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Apollo Tyres introduces Vredestein brand in India
iStockVredestein The brand offers tire sizes for passengers from 15 to 20 sizes. To further strengthen its product offerings in the Indian market, Apollo Tyres has launched its European tire brand in India to cater to the premium car and superbike markets. -The growing tire giant aims to capture approximately 30% of the market segment in the next two years based on market share through its Vredestein range of products, which will be locally manufactured at its plants in Tamil Nadu and Andhra Pradesh. The company will initially sell tires under the Vredestein brand in alternative markets. At a later stage, the company can also leverage its partnerships with global OEMs to offer Vredestein ultra-high performance tires as original equipment. “There is a growing interest in the high performance segment of cars and bikes and we believe that now is the best time to launch the brand in the country.” Asia Pacific, Middle East and Africa (APMEA) Satish Sharma, President,...
HarryLucia
59
May 31, 2024
Apollo Tyres to launch premium brand Vredestein in India
The distributor company aims to capture 30-40% share of the premium tire aftermarket in India. (Image source: apollotyres.com) Apollo Tyres has brought European brand Vredestein to India for the first time in over a decade as India’s restrictions on tire imports have hit the business of major premium brands. In 2009, Apollo Tyres entered the European market by acquiring the Dutch premium tire manufacturer. However, the brand is yet to be launched in India given the market dominance of European tire companies and low sales in the premium segment. However, given the rapid growth of the luxury and performance car market in recent years, Apollo Tires APMEA President Satish Sharma and regulatory pressures due to import restrictions, feels that now is the best time to launch the brand in India. The company also plans to launch high-quality products quickly and “immediately”. But for now, the market is right. Sharma told the Economic Times. In June last year, ...
AnnaNancy
48
May 31, 2024
JK Tyre & Industries launching ‘eco range of products’ in both domestic, exports markets
Regarding its strategy to expand its share of the global business, the company announced, “We are launching eco-friendly products for passenger cars and buses (electric vehicles) equipped with ultra-low rolling resistance tires in both domestic and international markets.” As of 2021, based on the company’s consolidated sales for the second quarter ended September 30, 202111, JK Tire Industries Ltd. is launching its “Eco Series” in both domestic and international markets to increase its global business share. As part of its growth strategy, the company is expanding its geographical coverage to Europe, Australia and South Africa through its wide range of products. “The management is committed to implementing strategies to further expand market share and increase market share,” the company said in its presentation As part of the event, JK Tires announced that it will focus on increasing sales of all its products in the substitutes and e...
HaydenEddie
41
May 31, 2024
JK Tyre Q2 results: Net drops 41% YoY to Rs 65 crore
JK Tire Industries on Thursday announced a 41% decline in revenue and a net profit of Rs 64.96 crore for the second quarter ended September 30, 2021 due to higher investment costs. The company reported a net profit of Rs 109.68 crore in the same period last year. Operating profit for the period under review increased by 31% to Rs 29,866.6 crore as compared to Rs 2,274.84 crore in the same period last year. Raghupati Singhania, Chairman and President, said, “JK Tire sales continued to grow despite disruptions in the market segments. Alternative market sales showed healthy growth and institutional sales were strong during the quarter. “.” ” he said. Quarterly exports grew by 35%. However, rising investment costs impacted operating profits. He added: “This can be partially mitigated by increasing volumes and selectively raising prices.” . The company’s subsidiary Cavendish Industries continued to contribute to the revenue growth. Its ...
AlmaWheatley
51
May 31, 2024
JK Tyre plans to reduce 65 per cent raw water usage by 2025
The agency said that besides water, coal is also another business of the company. JK Tire Industries Ltd. on Thursday announced plans to reduce raw water usage at all its plants in India by more than 65% by 2025 2013-14 compared to the annual base year of raw water usage at all its plants in India. Helping to reduce environmental footprint and business risks. By 2024-25. fiscal year, the company replaced 50% of its biomass Coal usage with biomass. Commenting on the initiative, Makkar, Director, Manufacturing, JK Tire Industries Anil, said, “We are constantly striving to improve operational water use efficiencies and minimize environmental impact by installing water meters at strategic points in our manufacturing units and strictly monitoring water consumption. “Utilizing groundwater.” He also said that the company has achieved zero use of raw process water at its Kankroli and Chenai plants. We use only raw water from these two plants for drinking,” ...
