Stock Markets Today Live Updates: Tyre stocks surge as manufacturers raise prices due to rising raw material costs, JK Tyre, MRF, Ceat, Goodyear jump 5 -12% today
In today’s market wrap-up, tyre stocks have seen a significant surge as manufacturers have raised prices by 1.5-2.5% due to rising raw material costs. This move has led to a positive impact on companies like JK Tyre, MRF, Ceat, and Goodyear, with their stocks jumping by 5-12% today.
ICICI Direct Research has suggested that the price hikes are necessary for these companies to maintain their margins in the face of increasing raw material costs. Emkay has also maintained a ‘buy’ rating for JK Tyre, setting a target price of ₹700 per share. They have cited strong fundamentals in the transportation sector as a reason for their positive outlook on the stock.
Overall, the market has seen a mix of gains and losses today, with the Sensex losing 210.45 points to settle at 79243.18, and the Nifty losing 33.9 points to close at 24044.5. It will be interesting to see how these developments play out in the coming days and how the market reacts to the changing dynamics in the tyre sector. Stay tuned for more updates on today’s market movements.
