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Ceat expects to double its Europe biz in overseas push
A fifth of the agency’s revenue comes from overseas, a quarter of which comes from Europe. Indian tire maker Ceat expects its business in Europe to double in the next two to three years as a result of a series of anti-dumping duties imposed by developed countries on Chinese tires. To capitalize on this further, Ceat also plans to participate in the growing North American market. Managing Director Anant Goenka, in a recent interview with The Economic Times, said international demand is strong and the company has huge opportunities for overseas growth. “We can more than double our European sales in two to three years.” He added: “The US and Europe have imposed anti-dumping duties on Chinese tires, which is why we are very optimistic about our international business.” Goenka expects the international business to grow at a CAGR of 20% in the coming years. This will also provide breathing space for international companies. When the company was es...
AriesCollins
45
May 31, 2024
JK Tyre brings puncture guard technology in tyres for four-wheelers
Representational image JK Tire Industries announced the development of four-wheel tire puncture prevention technology for the first time in Korea. The technology uses a specially designed self-healing elastomer inner coating to cure punctures through an automated process. The company plans to apply the technology to its four-wheel tire production line. With this technology, the tire manufacturer says, tires can immediately self-heal from punctures of up to six millimeters in tire area caused by nails or other sharp objects. He added that puncture-proof tires provide a hassle-free riding experience with no air leaks throughout the life of the tire. “With the introduction of Smart Tire Technology and Puncture Proof Tire Technology in 2020, we are once again fulfilling our commitment to provide our customers with cutting-edge mobility solutions that offer a high level of safety and convenience to vehicle owners.” said Raghupati Singhania, Chairman and Managing...
QueenaOwen
45
May 31, 2024
CCI imposes a collective penalty of Rs 1,788 crore on five tyre manufacturers
The Institutional Committee observed that ATMA collects and compiles information relevant to the company: real-time visibility and granular data (monthly and cumulative) on tire production, domestic sales and exports. The Competition Commission of India (CCI), the antitrust regulator of India, imposed a collective fine of Rs 100 million on 5 tire companies more than 1, 788 suspected of being involved in a cartel. The five tire companies include Apollooloo Tires Ltd, MRF Ltd, CEAT Ltd, JK Tire Industries Ltd and Birla Tires Ltd. The fair trade regulator also penalized the Automotive Tire Manufacturers Association (ATMA) for their concerted action in raising the prices of various bias/bias tire variants sold in the replacement market and restricting and controlling the market’s production and production. into a cartel. In a press release Wednesday, the regulator said, “The Commission notes that tire manufacturers exchange price-sensitive data through the associatio...
CashPigou
68
May 31, 2024
DGTR starts review on extension of anti-dumping duty on certain Chinese tyres
Organizational Representatives Following a complaint from the domestic industry, the Department of Commerce (DOC) investigation, DGTR, has initiated an investigation into the necessity of continuing to impose anti-dumping duties on some types of Chinese pneumatic radial tires. The Automotive Tire Manufacturers Association (ATMA) has filed an application with the Directorate General of Trade and Industry for Collection of Anti-Dumping Duties (DGTR) for a sunset review of anti-dumping duties on imports of “new/unused pneumatic radial tires with or without inner tubes, and/or rubber flaps”. Completed. The tires originated in or were exported from China. Used on buses and trucks/trucks. DGTR in its notification said:-“The authority …… started sunset review survey to examine the need for continuation of existing tariffs ……” The Ministry of Commerce (MOFCOM) has announced that it is reviewing whether dumping will continue or be re...
JanetBernal
48
May 31, 2024
CCI raids on tyre companies Ceat, Apollo, Continental: Sources
Four sources told Reuters that India’s antitrust agency on Wednesday raided the offices of tire companies such as Continental AG involving Continental AG, Apollo Tires India and CEAT for alleged violations of competition law. Shares of Apollo, one of India’s largest tire makers, fell 3% after Reuters first reported the matter. CEATT traded higher in the Mumbai market, down 2.2%. Shares of Continental, a relatively small Indian company, were down about 3.5 percent in early trading in Frankfurt. Continental has a relatively small stake in India. Apollo did not immediately respond to a request for comment, giving CEATT No one was available to take calls and messages from a spokesperson. Following the Reuters report, Continental confirmed in a statement that officials from the Competition Commission of India’s National Security Council visited the company’s offices near New Delhi. “Continental is cooperating fully with the authorities.” ...
