New product launch by this tyre company attracts investors; stock surges 3 per cent
Apollo Tyres has updated its mining product line
Shares of Apollo Tyres were buzzing on the bourses today and closed the day at Rs 279.5, up over 3 per cent. Today, the stock opened trading at Rs 270.05 and has since gone as high as Rs 279.75 and as low as Rs 268.15. About 131429 shares have been traded on the exchange thus far.
A 52-week high of Rs 303.40 was attained by the BSE group 'A' stock with a face value of Rs 1 on September 16, 2022, while a 52-week low of Rs 165.40 was recorded on March 7, 2022. The scrip's high and low for the past week were Rs 282.90 and Rs 267.35, respectively. The market value of the company as of today is Rs 17633.58 crore. Institutions and non-institutions each possessed 39.74 per cent and 22.91 per cent of the corporation, respectively, while the promoters held 37.34 per cent of the company.
In India, Apollo Tyres has updated its mining product line. The company has unveiled Apollo EnduTuff Mining, a specialised mining radial tyre, and Apollo Terra MT, a bias tyre.
Apollo EnduTuff Mining's exceptional performance characteristics enable customers to save more money and minimise downtime. Due to its superior longevity, puncture resistance, higher uptime, and the most robust casing, which permits numerous retreads, Apollo EnduTuff Mining has a CPKM advantage of more than 40 per cent. These tyres work best in mining applications that don't frequently travel through extremely abrasive terrain.
Apollo Terra MT is a bias tyre for commercial trucks used in mining. The manufacturer created these tyres based on consumer feedback about casing durability. Apollo Terra MT provides puncture resistance, resistance to chipping and chunking, increased initial tread mileage (ITM), and best-in-class retreadability.
Apollo Tyres is a significant tyre producer in India, with a product line that includes tubeless and tube-type tyres for automobiles, SUVs, lorries, and buses.