Small-cap Tyre sector stock rises 11%, despite GST notice. Here's what is fueling gains
Stock Market Today: Small-cap Tyre sector stock gained more than 11% during the intraday trades on Wednesday, despite the GST notice. Here's what is fueling gains for TVS Srichakra Ltd.'s share price
TVS Srichakra share price that opened at Rs.3082.10 levels on Wednesday skyrocketed to Rs.3410.15, which meant intraday gains of more than 11%. The TVS Srichakra share price has been rising in the last few days.
Factors leading to rise in Small-cap Tyre sector stock TVS Srichakra share price
The TVS Srichakra share price has been rising, helped by ongoing expansions amidst favorable raw material prices, such as that of rubber. Concerns about crude oil prices also have cooled down, and the crude derivative prices also are likely to remain favorable for TVS Srichakra.
TVS Srichakra Expansions— The company recently announced opening two more Eurogrip Tyres exclusive retail stores in Chennai. The exclusive stores will retail tyres, allied automotive products, apart from offering best-in-class services.
The company intends to open additional trademark stores in various places to provide clients with easy access to our goods and services.
These stores will take care of warranty-related procedures in addition to offering services like tyre fitting, tyre care, and puncture repair, as well as extra services like lubricant and engine oil changes.
Eurogrip Tyes presently has exclusive stores in Chennai, Mysore, Ahmedabad, Patna, Farrukhabad, and Hyderabad, and this network is fast expanding.