MarshallSharp
42
May 31, 2024
Domestic demand for tyres to grow 7-9 pc this fiscal: ICRA
Group photo of agency representatives ICRA, a domestic tire demand assessment agency, said it expects 7-9% growth in 2022-23, but industry margins are expected to come under pressure due to higher investment prices. Gradual easing of supply constraints for passenger cars, increased growth momentum from commercial vehicle manufacturers and steady renewals are expected to support domestic growth during this period. ICRA said in a statement, “OEMs are expected to grow domestic tire demand by 7-9% in fiscal 2023, driven by recovering demand in most product segments and steady growth in replacements.” Debbadi, Vice President and Sector Head, ICRA, said that the tire industry continues to post record sales (consolidated sales for ICRA’s sample of tire manufacturers), driven by growth in domestic demand and exports, as well as cash growth. She added, “Although domestic demand was relatively subdued in the third quarter of 2022, industry sales grew 12.5% y...
DavidNancy
44
May 31, 2024
Capital expenditure of tyre makers to rise to Rs 5,000 cr this fiscal: CRISIL
The iStock report is based on an analysis of the top six tire manufacturers in China. CRISIL He said that manufacturers account for 80% of the Rs 750 billion industry. According to the CRISIL report, the capital expenditure of the tire manufacturers is expected to increase to around Rs 500 crore this fiscal due to improved demand. Compared to the previous two fiscal years, this fiscal year is about Rs. 3,700. crore with an improved annual growth rate. Demand is likely to be driven by segments such as replacement vehicles, commercial vehicles and passenger vehicles (CVs and PVs), and the credit profile of tire makers, excluding exports, is expected to remain “stable”, the rating agency said. CRISIL The report is based on an analysis of the country’s top six tire manufacturers, accounting for 80% of the Rs 7,500 crore industry. However, the report said the capex for the current fiscal will be lower than the annual average of about Rs 62 billion from 2018 to ...
ElmaJonson
49
May 31, 2024
Michelin tyre gets industry’s first fuel savings label with 4-star rating by BEE
Michelin is the Reuters logo for the French tire maker. French mobility company Michelin said on Wednesday it has become the first tire brand recently launched by the Indian government to improve sustainability. Michelin said Multi Energy it is a tubeless truck and bus tire made and designed by Michelin in India that offers significant fuel savings, achieves a lifespan of multiple retreads, and ensures the safety of the Indian terrain. These 4 Star tires are expected to save up to 8% fuel. To ensure a smooth transition to green mobility, the Ministry of Road Transport and Highways (MoRTH) issued a draft notification in 2021 recommending tires for cars, buses, and trucks to meet the rolling resistance, wet grip, and rolling noise emission requirements under Article 2. Clause. These are steps in the Automotive Industry Standards (AIS) requirements. In this process, Michelin India became one of the first to register its brand, after which Michelin India became one of the first...
NathanielTitus
43
May 31, 2024
How falling crude oil prices will benefit India
(This article was originally published on October 13, 2014) Crude oil prices falling to the lows of the last four years is great news for India as more than three-quarters of consumers depend on imports. It is expected to help boost not only energy companies, tire makers and consumer goods companies, but also improve key macroeconomic indicators such as the current account balance and financial deficit. India imports about 1 billion barrels of crude oil on a net basis every year. Thus, if crude oil prices average around $100 per barrel this fiscal year (around $106 per barrel in the first six months of the current fiscal) dollars), the country’s import cost will fall by $10 billion dollars (around Rs. 610 billion). In 2013-14, the current account deficit amounted to one-third of the Canadian dollar. Analysts say that if the average crude oil price is $100 a barrel in the current fiscal, India’s CAD share of GDP will fall to 1.3% from 1.7% a year ago. Cooling crude o...
AdolphStone
45
May 31, 2024
NCLT orders insolvency proceedings against Birla Tyres
The National Company Court (NCLT) has ordered to order Tires Ltd insolvency proceedings against Birla to commence, the suit was filed by diversified chemical company SRF Ltd (BK Birla referred to the operating creditors of the group company. Kolkata NCLT two judges also appointed Seikh Abdul Salam Interim Resolution Expert (IRP), the company’s board of directors to suspend operations and declare a moratorium on insolvency Insolvency Bankruptcy Board (IBC) proceedings are over to take charge of the company’s operations. SRF claimed that as on July 8, 2021, Cordage Supply was in arrears of Rs 1,584 crore, of which Rs 100.6 crore was principal and Rs 5.78 crore was interest. The tribunal said it was satisfied “on the basis of the documents”, including the claims of the parties, that there was a “default” and determined that the outstanding operating liabilities had not been paid, which was also admitted by Belira Tires, the company said. Debto...
LouNelson
50
May 31, 2024
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