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      Tyre makers climb after crude oil slides

      MoM Team / Mumbai, Aug 02, 2017 03:07 PM IST

        Tyre makers climb after crude oil slides

        Shares of six tyre manufacturing companies rose 0.32 percent to 3.34 percent at 15:09 IST on BSE as crude oil prices dropped.

        Apollo Tyres (up 3.3 percent), CEAT (up 2.6 percent), JK Tyre & Industries (up 2.2 percent), MRF (up 1.7 percent), Goodyear India (up 0.8 percent) and Balkrishna Industries (up 0.3 percent), edged higher.

        Meanwhile, the S&P BSE Sensex was down 105.93 points, or 0.33 percent to 32,469.24.

        In the global commodities markets, Brent for October 2017 settlement was down 4 cents at $51.74 a barrel. The contract had fallen 94 cents to settle at $51.78 a barrel during the previous trading session.

        There are two types of rubber used in manufacturing tires - natural and synthetic. Synthetic rubber is produced from petroleum waste. Price of natural rubber, a main raw material in making tyres, has strong correlation to crude oil prices.


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      Source: Capital Market



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