Apollo Tyres is setting up a Greenfield project in Chennai to expand its capacity from 850 MTPD to 1,300 MTPD in FY13. 380 MTPD of the incremental capacity would cater to radial tyres for the CV segment. We expect Apollo Tyres to report a 27% yoy jump in PAT in FY12. We recommend a BUY of Apollo Tyres with a target price of Rs94
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