The Hindu Business Line : Goodyear turns active on cheap tag

Dalal Street market makers seemed to have finally discovered Goodyear India, a 74-per cent US MNC-owned tyre stock, which had not really moved on the bourses. On Thursday, it ran up over 7 per cent to close at Rs 73.60. The stock, in the last one year, has seen its peak at Rs 105 on August 17, 2005.

According to dealers, some punters have started accumulating the stock. Goodyear, with Rs 23 crore paid-up equity, posted sales of Rs 715 crore for the financial year to December 31, 2005. Its current market capitalisation is just around Rs 190 crore, leaving a wide opportunity for market valuation to catch up.

"It is the cheapest among the tyre stocks and also undervalued, considering growth in demand from domestic automobile industry and exports," an industry analyst said.

Jayanta Mallick

More Stories on : Stocks | Ear to the ground | Tyres

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