Cooper uncertainty good for Apollo share price

Are investors experiencing a case of schadenfreude towards the latest Apollo/Cooper developments? The Apollo Tyres share price took a nose dive following the announcement of plans to acquire Cooper Tire & Rubber, falling from a 52-week high of Rs 101.5 on 8 May to a 52-week low of Rs 54.6 on 21 June. Now, buoyed by speculation that the deal may fall apart, the Apollo share price looks set to rise.

Speaking with financial news channel CNBC-TV18, equity specialist SP Tulsian said rumours that the deal will not go through are seen as “quite positive” and will lift share price. “I am not saying that one can expect Rs 90 kind of level to come back, but in the near term may be for the expiry view, one can look for a price of Rs 72-74,” he said. At 9am BST/10am CST, Apollo shares were trading at Rs 67.35.