Tyre stocks soar on rubber duty cut

Shares of tyre companies rallied with Apollo Tyres stock gaining the most.

Shares of tyre companies rallied on the Bombay Stock Exchange with Apollo Tyres gaining the most after the government cut import duty on natural rubber.

Shares of Apollo Tyres inflated by 3.29 per cent to close at Rs 65.90 on the Bombay Stock Exchange.

A similar surge was witnessed in the shares of Ceat and MRF. While the former jumped by 2.86 per cent to close at Rs 136.80,the latter saw a rise of 1.92 per cent to finish the day at Rs 7,319.55.

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“Tyre stocks gained on smart buying after the Government decided to cut the import duty on natural rubber,” said an expert.

The government,yesterday announced a cut in import duty on natural rubber to 7.5 per cent from 20 per cent for shipments up to 40,000 tonnes till March 31,2011 to boost domestic supply and check rising prices that touched record Rs 207 a kg in Kerala.

Meanwhile,the 30-share benchmark Sensex also ended the week on a smart note at 20,073.66,up 90.78 points or 0.45 per cent from previous close.

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