Apollo Tyres Ltd’s shares hit a new 52-week high in early trade on Tuesday on the National Stock Exchange. The stock was up more than 4%. One reason for the optimism could be because the September quarter (Q2FY23) earnings beat estimates. The tyre manufacturer’s consolidated net profit rose by nearly 12% year-on-year (y-o-y) to almost Rs195 crore. A lower tax outgo helped net profit growth.