Tyre Stocks Surge As Crude Oil Price Slump

On the Friday trading session tire stocks witnessed a strong opening in which Modi Rubber was the top gainer. The stock was higher by 5% at Rs 103.85/share. Around Harrisons Malayalam was up by 5% at Rs 82.6/share. Other tire stocks like CEAT Ldt, MRF Ldt, Balkrishna Industries and Good Year are trading in positive territory.

On a global market in 2017, Crude oil prices have been moving downwards on a YTD basis. Crude oil needed as raw material, Such sectors cheering the price downfall. Rather than OPEC’s efforts to cut the oil supply.
On the Thursday trading session US WTI crude futures fell by more than a % below USD 45/barrel and lost nearly 14% down on YTD basis as well as 17% in the past 3 months.

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