Apollo Tyres Share Price: Skyrocketing! Stock market experts reveal reasons and money-making strategy

Apollo Tyres share price: Apollo tyres share price hit 52-weeks high on strong quarterly numbers and strong positive bias in the auto sector stocks. According to the stock market experts, Apollo Tyres shares rose around 11 per cent in the opening bell trade session on a two-fold rise in Q3FY21 quarter. However, they also said that auto and auto ancillary stocks are doing well and the strong third-quarter result of Apollo Tyres further fuelled the investors sentiment, which resulted in this skyrocketing of the Apollo tyres share price today.

Speaking on Apollo Tyres share price rise; Kunal Saraogi, CEO at Equity Rush said, "This rise in Apollo Tyres shares is due to the strong Apollo Tyres result and if we look at the stock market trends, auto and auto ancillary stocks are performing well. Since Apollo Tyres result was quite promising from the fundamental perspective of the company, the company's stocks were bound to rise and it has done the same in the early morning trade session today."

On Apollo Tyres share price outlook and what a share market investor should do to make money out of this auto ancillary stock; Sumeet Bagadia, Executive Director at Choice Broking said, "Apollo Tyres share price has already gone so high today. So, one should wait for the profit-booking and if it closes above Rs 250 today, then one should buy it in between Wednesday to Thursday close means in the range of Rs 235 to Rs 250 for the target of Rs 270 to Rs 280 per stock levels." However, Bagadia strictly recommended to maintain the stop loss below Rs 234.

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Currently, Apollo Tyres share price was today trading at Rs 243 — around 7 per cent up from its Wednesday close of Rs 227.45.

Apollo Tyres on February 3 reported over two-fold increase in its consolidated net profit at Rs 444 crore for October to December 2020 quarter on the back of robust sales across domestic and international markets.

It had reported a net profit of Rs 174 crore in the October-December period of the last financial year.

Sales during the period under review grew by 14 percent to Rs 4,965 crore, as against 4,347 crore in the year-ago period, Apollo Tyres said in a statement.