NEW DELHI, June 26 (Reuters) - India's Apollo Tyres Ltd, the industry's second-ranked firm, announced during market hours on Wednesday its January-March net profit vaulted more than four times from a year ago, boosting its shares.
At 3:00 p.m. (0930 GMT) shares of the New Delhi-based tyre maker were up 5.2 percent at 121.60 rupees on the Bombay Stock Exchange, whose benchmark index was down nearly one percent.
The New Delhi-based firm said in a statement fourth-quarter net profit rose to 185.1 million rupees ($3.8 million) or 5.1 rupees a share, from 44.8 million rupees or 1.23 rupees a share a year earlier.
Net sales rose 16 percent to 4.73 billion rupees -- from 4.07 billion.
Apollo's board also recommended a dividend of 4.5 rupees per share.
Apollo, which claims to have a 25 percent share of the truck and bus tyre market, has been battling falling demand as India's commercial vehicle sales dropped in the past two years.
Truck and bus tyre sales account for more than 70 percent of India's about 100 billion rupees a year tyre industry. (US$1 = 48.84 Indian rupees)