Apollo Tyres shares surge 6% amid block deal, check details

Apollo Tyres shares surge 6% amid block deal, check details

Apollo Tyres shares climbed 5.77% to Rs 510 against the previous close of Rs 482.15 on BSE. Market cap of the firm rose to Rs 31,088 crore.

Shares of Apollo Tyres are trading higher than the 5-day, 20-day, 30 day, 50-day, 100-day and 200-day moving averages. 
Aseem Thapliyal
  • May 22, 2024,
  • Updated May 22, 2024, 10:07 AM IST

Shares of Apollo Tyres rose nearly 6% in early deals on Wednesday after 2.25 crore shares (3.5% equity) changed hands in a block deal on BSE. Other details of the deal are yet to be ascertained. According to reports, White Iris Investment Ptd Ltd, an arm of the global private equity firm Warburg Pincus, was likely to sell its entire stake of 3.54%.

Warburg Pincus, through its subsidiaries, owns 13.5% stake in Apollo Tyres. Its arm, White Iris holds 3.54%, while another subsidiary, Emerald Sage Investment Ltd, holds 9.93%.

White Iris is likely to sell its entire stake in the company. The offer size of the block deal is likely to be around Rs 1,041 crore, with a floor price set at Rs 463 per share. Apollo Tyres shares climbed 5.77% to Rs 510 against the previous close of Rs 482.15 on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 48.5, signaling it's trading neither in the overbought nor in the oversold zone. The stock has a one-year beta of 0.6, indicating very low volatility during the period. Shares of Apollo Tyres are trading higher than the 5-day, 20-day, 30 day, 50-day, 100-day and 200-day moving averages. 

The stock has gained 32.27% in a year and gained 8% in 2024. Total 226.79 lakh shares of the firm changed hands amounting to turnover of Rs 1083.05 crore. Market cap of the firm rose to Rs 31,088 crore.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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