Apollo Tyres jumps 5% after BoA-ML raises target price

Apollo Tyres climbed 5% on Wednesday after Bank of America-Merrill Lynch (BoA-ML), the corporate and investment banking division of Bank of America, raised target price of the companyto Rs 135 from Rs 115, while maintaining its "Buy" rating on the stock. BoA-ML expects Apollo"s EBITDA margins to sustain improvement through fiscal 2014 driven by better sales mix and improved utilization in the city of Chennai.Shares ofthe companyare trading at Rs 98.50, up Rs 4.95, or 5.29% at the Bombay Stock Exchange (BSE) on Wednesday at 1:08 p.m.The scrip has touched an intra-day high of Rs 98.70 and low of Rs 94.10. The total volume of shares traded at the BSE is 587,742.In the earlier session, the shares lost 0%, or Rs 0, at Rs 93.55. Currently, the stock is trading all time 52-week high, which is above 89.61% over the 52-week low of Rs 51.95.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 92.05 1.50 1.63 1 Month 87.00 6.55 7.53 3 Months 79.50 14.05 17.67 6 Months 81.10 12.45 15.35 1 Year 58.25 35.30 60.60 Note: Based on previous day closing price.