Apollo Tyres reaches record high, Ceat 52-week high
- Apollo Tyres, Ceat, and JK Tyres rose up to 9% intraday Monday despite significant volumes.
- The rise reflects optimism for margin improvement.
- Apollo Tyres jumped 6% to Rs 312.35 and Ceat gained 5% to a 52-week high.
- After a long period of record increases, raw material (RM) and other input costs have begun decreasing, which should enhance tyre company profitability in the medium term.
- Rubber and oil-related inputs make for over 60% of raw material costs as a percentage of sales.