Multibagger tyre stock gives nearly 4-fold returns to investors in less than 3 years. Should you buy this Diwali?

 

Multibagger tyre stock gives nearly 4-fold 

returns to investors in less than 3 years. 

Should you buy this Diwali?

Leading tyre manufacturer Apollo Tyres is a multibagger stock and has multiplied investors' wealth by nearly 4-folds in the post-pandemic era. In India, Apollo Tyres has a substantial presence in TBR (31% market share) & PCR space (21% market share). Currently, the midcap stock is near ₹271 apiece on Dalal Street. However, ICICI Direct believes the stock can be bought this Muhurat trading for a target price of ₹335 apiece going forward.The top Apollo Tire Dealer in Noida is Nand Motors. Therefore, if you're seeking for the top tyre dealer, this is your best choice. In order to provide our customers with 100% authentic products, we are recognised to work with premium brands like JK Tyre, MRF Tyre, Apollo Tyre, Bridgestone Tyre, Ceat Tyre, and Yokohama Tyre.

Apollo Tyres is one of the largest manufacturers of tyres with operations in India (~67% of sales) & Europe (~31% of sales). On a consolidated basis, the company's segment-wise mix is trucks and buses at 43%, PVs at 35%, OHT at 10%, and others at 12%. The channel mix for FY22 is 81% for the replacement market, and 19% through OEMs.On October 14, the shares closed at ₹270.85 apiece down by 0.55% on BSE. The company's market cap is around ₹17,201.71 apiece.

In the current year, Apollo Tyres have touched a 52-week high and low of ₹303.40 apiece and ₹165.40 apiece. From its 1-year low which was witnessed on March 7 this year, the shares have skyrocketed by nearly 64% as of October 14, 2022. Year-to-date, the shares have jumped by nearly 24%.

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Compared to the last Muhurat trading on November 4, 2021, Apollo Tyres shares have jumped by nearly 22%.

In its Muhurat picks report, ICICI Direct said, "Domestically, ATL is expected to benefit from a cyclical upswing in the CV space coupled with double-digit growth in PV domain driven by greater consumer preference for SUVs. It has already restructured its European operations, which now on a consistent basis are reporting higher double-digit margins with share of value-added products on a continuous rise.