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BUZZ-India's tyre makers rise as rubber prices hit 2-week low
November 15, 2017 / 9:22 AM / 7 days ago

BUZZ-India's tyre makers rise as rubber prices hit 2-week low

** Indian tyre makers such as Ceat Ltd and MRF Ltd rise as benchmark Tokyo rubber futures plunged more than 4 pct to a two-week low

** Fall in rubber prices follows a decline in Shanghai futures, as tumbling base metal prices and concerns over weaker economy in top buyer China weighed on sentiment

** Ceat gains as much as 4.7 pct, MRF up nearly 3 pct. Apollo Tyres Ltd rises as much as 4.1 pct before paring gains to trade 0.2 pct lower by 0903 GMT

** About 35-40 pct of the cost of production for tyre makers is natural rubber prices, says an analyst at a brokerage firm based in Mumbai

** MRF, one of India’s most expensive stocks, touched a high of 69,655.2 rupees, its highest level since Aug. 3

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