The price action was supported by strong volume action with traded volume reported over 19.72 lakh shares. Meanwhile, on the BSE the spurt in volume was a whopping 224 times. Momentum indicators RSI and MFI showed days levels at 64 and 65, respectively, according to Trendlyne data. Apollo Tyres shares are currently trading above their 50-day and 200-day simple moving averages (SMAs).
Despite the sale, the stock ended in the green due to strong buying by domestic and foreign institutional investors. Shares of Apollo Tyres ended 0.5% higher at Rs 455.35. In the last three months, the stock has gained more than 22%. Nippon India Mutual Fund was the largest buyer of 1,20,44,000 shares or 1.9% stake for Rs 540 crore.
The company said the cost of materials consumed was lower at Rs 2,634.92 crore in the second quarter of the ongoing fiscal as against Rs 3,101.56 crore in the year-ago period.
The company had posted a consolidated net profit of Rs 179.39 crore in the same period last fiscal, Apollo Tyres said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 6,279.67 crore as against Rs 5,956.05 crore in the year-ago period, it added.