Crude prices slip, tyre stocks shine

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Check out the open interest of the companies from the F&O corner that are making headlines  ⤵️

Options setup (Expiry: 23 March)

⭐Crude prices slip, tyre stocks shine
Apollo Tyres: ₹311 ▲3 (+1.0%)

Shares of the major tyre companies were notable gainers on Monday after the price of crude oil, a key input material for tyre manufacturers, slipped to a 15-month low. Against this backdrop, shares of Apollo Tyres rose 1%, while the OI of its March Futures contract advanced 3.1%, indicating a long build-up. Meanwhile, the call option OI on the 315 and 320 contracts rose 16% and 5%, respectively.

⭐Glenmark gets a nod for schizophrenia drug
Glenmark Pharma: ₹444 ▲3 (+0.8%)

Glenmark Pharma received approval from USFDA for Prochlorperazine Maleate Tablets. The tablets  are used to treat Schizophrenia and severe nausea and have annual sales of approximately $26 million. Against this backdrop, the OI of its March Futures contract rose 6.3%, indicating a long build-up. Meanwhile, the call option OI on the 445 and 450 contracts rose 40% and 1.9%, respectively.

⭐Manappuram shines amid rising gold prices
Manappuram Finance: ₹113 ▲0.6 (+0.5%)

Shares of the gold loan NBFC climbed more than half a percent on Monday, while the OI of its March Futures contract rose 4%, indicating a long build-up. This comes after the gold prices hit a fresh lifetime high on Monday and crossed the ₹60,000 mark per 10 grams. Higher gold prices tend to boost gold loan growth, which translates into a larger loan book for gold loan financiers.

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