Apollo Tyres shares zoom over 7 pc after encouraging Q3 earnings

Shares of Apollo Tyres on Thursday closed with a gain of over 7 per cent after the company posted over two-fold increase in its consolidated net profit for the third quarter ended December.

The company's stock, which zoomed 12.42 per cent to its one-year high of Rs 255.55 during the day on BSE, later closed at Rs 243.85, a jump of 7.28 per cent.

On NSE, it gained 6.88 per cent to close at Rs 243.10.

In traded volume terms, 39.98 lakh shares were traded at the BSE and over 8.10 crore shares on NSE during the day. Apollo Tyres on Wednesday posted over two-fold increase in its consolidated net profit at Rs 444 crore for the third quarter ended December on the back of robust sales across domestic and international markets.

The company had reported a net profit of Rs 174 crore in the October-December period of the last financial year.

Sales during the period under review grew by 14 per cent to Rs 4,965 crore, as against 4,347 crores in the year-ago period, Apollo Tyres said in a statement.

''Our performance across geographies has been robust in the past quarter, and we continue to be extremely positive on the demand environment,'' Apollo Tyres Chairman Onkar Kanwar said.