Apollo Tyres gains on getting nod for greenfield project in Eastern Europe

Apollo Tyres is currently trading at Rs 179.00, up by 1.70 points or 0.96% from its previous closing of Rs. 177.30 on the BSE. The scrip opened at Rs 182.40 and has touched a high and low of Rs 184.95 and Rs 178.20 respectively. So far 149346 shares were traded on the counter. The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs. 183.00 on 15-May-2014 and a 52 week low of Rs. 54.60 on 21-Jun-2013. Last one week high and low of the scrip stood at Rs 183.00 and Rs. 160.05 respectively. The current market cap of the company is Rs. 8936.36 crore. The promoters holding in the company stood at 43.50% while Institutions and Non-Institutions held 42.36% and 14.14% respectively. Apollo Tyres has received an approval for greenfield project in Eastern Europe, at a project cost of approximately 500 million euro over the next 4 years, funded with accruals and debt at the company’s European subsidiary. The board of directors at its meeting held on May 15, 2014 has approved for the same. The planned capacity is expected to be 16,000 Passenger Car Tyres (PCR) per day and 3,000 Truck Bus Radial Tyres (TBR) per day. Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa.