Apollo Tyres rally on business rescue proceedings in South Africa
Source: IRIS | 17 Sep, 2014, 10.30AM
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 Apollo Tyres, one of the leading tyre manufacturers in India, witnessed a rise in share prices on Wednesday, after the company announced that Apollo Tyres Africa Proprietary has voluntarily initiated business rescue proceedings in South Africa. Apollo Tyres Africa Proprietary is a wholly owned step subsidiary of the company in South Africa.
Apollo arm has appointed a specialist to re-structure its operations and to secure best value for all stakeholders. The evaluation by such specialist will decide the future course of action for the company in South Africa, it added.  Shares of the company are trading at Rs 201.25, up Rs 5.65, or 2.89% at the Bombay Stock Exchange (BSE) on Wednesday at 10:19 a.m.
The scrip has touched an intra-day high of Rs 203.65 and low of Rs 198. The total volume of shares traded at the BSE is 240,512.
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