Apollo Tyres, Tyre maker will begin production again at its Kalamassery refinery in Kochi, ending the 3 months of shut down at the refinery since December last year.

Shares of Apollo Tyres increased 23.81% to close the day at Rs.18.51 on a statement that the company’s board contemplates a buy-back offer.

Indian Government has slashed the general excise duty from 10% to 8% whereas service tax has been reduced from 12% to 10%. After government’s statement of cut in the excise duties and service tax by 2% to improve the suffering economy, some companies conceded the profits to their consumers.

Apollo Tyres announced today that it seeks to lay off about 1,500 of its personnel. They are looking at about 15% of agreement and casual labours for job reduction.

No further negotiations are likely with PTL Enterprises Ltd (PTEL) of the Apollo Tyres Ltd (ATL) at Kalamassery as it entered the seventh week and it seems to be content and now both the parties in question are sticking to their own positions.

Apollo Tyres has dipped by half a percent to Rs20.2. According to reports, the company has cut their product prices to pass on the 4% excise duty cut benefit to customers.