Apollo Tyres shares hit record high as SAP to support digitalisation drive

Shares of Apollo Tyres hit their all-time high today after enterprise application software and cloud solutions company SAP said it was supporting the tyre manufacturer in moving their digital core onto the cloud.

Apollo Tyres stock opened 2.15% higher at Rs 362.95 against the previous close of Rs 355.30 on BSE. Later, the tyre maker hit a record high of Rs 365.15, rising 2.77% on BSE. The stock has been gaining for the last two sessions.

In terms of technicals, the relative strength index (RSI) of the stock stands at 76.6, signaling it's trading in the overbought zone. The stock has a one-year beta of 1.1, indicating average volatility during the period. Shares of Apollo Tyres are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

The stock has gained 81.4% in a year and gained 12% in 2023. Total 0.78 lakh shares of the firm changed hands amounting to turnover of Rs 2.81 crore. Market cap of the firm rose to Rs 23,047 crore.

Under Apollo Tyres’ digitalisation efforts, shifting to SAP’s integrated and secure cloud platform will enable the tyre-maker to secure the outer perimeter of its key systems, innovate new products and services faster, and provide superior customer experiences.

SAP’s business transformation as a service — RISE With SAP — brings the products and tools in one package enabling companies to speed their cloud journey regardless of size, industry, cloud readiness, customisation, volume, or departure point, SAP added.

Also read: Cognizant 2023 guidance: Key takeaways for Infosys, TCS, Wipro, HCL Tech & TechM