Buy Apollo Tyres With Target Of Rs 75
Technical analyst Puneet Kinra of Bonanza Portfolio has maintained 'buy' rating on Apollo Tyres Limited stock with a target of Rs 75.
According to analyst, the investors can buy the stock on dips with stop loss of Rs 66.
The stock of the company, on April 28, closed at Rs 70.60 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 88.80 and a low of Rs 46.35 on BSE.
Current EPS & P/E ratio stood at 4.93 and 14.31 respectively.
Apollo Tyres Limited has announced that it will declare its quarterly and twelve monthly outcomes for FY10-11 on 11th May 2011 during a board meeting of the company.
Apollo Tyres may also declare the dividend if any.
The company is eyeing to intensify after-market sales of its branded tyres in the European market to 60,000-65,000 by September this year.
At present, Apollo is selling around 50,000 'Apollo Tyre' on a monthly basis in Germany, the Netherlands, the UK and Italy.
This is in addition to the sales of 'Vredestein' branded tyres manufactured by its European outfit Apollo Vredestein BV (AVBV).
Company's Managing Director, Mr. Neeraj R. S. Kanwar stated, "The winter bookings have already begun and we are expecting sales to pick up in the coming season."