Ceat

Tyre maker CEAT Ltd on Monday said its Managing Director and CEO Anant Goenka has resigned to focus on group activities and has been named as its Vice Chairman. The company's board has also approved the appointment of Arnab Banerjee, currently Chief Operating Officer, as its new MD and CEO. Goenka expressed his desire to hand over the charge of the company to a successor with a view to focus on initiatives at the group level. Accordingly, he sought to be relieved of his duties as MD & CEO of the company with effect from close of business hours of March 31, 2023, while continuing as a board member, CEAT Ltd said in a regulatory filing. He has been MD and CEO of the company since April 1, 2012, it added. The board has approved the appointment of Goenka as a non-executive non-independent director, designated as Vice Chairman of the company from April 1, 2023, the filing said. CEAT said Anant Goenka, son of RPG Group Chairman Harsh Goenka, will now take up strategic functions at the .

With the world looking for an alternative to China for sourcing tyres, Ceat Ltd is planning to cash in on the opportunity based on its 'value brand' positioning despite slowdown in many economies, according to company Executive Director, Finance & CFO, Kumar Subbiah. The company, which gets 20 per cent of its total revenue from exports, plans to enter the US market in the later part of the current year, following up on its entry into the European market for truck and bus radial tires last year. In the current fiscal, the company's exports have been flattish as it "took some kind of beating, largely on account of current conditions in Europe and some other countries finding it difficult to get currency to import tyres", Subbiah told PTI. However, he said, "Exports, we expect it to come back to growth path in the coming year, subject to global macroeconomic conditions permitting that kind of growth. We set ourselves ready to take advantage of any requirements. "The world is looking .

Tyre maker Ceat on Wednesday posted a consolidated net profit of Rs 35 crore for the third quarter ended December 2022. The company had reported a net loss of Rs 20 crore in the October-December quarter of the previous fiscal. Total income increased to Rs 2,729 crore in the third quarter from Rs 2,416 crore in the year-ago period, Ceat said in a regulatory filing. "Our margins continue to improve as a result of the cooling commodity prices. Growth is led by domestic demand as we remain cautious about international markets that are getting impacted by recessionary trends," Ceat Managing Director Anant Goenka said. The company's outlook for the ongoing quarter is positive, he added. "We have the capacities available to cater to a growing market demand," Goenka said. Ceat CFO Kumar Subbiah said the company brought down its overall inventories by Rs 280 crore, which helped in bringing efficiencies in operating cash flows and minimising borrowings. "We intend to maintain our capex fo

At Ceat we wanted to grow in our international business, and our OEM customers were becoming more and more exacting in their specifications, said Goenka

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The raw material (RM) and other input costs have started softening after a long spell of unprecedented increase, which is likely to improve margins in the medium term for tyre companies

Ceat's revenue from operations rose 18.1% to Rs 28.94 billion in the quarter

Stock of tyre maker was up 20% on Thursday

The company expects the overall tyre industry to perform well due to easing of pandemic-led curbs, pent-up demand from OEMs, and replacement segment.

The tyre industry is expected to perform well mainly due to easing out of pandemic, increasing demand from OEMs and replacement segment.

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Stocks to Watch Today: CEAT, Havells, IndusInd Bank, Mastek, OFSS, RIIL, Syngene International, Tata Communications and Wirpo to announce Q1 results on Wednesday.

CLOSING BELL: Around 3:30 PM, the mega IPO of Life Insurance Corporation (LIC) was subscribed 91 per cent with policyholders' quota seeing a subscription of 2.79 times

Stocks to Watch: Adani Power, Adani Transmission, CEAT, Dabur India, Marico, Exide Industries, Happiest Minds Technologies, and Indus Towers will be in focus ahead of theur Q4 results.

The spokesperson further said, "We categorically deny any wrongdoing in our conduct of business"

The CCI on Wednesday said Supreme Court dismissed a petition filed by tyre companies wherein they had challenged the regulator's order imposing penalties on them for anti-competitive practices

The management said the company is witnessing muted demand in the replacement segment due to tepid consumer sentiment, higher fuel prices and a softer uptick in India's rural markets.

The company had posted a net profit of Rs 132 crore in the third quarter of the financial year 2020-21

Stock market LIVE: Sector-wise, only Auto, metals and energy stocks were trading higher. Meanwhile, Nifty IT index, down nearly 2 per cent , was still the biggest loser. .

The risk reward ratio for CEAT looks highly lucrative at current levels to go long for a bounce.