This tyre company stock soared by 3% after entering a new product segment
Apollo Tyres catches speed on launching Apollo EnduTuff Mining and Apollo Terra MT.
Apollo Tyres is currently trading at Rs 277.75, up 3% from its previous BSE close of Rs 270.75. The stock began trading at Rs 270.05 and has since reached highs and lows of Rs. 278.20 and Rs 268.15, respectively. So far, 131429 shares have been exchanged on the exchange.
The BSE group 'A' stock with a face value of Rs 1 reached a 52-week high of Rs 303.40 on September 16, 2022, and a 52-week low of Rs 165.40 on March 7, 2022. The scrip's one-week high and low were Rs 282.90 and Rs 267.35, respectively. The company's current market capitalization is Rs 17633.58 crore. The promoters controlled 37.34% of the company, while Institutions and Non-Institutions held 39.74% and 22.91%, respectively.
Apollo Tyres has redesigned its mining offering in India. Apollo EnduTuff Mining, a specialised mining radial tyre, and Apollo Terra MT, a bias tyre, have been introduced by the company.
Customers benefit from Apollo EnduTuff Mining's exceptional performance qualities by reducing downtime and increasing savings. Apollo EnduTuff Mining has a CPKM advantage of more than 40% due to superior longevity, puncture resistance, higher uptime, and the most robust casing, allowing for numerous retreads. These tyres are best suited for mining applications that have little exposure to extremely harsh 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.
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