Apollo Tyres share rose to a fresh 52-week high in early trade after the firm reported posted over two-fold increase in its consolidated net profit for quarter ended December 2020.
The stock opened with a gain of 4.84% at Rs 228.30 against previous close of Rs 227.30. The stock touched an intraday high of Rs 254.85, rising 12.12% on BSE.
Apollo Tyres share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 54.8% in one year and risen 40.41% since the beginning of this year. In a month, the share has climbed 32.56%. Market cap of the firm rose to Rs 16,185 crore on BSE.
Net profit in Q3 rose to Rs 444 crore 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 in Q3 rose 14 per cent to Rs 4,965 crore against Rs 4,347 crore in the year-ago period.
"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.
Given the company's planned investments in capacity, R&D, brand and distribution, along with cost optimisation programme, it is extremely well placed to leverage demand recovery across segments and geographies, he added.
Market indices opened on a bearish note on Thursday amid positive global equities after three sessions of sharp gains. While Sensex was trading 194 points lower at 50,060, Nifty was down 46 points to 14,739.