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Tyre stocks jump 2-4% after govt imposes duty on tyre imports from China


Date: 26-06-2019
Subject: Tyre stocks jump 2-4% after govt imposes duty on tyre imports from China
Domestic tyre stocks are having a party after the government imposed a counter-veiling duty on truck and bus radial tyre imports from China.

China is the major exporter and dumps the tyres into the Indian replacement market. Radial tyres constitute about 50 percent of the tyre demand and about 20-25 percent requirement is met through imports mainly through China. This will narrow the price differential between Chinese and domestic tyres and boost the domestic tyre demand.

Tyre stocks including Ceat and MRF jumped over 2 percent each while Apollo Tyres gained over a percent. Balkrishna Industries jumped 3 percent while JK Tyre and Industries spiked over 4 percent.

The scrips have registered a loss of up to 35 percent in the last one year. This move by the government is a positive sign by domestic tyre manufacturers.

JK Tyre and Industries was quoting at Rs 79.75, up Rs 3.50, or 4.59 percent.
It touched an intraday high of Rs 81.75 and an intraday low of Rs 75.55 while Ceat was quoting at Rs 928.00, up Rs 25.20, or 2.79 percent. It touched an intraday high of Rs 939.80 and an intraday low of Rs 892.15.

MRF was quoting at Rs 56,020.00, up Rs 1,287.30, or 2.35 percent. It touched an intraday high of Rs 56,300.00 and an intraday low of Rs 54,544.80 while Balkrishna Industries was quoting at Rs 765.05, up Rs 24.00, or 3.24 percent. It touched an intraday high of Rs 769.90 and an intraday low of Rs 735.00.

Source: moneycontrol.com