Buy Apollo Tyres, target price Rs 245: IIFL

IIFL has buy call on Apollo Tyres with a target price of Rs 245. The current market price of Apollo Tyres Ltd. is Rs 232.6.

Time period given by analyst is Intra Day when Apollo Tyres Ltd. price can reach defined target.

Apollo Tyres Ltd., incorporated in the year 1972, is a Mid Cap company (having a market cap of Rs 14769.27 Crore) operating in Tyres sector.


Apollo Tyres Ltd. key Products/Revenue Segments include Tyres, Tubes & Flaps, Other Operating Revenue, Others and Scrap for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 4624.92 Crore, down -9.09 % from last quarter Total Income of Rs 5087.57 Crore and up 59.46 % from last year same quarter Total Income of Rs 2900.28 Crore. Company reported net profit after tax of Rs 127.78 Crore in latest quarter.

Investment Rationale
Stock has given an inverse head & shoulder breakout on the daily chart.

Promoter/FII Holdings
Promoters held 37.6 per cent stake in the company as of June 30, 2021, while FIIs held 22.9 per cent, DIIs 15.7 per cent and public and others 23.9 per cent.