The ongoing issue of Chinese tyre dumping in India has stirred the tyre stocks performance in the Indian equities market. The Indian tyre manufacturing companies are finding it difficult to compete with the Chinese manufacturers.
The Indian government is working hard to shield the tyre manufacturers from the Chinese invasion by framing a slew of stricter rules and by upping the import taxes.
If the Chinese imports declines further and if Chinese exporters raise the prices of car radials, then it will be the major booster for the Indian tyre stocks.
In Wednesday’s trading session, the major tyre stocks are trading in positive territory. Apollo Tyres Limited touched its intraday high of Rs 233 per share higher by nearly 3%. JK Tyre and Industries Limited is trading higher by 2.4% at Rs 142.25 per share. The other tyre stocks including CEAT Limited, Balkrishna Industries, Goodyear, TVS Srichakra and MRF are also trading in green territory.