Sell Apollo Tyres, target price Rs 173: Motilal Oswal

Sell Apollo Tyres, target price Rs 173:  Motilal Oswal

Motilal Oswal has sell call on Apollo Tyres with a target price of Rs 173. The current market price of Apollo Tyres Ltd. is Rs 180.15.

Apollo Tyres Ltd., incorporated in the year 1972, is a Mid Cap company (having a market cap of Rs 11552.49 Crore) operating in Tyres sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 4233.80 Crore, up 49.70 % from last quarter Sales of Rs 2828.23 Crore and up 7.84 % from last year same quarter Sales of Rs 3926.06 Crore Company reported net profit after tax of Rs 199.96 Crore in latest quarter.

Investment Rationale
Negative divergence on weekly chart and RSI indicator along with formation of Double Top.

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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