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Expecting pick-up in demand, Ceat lines up investments to scale up production
Wikipedia. Tire giant Ceat A senior official said the company aims to increase its production capacity to around 14,000 tons per day in the next 18 A month to meet the growing demand in the domestic and international markets. The demand for RPG in the domestic market is expected in the coming quarters. demand for the Group’s flagship product will accelerate. In these regions, COVID-19 As the outbreak improves, the Company has seen a pick-up in demand from several export markets. The company, which manufactures a range of tires for two-wheelers, passenger cars and commercial vehicles, plans to invest around 100 expansion projects Rs 100 crore of capex in the current fiscal. Anant Goenka, Managing Director, Ceat He said, “Our total production is around 1,100 tons per day and we will look at increasing the capacity to 1,300-14,000 tons per day in the next one and a half years.” He noted that the company has already embarked on major investments to increase...
DavidAusten
48
May 31, 2024
Steady recovery seen in tyre industry, long-term outlook favourable: Goodyear
The Indian tire industry is steadily recovering after the outbreak. Goodyear India Ltd. said it expects a favorable long-term outlook for COVID-19 given its pandemic impact. With the consumer tire industry slowly and steadily shifting to the premium and SUV segments (driven primarily by growth in SUVs), the company said this trend “is expected to create opportunities for profitable growth in the business.” Sandep Mahajan, chairman and managing director of Goodyear India, wrote in his address to shareholders at the annual general meeting in 2019: “It is positive,” the company wrote in its 2020-211 annual report. He added that the growing middle class, low car penetration, and personal travel trends during the epidemic are expected to boost future car sales, reflecting positive momentum in the aftermarket. In its latest annual report, Goodyear India said, “Demand in the consumer tire industry is slowly but steadily shifting towards the premium an...
HughNoah
41
May 31, 2024
High commodity prices pinch Ceat’s Q1 margins, company expects pressure to continue in Q2
The company plans to raise prices on all of its products, for the third time in 2021, starting in July. Tire maker Ceat Ltd reported a consolidated profit of Rs 230 million for the April-June quarter, but could not fully cover costs as high input prices depressed margins. Consumers. In the same period last year, when its operations were blocked, the company lost Rs 350 million. Consolidated revenues for the quarter were 70% higher at Rs 19.06.6 crore year-on-year, but at a lower level. Earnings before income amortization depreciation amortization. (EBITDA) grew 62% YoY to Rs 1.65% crore. However, the EBITDA margin declined by 45 bps to 8.7%. Ceat Managing Director Anant Goenka The company expects margins to remain under pressure for the July-September quarter. It will gradually recover in the subsequent quarters. However, he expects sales to grow significantly in the second half of this fiscal year. “Last quarter was a tough quarter for us. Revenues were up 70% year...
PeteRaphael
64
May 31, 2024
Yokohama to invest additional $171 million to double capacity of upcoming Vizag plant
Japanese tire giant Yokohama Rubber has announced an additional investment of 1.71 The construction of an off-highway tire plant located in the southern part of Visakhapat, Andhra Pradesh for $100 million. The plant’s daily capacity will be double the originally planned 137 tons. Yokohama Off-The-Road Tire’s Chief Operating Officer Anil Gupta said on Wednesday that the Japanese group’s overall investment in its Indian operations was the largest in the world in terms of production capacity and employee capability. USD 508 million. The initial plan for the Visakhapatnam plant is to invest $165 million per day with a capacity of 137 tons and construction of the steel frame is currently underway. Gupta is also responsible for the global operations of the Yokohama Off-Road Highway. The additional investment of $171.1 million will add $120 USD tons of capacity, bringing the total planned capacity to 257 tons per day. Assuming this is one tire. Of the cumulative ...
AsaLaurie
51
May 31, 2024
Ralson India acquires rights for Dunlop brand
iStock Featured Image India Limited, makers of Ralco Ralson brand tires, has signed a Dunlop brand rights agreement. The company will soon launch Dunlop branded ultra premium tires for two and three wheelers. In a statement, the company said, “Ralson India Limited In order to facilitate the growth of the automotive tire market in India, we have been aggressively pursuing various organic and inorganic initiatives,” the company said in a statement. The agreement to sell Dunlop branded tires will further strengthen Ralson India Limited.” Indian Automotive Tire Industry. With this agreement, Ralson aims to further strengthen his position in the market for high-quality two-and three-wheeler tires. The company plans to first launch Dunlop brand tires at its state-of-the-art plant located in Kot Panech, Ludhiana. “The launch of Ralson Dunlop brand in India is a recognition of our superior capabilities and unique strengths as a manufacturer of multi-categ...
