Apollo Tyres to set up plant in Hungary; stock rallies nearly 3%

MUMBAI: Shares of Apollo Tyres gained momentum in lackluster market following reports that the company is planning to set-up a new plant in Hungary.

The project involves investments of 442.2 million euros and is expected to create over 975 now jobs. It is to be carried out in Gyongyoshalasz, in Northern Hungary.

The European Commission has found that regional investment aid totalling 95.7 million euro to Apollo Tyres for the construction of a tyre plant in Gyongyoshalasz (Northern Hungary) is in line with EU state aid rules.

Mitesh Thacker, Technical Analyst, miteshthacker.com has advised traders to buy the stock with stoploss below Rs 209 for target of Rs 228.

At 09:25 a.m.; the stock was at Rs 215.55, up 2.81 per cent, on the BSE. It touched a high of Rs 217.70 and a low of Rs 210.45 in trade today.