Apollo Tyres rallies as RBI hikes FII limit

Apollo Tyres is currently trading at Rs. 210.25, up by 13.25 points or 6.73% from its previous closing of Rs. 197.00 on the BSE. The scrip opened at Rs. 197.50 and has touched a high and low of Rs. 211.80 and Rs. 197.00 respectively. So far 806550 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 217.70 on 09-Sep-2014 and a 52 week low of Rs. 63.05 on 21-Oct-2013. Last one week high and low of the scrip stood at Rs. 211.80 and Rs. 183.25 respectively. The current market cap of the company is Rs. 10694.61 crore. The promoters holding in the company stood at 44.06% while Institutions and Non-Institutions held 43.17% and 12.77% respectively. Reserve Bank of India (RBI) has increased foreign institutional investors' (FIIs) investment limit in Apollo Tyres to 45% of its paid-up capital. RBI has notified that FIIs/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges, can now purchase up to 45% of the paid up capital of Apollo Tyres under the Portfolio Investment Scheme (PIS). The company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from 40% to 45% for the purchase of its equity shares and convertible debentures by FIIs/ RFPIs. 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.