Apollo a Recommended Buy - Broker
The online stock broking firm India Infoline has indicated that Apollo Tyres is a prudent share purchase, and has placed a recommended buy rating on the stock with a target of Rs 397 (4.74). India Infoline describes Apollo as the leading commercial vehicle tyre player in India and adds that the company is expanding at a rapid pace, both organically and inorganically. The brokerage firm expects Apollos topline and bottom line to grow by 14.3 per cent and 26.2 per cent respectively between the 2006 and 2009 financial years.
Apollo is expanding passenger car tyre capacity by 1,100,000 units and light commercial tyre capacity by 100,000 units by the end of the 2007 financial year, increasing total production to 410 tonnes per day. To add to the tyremakers sharemarket desirability, Apollo have also recently commenced production of its Dura Tyre range of retreads, scheduled for initial launch in northern India in May 2007.
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