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Tyre makers rally on fall in rubber prices

Source : REUTERS
Last Updated: Wed, Dec 05, 2012 07:02 hrs
A broker monitors share prices at a brokerage firm in Mumbai

Shares of tyre makers including Apollo Tyres gained tracking a fall in the price of key raw material rubber, which constitutes nearly 40 percent of the tyre production cost.

Rubber futures have fallen 6.4 percent in previous five trading sessions.

Apollo Tyres is up 2.13 percent, Ceat Tyres gains 2.4 percent, MRF adds 4 percent, while JK Tyres & Industries rises 2.8 percent.

Rubber's peak production season has started in December and will continue till February. Carry forward stock of imports with tyre companies have risen after a drop in vehicle sales.


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