In this stock check, we look at the technical and fundamental outlook for the tyre major Apollo Tyres. The stock has surged over 58 percent in the last 1 year and almost 15 percent in 2024 YTD.
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 consolidated operating profit of the Gurugram headquartered Apollo Tyres rose 63% year-on-year to Rs 1,159 crore in the September quarter driven by improving gross margin and cost reduction efforts. Revenue grew by 5% to Rs 6,279 crore. The operating margin expanded by 650 basis points year-on-year to 18.5%.
Apollo Tyres, a leading manufacturer of automotive tires, achieved a significant milestone by hitting a new 52-week high of Rs 433.75. The company is known for its cutting-edge technology, superior quality, and extensive product range
Stocks to buy today: Stock brokerages have recently come out with research reports on select stocks namely ICICI Lombard General Insurance (ICICI Lombard), Apollo Tyres, Just Dial and Angel One. Apollo Tyres and Angel One have a buy rating with an upside potential of up to 40%, while ICICI Lombard has a hold rating by Nuvama Institutional Equities. Here s what brokerages said about these counters.