Apollo Tyres surges on plans to raise funds

The company's board has approved raising up to Rs. 2,000 crore for meeting its capex requirements.

Apollo Tyres has rallied nearly 4 percent to a high of Rs. 188 on the back of positive news flow.

The company's board has approved raising up to Rs. 2,000 crore for meeting its capex requirements.

Further the company's Q1FY16 net profit jumped by 27.5 percent to Rs. 290.59 crore from Rs. 227.94 crore. Total income, however, declined over 12 percent to Rs. 2,871 crore from Rs. 3,269 crore.

The stock is now up 2.3 percent at Rs. 187. The counter has seen trades of around 278,000 shares as against the two-week daily average volume of around 698,000 shares on the BSE.

Meanwhile, the Sensex has recouped losses and is now down 85 points at 27,781.