Tyre Companies

The firms also say that while crude oil prices have cooled off, they must sustain at current levels for actual impact to be seen on manufacturing operations

The Indian tyre industry will be able to scale a turnover of Rs 1 lakh crore in the next three years on the back of new capacities available, Automotive Tyre Manufacturers Association said on Wednesday. The industry has completed investment of Rs 35,000 crore in the last three years in new capacity creation and debottlenecking. "The new capacities will go on stream over the next couple of years to meet the growing demand in an economy that is poised to remain as the fastest growing for the next few years," Automotive Tyre Manufacturers Association (ATMA) said in a statement. Demand is expected to grow stronger in view of an uptick in economic activities and the big push envisaged for infrastructure growth. "The new capacity will help the industry notch a turnover of Rs 1 lakh crore in the next 3 years from Rs 75,000 crore currently," ATMA said. "The investments that have been undertaken in a challenging time period, span across all the key tyre segments with major beneficiary bein

Higher raw material prices had punctured sequential margins of major tyremakers

Company's near term will be tough, but brokerages believe it will continue to gain market share

The All India Tyres Federation on Thursday sought removal of anti-dumping duty on tyres and urged the government to lift import restrictions imposed after the Competition Commission of India's (CCI) order on domestic tyre manufacturers for indulging in price rigging and cartelisation. In August 2018, the CCI had imposed a total fine of more than Rs 1,788 crore on Apollo Tyres, MRF, CEAT, Birla Tyres, JK Tyre & Industries and the Automotive Tyre Manufacturers Association (ATMA). They were found to have violated Section 3 of the Competition Act during 2011-12. The Section prohibits anti-competitive agreements. An appeal was filed against the CCI order before the Madras High Court and the same was dismissed on January 6, 2022. In a letter to Finance Minister Nirmala Sitharaman and Commerce & Industry Minister Piyush Goyal, the Federation also sought an appointment to its delegation so that it explains the entire issue. The CCI on Wednesday said the Supreme Court has dismissed a ..

JK Tyre & Industries on Thursday said its consolidated net profit declined 76.6 per cent to Rs 53.92 crore for the third quarter ended December 31, 2021. The company had reported a consolidated net profit of Rs 230.46 crore in the corresponding period last fiscal, according to BSE filing. However, its revenue from operations in October-December 2021 rose to Rs 3,076.03 crore as compared with Rs 2,769.28 crore in the year-ago period, JK Tyre said in a statement. "We are optimistic on the outlook of the tyre industry and believe there will be good demand growth across all market segments given the expected economic activity going forward and the waning effect of the pandemic," JK Tyre Chairman and Managing Director Raghupati Singhania said. In a separate regulatory filing, the tyre maker said the Competition Commission of India (CCl) has published an order dated August 31, 2018, against the company and some other OEMs (original equipment manufacturers) for alleged contravention of ..

Apollo Tyres on Wednesday announced its foray into the truck and bus tyre segment in the US and Canada, following the launch of its passenger vehicle range in the two markets. The commercial vehicle range has been introduced under the Apollo brand although the PV (passenger vehicle) range was launched under the premium European brand, Vredestein last September, the company said in a statement. The north American range of truck and bus tyres will be produced at the company's manufacturing units in Hungary and Chennai, India. The tyre line-up will encompass a full range of regional, super-regional, coach/urban and mixed-use applications with fitments for rims ranging from 17.5 inches to 24.5 inches, it added. Apollo Tyres Assistant Vice President (Americas) Abhishek Bisht said, "Our market entry in North America is preceded by decades of global commercial vehicle tyre manufacturing and distribution expertise. We come to market positioned to make an immediate impact by offering a tier

During the third quarter, the company's revenue rose to Rs 553.31 crore from Rs 497.54 crore in the year ago period, an increase of around 11.20 per cent

Shares of JK Tyre & Industries hit a 52-week high of Rs 103.80 amid heavy volumes

While sales to original equipment manufacturers declined 16.3% year on year in FY20, the replacement market sales declined by a modest 2.6% over the same period

Price hikes to offset some of the the surge in raw material costs

Factors helping capacity utilisation include encouraging domestic replacement demand in passenger vehicles, two-wheelers and the farm segment, and a drop in imports

Off-highway tyre-maker Alliance Tire Group (ATG), owned by the Japanese major Yokohama Group, is setting up its third plant in the country in Visakhapatnam with an investment of USD 165 million (around Rs 1,240 crore). The proposed USD 165-million plant will add over 20,000 tonnes per annum (55 tonne per day rubber weight) capacity to the 2.3-lakh-tonne annual production from two India plants and will be commissioned by the first quarter of 2023. The plant will generate around over 600 new jobs, adding to its 5,500-strong headcount, Nitin Mantri, chairman of Yokohama India and director of ATG, told PTI on Sunday. ATG has one plant at Dahej in Gujarat with an annual capacity of 1.3 lakh tonne (360 tonne per day) and another at Tirunelveli in Tamil Nadu with an annual capacity of 1 lakh tonne. The group has a 45,000-tonne plant in Israel as well where it has its main R&D centre as well. The TN facility also has an R&D centre. These two plants produce all the three key ...

Following a 6.7% growth in FY19, the domestic tyre demand is estimated to grow at a lower rate of 3-4% (volume) during FY20, according to Icra

Oil prices fell more than 4 per cent on Tuesday, even after OPEC and allies including Russia agreed to extend supply cuts until next March.

According to the Automotive Tyre Manufacturers Association, the industry is investing Rs 206 billion in new units and another Rs 157 billion in expansion of existing units

MRF, Apollo among beneficiaries of higher demand, given dominant positions in growth segments

MRF says raw material cost escalation, especially of natural rubber, will have impact