May 11, 2018 / 6:07 AM / 4 months ago

BUZZ-India's Apollo Tyres rises on higher qtrly profit

** Shares of Apollo Tyres Ltd climb as much as 2.1 pct to 289.65 rupees

** Co on Thursday reported a nearly 10 pct rise in March qtr consol profit

** Apollo posts strongest revenue growth in the sector - Deutsche Bank (DB)

** DB says co’s India business has outperformed peers such as MRF Ltd and CEAT Ltd as Apollo has managed its raw material pressures better than peers

** Adds, Apollo’s gross margins at 38.5 pct were flat Q-o-Q while peers witnessed 80-250 bps decline

** DB says Apollo is its top pick in tyres and retains ‘buy’ on stock

** Apollo has risen 5.7 pct this year up to Thursday’s close

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