Which Indian Tyre Stocks Should You Buy In 2024?
Introduction
The Indian automotive industry has witnessed significant growth recently, increasing the demand for high-quality tyres. This has led to the emergence of several tyre companies, each offering a range of products to fulfil varied consumer needs.
The tyre industry is also a key player in India’s economic landscape and contributes significantly to the country’s GDP and employment. The top tyre companies within the sector include Apollo Tyres, MRF, Balkrishna Industries, JK Tyres, and CEAT. These companies hold strategic positions and shape the industry’s trajectory.
Why should you invest in tyre stocks in India?
If a publicly traded company manufactures and distributes tyres for vehicles, such as trucks, automobiles, and motorcycles, its shares are called tyre stocks. They are a good investment choice if you have an interest in the automotive industry or believe in the long-term sustenance of the transportation sector and its related demand for tyres.
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By investing in tyre stocks, you can enjoy the benefits associated with the global automotive sector. These companies are likely to have a steady demand for replacement tyres and benefit from potential growth in the automotive industry. The product offerings of these companies can also become better due to the technological advancements in tyre manufacturing.
5 top tyre companies for investment in India
Here’s a list of the best tyre companies in India to invest in 2024.
1. Apollo Tyres
Apollo Tyres is a multinational tyre manufacturing company founded in 1972. Its first plant was set up in Perambra, Chalakudy, Kerala. Now, it has five manufacturing facilities in India, one in Hungary, and one in the Netherlands. The company’s headquarters are in Gurgaon.
As of May 10, 2024, the company’s share price closed at Rs. 480.75. Its market capitalisation was worth Rs. 30,532 crore. The trading volume was 12,46,498, with a face value of Rs. 1.
2. MRF Tyres
MRF Tyres is the largest Indian manufacturer of tyres. The multinational company was incorporated in 1946 at Tiruvottiyur, Chennai. Its manufacturing product range includes several rubber products like paints, conveyor belts, tubes, treads, toys, and tyres.
As of May 10, 2024, MRF Tyres had a share price of Rs. 1,27,595.70. Its market capitalisation was worth Rs. 54,115 crore. The trading volume was 5,922 shares, with a face value of Rs. 10.
3. Balkrishna Industries Ltd.
Balkrishna Industries is a multinational tyre manufacturing company in India. It was established in 1987 and manufactures off-highway tyres. Their use is prominent in specialist segmentations like agriculture, earthmoving, gardening, and mining. The company has manufacturing units in various locations, such as Aurangabad, Bhuj, Bhiwadi, Chopanki, and Dombivali.
Balkrishna Industries’ share price closed at Rs. 2,477.75 on May 10, 2024. Its market capitalisation was worth Rs. 47,899 crore. The 52-week high share price was Rs. 2,795.50, and the 52-week low share price was Rs. 2,130.10.
4. JK Tyres
JK Tyres is a prominent name in the Indian tyre industry. It develops, manufactures, markets, and distributes automotive tyres, flaps, retreads, and tubes. In 1977, the company introduced the first radial tyre and has been a market leader in the truck bus radial segment. JK Tyres has a presence in 105 countries with more than 180 global distributors.
The company’s share price on May 10, 2024, was Rs. 385.85. The market capitalisation was worth Rs. 10,060 crore, with a trading volume of 5,05,146 shares. The share’s face value was Rs. 2.
5. CEAT Tyres
CEAT Ltd. is a subsidiary of the RPG Group. It was incorporated in 1924 and manufactures tyres for various vehicles, including two-wheelers, passenger cars, trucks and buses, forklifts, earthmovers, commercial vehicles, trailers, tractors, and auto-rickshaws.
CEAT Tyres had a share price of Rs. 2,235.90 on May 10, 2024. Its market capitalisation was worth Rs. 9,044 crore. The trading volume was 1,23,644 shares, with a face value of Rs. 10.
Conclusion
Investing in tyre stocks in India can help you gain exposure to a growing market and diversify your portfolio. The industry is profitable if approached with caution. The companies mentioned above have a strong market standing and offer promising returns, making them the right choices for investment in 2024. Before investing in the best tyre company, you can study their background, current performance, and future prospects.
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