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India's Balkrishna Industries rises on Pirelli agreements

By Reuters News

** Shares of India's Balkrishna Industries BLKI.NS rise 2.9% to 2,099.10 rupees

** Tyres and rubber product manufacturer enters agreements with tyre maker Pirelli

** Co enters framework agreement to establish a 50:50 joint venture in India to manufacture passenger car radial tyres
** Enters an offtake agreement to manufacture Pirelli-branded passenger car radial tyres at its Gujarat plant and supply them to Pirelli and its affiliates
** Co enters into a service agreement with Pirelli for technical support services for BKT-branded tyre testing

** Stock rated "hold" on avg by 18 analysts, with median PT of 2,370 rupees - data compiled by LSEG

** Stock down 11.30% YTD

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