Intraday Buy Call For Apollo Tyres
Technical analyst Hitendra Vasudeo has maintained 'buy' rating on Apollo Tyres Limited stock with targets of Rs 59.20 and 62.70.
According to analyst, the stock can be purchased with a stop loss of Rs 54.90.
The stock of the company, on March 3, closed at Rs 57.85 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 11.92 respectively.
Tyre maker Apollo Tyres announced its plans to make entry in the Eastern Europe market for establishing a novel green field facility, as part of strengthening its brand in the overseas market.
Apollo Tyres Chairman Onkar S Kanwar stated, "We are looking for another facility in Eastern Europe. It is only in the nascent stage right now."
But, Mr. Kanwar said that it was too early to remark on the sum of investment, which will be needed and also the capability of the facility.
At present, Apollo Tyres owns manufacturing plants in Baroda, Chennai and two facilities in Kochi. On the overseas front, the company owns 4 entities in South Africa and one in Netherlands.
Tamil Nadu's Deputy Chief Minister M K Stalin formally kicked off the next gen Apollo Tyres' 9th international tyre making facility and the 4th in the country near Oragadam on the suburbs of Chennai.