Apollo Tyres surges to record high on earnings

An employee works inside the warehouse at the Apollo Super Zone showroom in Mumbai
An employee works inside the warehouse at the Apollo Super Zone showroom in Mumbai October 8, 2013. REUTERS/Danish Siddiqui/Files

Reuters Market Eye - Shares of Apollo Tyres jumped 9.1 percent in trade to a record high of 182.90 rupees after the company's January-March earnings beat estimates, helped by an improvement in its European operations.

Europe contributed about 39 percent of Apollo's operating profit, up from 33.3 percent a year earlier, as per Reuters calculations.

Profit before tax margin from Europe also increased to 13.3 percent in Jan-March compared with 11.6 percent a year earlier.

Apollo Tyres' stock ended up 5.75 percent at 177.35 rupees.

(Reporting by Abhishek Vishnoi)