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04-Dec2012

Apollo Tyres surges on plan to set up coal-based thermal power plant in Tamil Nadu

Apollo Tyres is currently trading at Rs. 84.65, up by 0.65 points or 0.77% from its previous closing of Rs. 84.00 on the BSE.

The scrip opened at Rs. 84.10 and has touched a high and low of Rs. 84.95 and Rs. 83.90 respectively. So far 1, 92,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 102.45 on 14-Sep-2012 and a 52 week low of Rs. 53.00 on 09-Dec-2011.

Last one week high and low of the scrip stood at Rs. 85.20 and Rs. 83.20 respectively. The current market cap of the company is Rs. 4,266 crore.

The promoters holding in the company stood at 43.37% while Institutions and Non-Institutions held 33.53% and 23.10% respectively.

Apollo Tyres has decided to establish a 2 x 7.5 megawatt coal-based thermal power plant in its Oragadam facility near Chennai in Tamil Nadu. Through this plant company will become self sufficient for its power requirements for critical equipments.

The company has an installed capacity to produce 550 tonnes of passenger vehicles and truck-bus radial tyres per day at this facility. The proposed coal-based Cogen plant will improve the overall efficiency and will reduce the pollution resulting from a separate power generation and process steam generation.


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