Apollo Typres share price target 2023, Apollo Typres share price NSE: Shares of Apollo Typres gained over two per cent on Friday, December 8, after global brokerage JP Morgan raised Apollo Typres' target price by Rs 60, translating an upside of 17.5 per cent from current levels. Apollo Typres rose as much as 2.3 per cent to hit the day's high of Rs 465.85 on the NSE. The counter finished at Rs 459.4, up Rs 4.25 or 0.93 per cent on NSE. 

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JP Morgan has maintained an overweight rating on Apollo Tyres. The global brokerage has raised the target to Rs 535 from Rs 475 on the back of volume recovery in replacement tyres (especially trucks) in India, the bottoming of growth and margins in the Europe business, stable commodities and rational pricing, and prudent capital allocation, which should drive deleveraging and improvement in return on capital employed (ROCE).

"Apollo Tyres is currently outperforming on its ROCE (16 per cent in 1HFY24 vs. FY26 target of 12–15 per cent) and leverage (net debt/EBITDA at 1x vs. FY26 target of <2x) guidance," the brokerage said.

Apollo Tyres shares have given a positive return of over 10 per cent in the last month. Year-to-date (YTD), the counter has jumped nearly 40 per cent, outperforming the benchmark index Nifty 50, which rose over 12 per cent in this duration.

What does Apollo Tyres do?

Apollo Tyres came into being in 1972 and has since become a well-known name in the business of the manufacture and sale of tyres. "With our corporate headquarters in Gurgaon, India, Apollo Tyres caters to over 100 countries across the globe," the company says.

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