Shares of tyre makers jumped as the government has raised the import tariffs. JK Tyre and Industries Ltd, CEAT Ltd and Apollo Tyres Ltd jumped between 3.40 per cent and 12 per cent.
The Union Government had on Wednesday raised the import tariffs on 19 “non-essential items”, including radial car tyres, to reduce the country's widening current account deficit and tackle the rupee slide.
JK Tyre posted biggest intraday percentage gain since August 24, 2016. More than 1.4 million JK Tyre shares changed hands vs 30-day average of about 512,000. JK Tyre had fallen 31.3 per cent this year as of last close, Apollo Tyres lost 14.9 per cent, while CEAT plunged 36.7 per cent in the same period.
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