Buy Apollo Tyres, target price Rs 247: ICICI Direct

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Buy Apollo Tyres, target price Rs 247:  ICICI Direct


ICICI Direct has buy call on Apollo Tyres with a target price of Rs 247. The current market price of is Rs 240.75.

Apollo Tyres Ltd., incorporated in the year 1972, is a Mid Cap company (having a market cap of Rs 15277.35 Crore) operating in Tyres sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 5217.42 Crore, up 20.74 % from last quarter Total Income of Rs 4321.11 Crore and up 18.11 % from last year same quarter Total Income of Rs 4417.53 Crore. Company reported net profit after tax of Rs 443.80 Crore in latest quarter.

Investment Rationale
Price rebound after taking support at 38.2% retracement of previous up move


Promoter/FII Holdings
Promoters held 40.90 per cent stake in the company as of March 31, 2020, while FIIs held 22.89 per cent, DIIs 18.81 and public and others 17.4 per cent.





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