Shares of Apollo Tyres have gained 1% to quote at Rs 172 on the BSE after the company decided to foray into the two-wheeler segment. Apollo Tyres will begin rolling out tyres from its upcoming plant in Hungary by January 2017.
Unveiling the new products, vice-chairman and managing director Neeraj Kanwar said, “We are looking to cater to at least 85 per cent of the two- wheeler market with our current product range. In the second phase, we will come up with radial tyres for bikes with higher engine capacity.”
The company has outsourced manufacturing and is looking to reach sales of 500,000 tyres a month in two years. It will look at setting up a dedicated manufacturing facility after crossing the monthly milestone of 500,000 tyres. At 500,000 tyres a month, the company would have a tenth of the market share. CLICK FOR FULL STORY
The stock opened at Rs 172.50 and touched a high of Rs 174.90 and a low of Rs 171.70 on the BSE so far.