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The shares of tyre manufacturing companies are trading in gains today as BusinessLine reported earlier of Commerce Ministry’s decision to impose restrictions on tyre imports.
To promote domestic manufacturing, the government has imposed curbs on import of new pneumatic tyres used in cars, buses, lorries and motorcycles by amending the import policy from “free to restricted” through a DGFT notification.
Raising concern over the increasing imports from China, domestic tyre manufacturers have been demanding such restrictions for a long time.
Shares of JK Tyre gained as much as 10 per cent before cooling off to trade higher at 5.36 per cent, snapping the losing streak. CEAT has increased as much as 2 per cent to Rs 948, Apollo Tyres up 1.36 per cent and, MRF trading unchanged at Rs 63,483.
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