AnnaNancy
45
May 31, 2024
Tyre maker Ceat all set to roll into best-ever sales in H2
Anant Goenka, M.D. Tire maker Ceat expects record sales in the second half of the fiscal year as production capacity expands and demand from automakers, tire replacement markets and exports improves. Anant Goenka, managing director of the company’s new car Ceat, told The Economic Times that the tire plant in Chennai is operational and “fully utilized”, leaving room for further growth. The company has also laid the foundation for upcoming truck tires. Plant. “We are very confident. Over the past year and a half, we have built enough capacity and room for growth. The export market is a huge opportunity despite the challenges in container supply.” Goenka said. The company said that while semiconductor shortages are hurting automotive production, supplies to automakers are improving. This is largely due to the commercial vehicle. (CV) manufacturing recovery. Meanwhile, the tire replacement market is picking up across industries as the economy gr...
AudreySweet
50
May 31, 2024
Ceat to make a fresh investment of Rs 1200 crore in truck and bus plant
AgencyCeat delivered a strong earnings performance in FY2021 with revenue growth of 45% to 2,290 Net Profit of Rs. 153.3 crore and Net Profit of Rs. 15.3 crore. RPG Group’s flagship company Ceat Ltd on Wednesday announced an investment of 120 in order to expand radial capacity in trucks and buses despite short-term disruptions caused by the second wave of the epidemic. The new investments approved by the board are higher than the Rs 350 crore announced by the company a few years ago. Some of the investment will be in expanding the existing plant in Halol, Gujarat, and some will be in the Chennai brownfield plant-a base for automotive radial tires. Goenka, managing director of Ceat Tires Anant, told The Economic Times that the Halol truck radial plant on the outskirts of Baroda is expected to be operational within a year and 18 New capacity is needed within a month. As a result, the company received approval from the board of directors. “We have bigger ambitions...
ClaudePenn
52
May 31, 2024
JK Tyre expects economic revival, growth going ahead: Singhania
JK Tire said, “The outlook for ‘Consumer Confidence, Personal Travel Preferences and Expectations for Domestic and International Economic Recovery in 2021-22’ is optimistic due to increased production.” JK Tire Q1 related results: company’s net profit at Rs 44 JK Tire Industries expects economic recovery and growth after an unprecedented FY21, but potential instability due to rising raw material prices and epidemics remains a concern. 2020-211 Company Sinhanya In an address to shareholders in its annual report, the last fiscal year was described as “unprecedented and perhaps the most challenging year of our lifetime”. “It was probably the first time in the history of tires that all operations of stakeholders, including suppliers and channel partners, were completely halted,” JK He said in the report. He said, “The company responded to the adverse situation with a ‘Survive, Revive, Prosper’ philosophy an...
MauriceMay
47
May 31, 2024
Demand bounces back across product categories since easing of localised lockdowns: Apollo Tyres
Apollololo Medium Term Agency Tires set a timely revenue target of 50 (core $366 billion (core $366 billion) Rs 100 crore per annum up from Rs 1173.3 crore in FY211. Gurgaon-based Apollo Tyres said demand for various products has rebounded sharply since the state government eased the regional blockade earlier in June this year. However, demand from commercial vehicle manufacturers is slowing down and growth is expected to resume in the coming quarters. “In terms of the demand environment, the impact of the second wave of the epidemic and blockade has been the biggest this month. since May, we have seen a strong recovery in demand for various products. Onkar Kanwar, Chairman, Apollo Tyres According to The Economic Times, the OEMs have been the slowest to recover and are expected to take a quarter to accelerate. He further added that despite the absence of Apollo Tyres, the company is seeing good momentum in a variety of replacement parts segments. “For FY22, we had pre...
ArleneClark
84
May 31, 2024
CEAT looks to grab opportunity in replacement tyre market growth fuelled by PV sales
CEAT Ltd is looking to profit from the growth from tire maker Arnabbbb Banerjee, Arnab Banerjee, managing director and CEO of the company He said passenger car sales in India will boost demand in alternative markets in the future. The company is also poised to enter the U.S. passenger vehicle (PV) truck and bus radial (TBR) tire market in the first quarter of the next fiscal year, focusing on leveraging its international presence as a growth engine. This means that 40 million vehicles will translate into immediate replacement demand over the next two to three years,” said Banerjeeb. Therefore, the trajectory of OEMs bodes well for the replacement market,” the company told PTI. He was responding to a question on the impact of growing PV sales in India on tire manufacturers. In 2023, Indian passenger vehicle sales hit a record high of 4.108 million units, up 8.3% year-on-year, with SUVs accounting for almost half of total manufacturer-to-distributor shipments. ...
Nelson
44
May 31, 2024
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