Tyre stocks gain on easing oil prices; JK Tyre, Kesoram up over 5%
Shares of tyre manufacturing companies have rallied by up to 14% on the BSE in early morning trade in an otherwise subdued market on easing crude oil prices. Kesoram Industries has surged 14% to Rs 94.40, while JK Tyre soared 7% to Rs 110 on back of heavy volumes. Shares of TVS Srichakra, Apollo Tyres, MRF, Balkrishna Industries and Ceat were up in the range of 1% to 3% on the BSE in intra-day trade. In comparison, the S&P BSE Sensex was down 0.39% at 36,340 points at 09:58 am. On Wednesday, the prices of Brent crude was seen at $56.6 a barrel, dipping sharply from the over $80 a barrel mark during the first week of October. 0:00 / 0:00 Skip in 5 Carbon black and synthetic rubber, which form a major portion of the raw materials for tyre industries, are crude-based, hence, a change in crude oil prices have an impact on tyre stocks. During September quarter, higher crude prices and crude linked raw materials’ price