DaveMasefield
49
May 31, 2024
Madras HC allows CCI to pass final order in tyre cos’ pricing case
iStockHC held that the appeal was without merit and directed CCI and DG to proceed further in the manner prescribed by law. In a significant judgment, the Madras High Court is the Competition Commission of India (CCI) has paved the way for the order of major tire manufacturers. It has been investigating anti-market activities such as price parallelism and cartels since 2014-15. As per the High Court’s order, the CCI can now issue final orders by the tire manufacturers based on the findings. The court had previously allowed the CCI to conduct an investigation in 2015, but barred it from taking a final decision. The case originated in the Ministry of Corporate Affairs from 2013 to 2014. There are said to be five tire manufacturers in the country.-CEAT, JK Tyres, MRF, Apollo Tyres and its association Automobile Tyre Manufacturers Association (ATMA) have 90% of the market share. Because of this, the prices of tires and tubes have gone up, but the prices of tires and tubes ...
BonnieSophy
43
May 31, 2024
Apollo Tyres to hike prices by 3-5% to offset rising costs
Representative image. (Image source: apollotyres.com) Apollo Tyres domestic market prices have increased by 3-5% in the third quarter of the current fiscal to offset the impact of higher raw material prices. Similar measures may have to be taken in the fourth quarter if the hikes continue at high levels. Company officials reveal how they are growing. Kanwar, vice chairman and chairman of Apollo Tires, told analysts that the company’s tire prices have risen by an average of about 9% through the month of September. “This quarter, we will again increase the entire segment (October and November He added that the monthly prices have gone up by 3-5%. Asked about the extent of “recovery” of cost inflation in India, Gaurav Kumar, CFO, Apollo Tyres, said raw material costs remain a moving target. “We expect a slight increase in Q2 and Q3 due to higher raw material prices,” he added, adding, “Overall, prices have gone up about twice as fast ...
GilesAntoinette
48
May 31, 2024
4 auto majors contribute Rs 1,000 cr for 2 lakh hectare rubber plantation in NE: Piyush Goyal
Goyal also said that the 97.2 Agartala-Akaura (Bangladesh) cross-border railroad project will help boost exports. India’s Commerce Minister Piyu Goyal On Thursday, four major tire companies represented by the Automotive Tyre Manufacturers Association pledged to jointly invest 10 years over five years to develop Rs 2 billion acres of rubber plantations in seven northeastern Indian states. hectares of land. On March 1, Rubber Board signed a Memorandum of Understanding (MOU) with ATMA. The tire companies collectively transferred Rs 120 million to the company. Rubber Board opened an account on May 20 to purchase planting material with the funds provided by the tire companies. Addressing the ‘Destination Tripura Investment Summit’, Goyal said that the Northeast could become a rubber production hub and urged the state government to take the lead in expanding rubber plantations by utilizing the early harvest season. Goyal also said that the Agartala-Akaura (Ban...
IsabelEdgeworth
44
May 31, 2024
Ceat to prune and postpone investment in new plant due to tepid demand, eroding margins
iStock Featured Image Related Ceat Q3 results: company reports Rs 20 cr loss as soaring raw material prices impact margins. CEAT reports Rs 2,100 crore loss in Q3, shares fall 8%. Bajaj Auto’s net worth declined 22% in Q3 due to high investment costs. Hindustan Unilever is likely to perform below expectations in Q3 Bajaj Financial has scope for further growth : Siddhartha Khemka Tire maker Ceat has decided to reduce and defer 40% (i.e. 50 CAPEX of Rs 100 crore for FY 2023 due to sharp fall in demand for tires from road transporters. To make matters worse, rising raw material prices continued to put pressure on the company’s costs, forcing it to raise prices, leading to a loss in the third quarter due to surging costs. The company plans to raise prices by 2% 3% this quarter to improve margins. Ceat Managing Director Anant Goenka told The Economic Times that the planned investment of Rs 120 crore in a commercial vehicle (CV) tire plant near Chennai would be red...
ByronPope
45
May 31, 2024
ICRA maintains volume demand growth estimate for tyre industry at 13-15% in FY22
iStockICRA said that tire imports continue to remain low due to government regulation, which is beneficial for domestic companies. The credit rating agency ICRA on Monday said it expects domestic demand growth in the Indian tire industry to remain at 13% to 15% in the current and seventh fiscal. It was at-9% during FY22-25. Stable demand from substitutes and the export sector supported the industry’s margins, but profits were impacted by higher investment prices, ICRA said in a statement. It added that ICRA 2022 maintains India’s tire demand FY-on-FY growth of 13-15% forecasting industry growth at 7-9% (2022-25%) FY CAGR). Tire demand experienced two years of contraction (2020) 9% y-o-y decline due to sharp fall in automobile sales and COVID-19, 21 Credit rating agencies said that tire demand declined by 21% in 2022) recovered sharply in 2022. “However, the impact of the epidemic on tire demand has been relatively small compared to other automotive compo...
GustaveJohnson
45
May 31, 2024
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