Tyre manufacturing shares perform in weak market with MRF touching Rs. 60,000
Shares of tyre companies were trading firm in otherwise weak market ahead of the Commerce Ministry meeting tomorrow to discuss anti-dumping duty on import of certain kind of radial tyres.
MRF, Modi Rubber, Ceat, Apollo Tyres and JK Tyre & Industries were up between 1% and 10% on BSE, as compared to 0.48% decline in the S&P BSE Sensex at 02:18 pm.
“Taking forward the probe for possible imposition of anti dumping duty on imports of a certain kind of radial tyres, the Commerce Ministry has called a meeting of the domestic players on March 28,” reported Press Trust of India on March 19, 2017.
Meanwhile, thus far in the month of March, most of the frontline tyre stocks have outperformed the market by gaining up to 24% on expectation of an improvement in pricing power due to decline in Chinese imports and falling rubber prices. On comparison, the benchmark index was up 1.7% during the period.
Among the individual stocks, MRF crosses Rs 60,000 mark, hitting new high of Rs 60,140 on BSE in intra-day trade.
Modi Rubber has locked in upper circuit for the third straight day, up 10% at Rs 69.35 on BSE. In past three trading sessions, the stock zoomed 58% from Rs 43.80.