bloomberg data.
