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Tyre Stocks Surge Sharply Up To 20% In Trade Today
Some of the stocks from the pack including JK Tyres, Apollo Tyres, Good Year jumped heavily to close to 20% in trade on April 16, 2020.
Gains in the stock to an extent may be fuelled by government's guidelines to relax restriction from April 20 i.e. movement of truckers etc. Also, in the post Covid 19 era, more use of personal vehicles is foreseen as people will shy away from sharing after the pandemic.
This is after some of the companies such as Apollo Tyres announced that some of its facilities will remain shut down until April 20, 2020. And there on based on the assessment made by individual state governments will make updates accordingly.
Shares of Apollo Tyres have rallied ahead of the board meet due today for considering raising funds.
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