After posting strong gains on Wednesday, tyre stocks are exhibiting a mixed trend this morning, with investors treading a bit cautiously at higher levels.
Tyre stocks flared up yesterday, with investors thronging the counters, betting on hopes of increased demand for automobiles amid falling fuel prices and the government's move to ramp up infrastructure sector.
Shares of MRF (up 1.2%), JK Tyre (up 1%) and Apollo Tyres (up 0.3%) are trading firm, while those of Balkrishna Industries (down 1.4%), Ceat (down 0.6%) and TVS Srichakra (down 0.3%) are weak.
MRF, JK Tyre, Apollo Tyres, Balkrishna Industries, Ceat and TVS Srichakra, all are trading around their all-time highs now.
MRF, the costliest stock in absolute terms, rose to Rs 70,164.60 this morning, and is currently at Rs 69,656.50. The stock was hovering around Rs 30,100 by end June 2016. It has gained a whopping 133% over a span of ten months.
