Apollo Tyres share price closed higher today after the firm commissioned its seventh manufacturing unit globally, and the fifth in India, with the in Andhra Pradesh. Share price of Apollo Tyres closed 3.07% higher at Rs 112.30 against previous close of Rs 108.95 on BSE.
Apollo Tyres stock gained 4.04% intra day to Rs 113.35. The mid cap stock trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. However, it has lost 44% in a year and 31.5% since the beginning of this year.
In a month, the share has risen 24.29%. Market cap of the firm rose to Rs 6,424 crore. Total 10 lakh shares changed hands amounting to turnover of Rs 11.14 crore on BSE.
The stock hit 52 week high of Rs 205 on June 28, 2019 and 52 week low of Rs 73.55 on March 24, 2020. The firm said its facility is located in Chinnapanduru village in Chittoor district of Andhra Pradesh (AP).
"The unit is spread over 256 acre. The company will invest close to Rs 3800 crore in Phase 1 of this greenfield facility. While the capacity will be ramped up gradually in the next 12 -18 months, as the demand improves, by 2022, this plant will have a capacity to produce 15,000 passenger car tyres and 3,000 truck-bus radials per day," the tyre manufacturer said.
Onkar S Kanwar, Chairman, Apollo Tyres said, "This ultra-modern facility is a reflection of our growth aspirations and manufacturing capabilities, showcasing some of the best practices available across the globe in tyre manufacturing. This highly automated plant uses IT-driven systems and robotics, and employs young and skilled associates on the shopfloor, mostly hired locally. This plant mirrors the hopes and aspirations of the new self-reliant India. I would like to take this opportunity to thank the AP Government for all the support that they have extended towards setting up of this facility."
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