Tyre Stocks In India May Move After Antitrust Body Imposes Fine

Shares of tyre manufacturers in India may move after the country’s antitrust regulator imposed penalties totaling about 18 billion rupees ($239m) on five companies, including top players MRF and Apollo Tyres, over alleged cartelization in a decade-old case.

  • In Focus: Apollo Tyres, MRF, Ceat, JK Tyre and Birla Tyres, which have been fined
  • Also In Focus: Goodyear India, Balkrishna Industries

Source: Bloomberg


Analyst Actions: VIP Industries, M&M Financial Services

  • VIP Industries cut to ‘add’ at Spark Capital Advisors; price target set at Rs 710.
  • M&M Financial Services cut to ‘reduce’ from ‘add’ at Spark Capital Advisors; price target set at Rs 156.

Sensex, Nifty Little Changed; Tata Consumer Leads Advance

India’s stock benchmarks were little changed, as gains in consumer durables stocks were offset by losses in metal stocks.

The S&P BSE Sensex fell 0.15% to 59,467.02. The NSE Nifty 50 fell by similar magnitude to 17,745.80.

The S&P BSE MidCap index almost mirrored its larger peers while S&P BSE SmallCap outperformed Sensex and Nifty with gains of nearly 0.25%. Ten of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology shedding 0.75%.

The market breadth was skewed in the favour of bulls. About 1,556 stocks advanced, 994 declined and 104 remained unchanged.

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2 thoughts on “Tyre Stocks In India May Move After Antitrust Body Imposes Fine”

  1. Flat to negative opening expected
    “Benchmark Indices are expected to open on a flat to negative note as suggested by trends on SGX Nifty. US stock markets closed higher on Wednesday, NASDAQ added 71 points followed by upbeat earnings from Google parent Alphabet. European Indices also closed positive on Wednesday. Asian markets were showing mixed cues in the early trade as there are some concerns about global growth and geopolitical tensions. Nikkei down 1%, and Kospi trading +1.0% higher . Oil prices rose on Wednesday after OPEC+ stuck to their plans for moderate output increases,” said Mohit Nigam, Head – PMS, Hem Securities.

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