Apollo Tyres surges to record high on earnings

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)