JK Tyre is among the top three gainers since opening bell. The stock is showing some 2.6 times rise in volume and stock price rose 12% to Rs.165; Ceat also rose 2.5% to Rs.1822.70; MRF rose over 2% to Rs.65,579.20; Goodyear India was up over 5% at Rs.874.60; Apollo Tyres rose over 4% while Balkrishna was up over 2%.
Tyre stocks are up and about as their much needed demand to impose anti-dumping duty was finally met.
The Govt announced an anti-dumping duty on import of certain type of radial tyres used in buses and trucks. This is a good move as this gives a leg up to the domestic manufacturers who were forced to sell below cost to counter cheap imports from China.
This anit-dumping duty is for five years.