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Five Indian tyre makers in global top 30 list: ATMA
According to a report by the Automotive Tire Manufacturers Association (ATMA), five Indian companies have been shortlisted among the top 30 tire manufacturers in the world. India’s Apollo, MRF, JK Tire, CEAT and Balkrishana Industries (BKT) have been ranked in the top 300 in ATMA’s 388th Tire Business Magazine published Global Tire Report (based on 2022) annual sales). According to the report, among the top 30, Apollo ranked 13th, MRF ranked 14th, JK Tire ranked 19th, CEAT ranked 22nd, and BKT ranked 27th. Michelin, Bridgestone, Goodyear and Continental continue to occupy the top four spots, the report said. ATMA Rajiv Budraja, Director General Rajiv Budraja said in a statement, “In the last few years, only for three years, home Indian companies have been ranked in the top 30 names. ceat made it to the coveted list a few years ago, and now BKT has also secured a place,” he said. ” It has been secured. ATMA says that in the last ten years, Ap...
RalapRaphael
45
May 31, 2024
Quality control on car and bike wheel rims from Friday
Group photo of agency representatives The center plans to implement a quality control order on car tires from Friday to curb the import of substandard car and bike wheels. The move has been welcomed by riders as the latest amendment in the quality control order allows some manufacturers to import a limited number of rims that do not meet Bureau of Indian Standards (BIS) standards. According to official data, China and Germany are the largest suppliers of goods to China. While China exports more, Germany exports more to India. “The quality control standards for rims of two-wheelers and four-wheelers have been strengthened. The order will be finalized on 12. month 22 Joint Secretary, Ministry of Heavy Industries, Hanif Qureshi day in force (Hanif Qureshi) told The Economic Times. According to the World Trade Organization (WTO) According to the regulations, the order on quality control of automotive rims includes coordination of imports. Wheels, parts and accessories syste...
PearlVictor
48
May 31, 2024
Construction, PV segments to boost tyre industry: JK Tyre CMD Raghupati Singhania
The Indian tire industry is expected to double its sales by the beginning of this year. According to Crisil Market Intelligence Analytics It is estimated that the Association of Automotive Tire Manufacturers said earlier this year that the business will start year 2022 at 90 From 2032 to 2032, the dollar grows to $22 billion by 2032. Mumbai: Strong growth in construction equipment and mining JK Tire Industries Chairman and CEO Raghupati Singhania said this would be a “complete opportunity” for the tire industry, in addition to continued strong demand from the passenger car segment. With all vehicles in three sectors (construction and mining) using more expensive and larger tires, high-end passenger cars are benefiting the demand for radial tires, making a significant contribution to their value, he told The Economic Times on the sidelines of the Auto Expo on Wednesday. In the tire market Construction equipment sales are expected to surpass the all-time high of 10...
BurkeHill
39
May 31, 2024
NCLAT dismisses Kesoram’s appeal in Birla Tyres insolvency case
A representative photo from Reuters. The National Company Law Appellate Court (NCLAT) on Friday dismissed the appeal of Kesoram Industries against the judgment of the National Company Court of Galgal, which rejected its claim as a financial creditor of Birla’s appeal Tires Ltd. The appellate court held that the “adjudicating authority” (NCLT, Kolkata) did not commit any error in rejecting the application filed” as Kesoram failed to prove that the transactions were deposits or loans from his account to Birla’s Tires account. “Defendant”. Kesoram Industries Ltd NCLT, a part of the BK Birla Group, has replied to the Kolkata filing application urging it to direct Resolution Professional (RP) to be deemed to be a Birla Tires financial creditor. RP has rejected the claim of Rs 518.3 crore given by Kesoram Industries to Birla Tires as inter-company loan. Birla Tires Limited was incorporated in 1991 and started spinning off from Kesoram in...
CashPope
49
May 31, 2024
CEAT forays into steel radial tyres for two-wheelers
Tire maker CEAT Ltd has entered steel radial tires with two goals in mind. The single-wheel tires are aimed at strengthening its leadership position across the two-wheel tire segment and improving the quality of the brand. On Friday, the company launched a new range of premium two-wheel steel radial tires for the aftermarket and original equipment manufacturer (OEM) segment. “It (two-wheeler steel radial tires) is a very important industry in every sense of the word. There is a very strong emerging trend in the consumer space where people like to continue to operate at lower prices and with better infrastructure. Arnababa Banerjee, Managing Director and CEO, CEAT Ltd, told PTI: “We offer solo or group cruising and recreational riding, as well as adventure, weekend off-road riding and adventure riding.” “Currently, the market represents about 3% of the total two-wheeler market, but its importance is growing rapidly.” Secondly, Banerjee said, ...
BerniceSmith
46
May 31, 2024
Oil Ministry to overhaul exploration policy: Dharmendra Pradhan
NEW DELHI: Petroleum Minister Dharmendra Pradhan plans to overhaul exploration policy in a bid to attract investors, improve energy production and revitalize the economy after the Bharatiya Janata Party (BJP) implemented major reforms. Meanwhile, the ministry is setting strict targets for ONGC and other state-owned exploration companies to reverse the oil recession. 45 15-year-old Pradhan wants to replace 15-year-old Pradhan The history of the production-sharing system has caused more controversy. Oil and gas production declined. The 2522 offered In each block, only three individuals are in production. The new system aims to inspire investor confidence and reduce government intervention. “We want to improve the ease of doing business in India. We need to remove bottlenecks, reduce red tape and give investors the confidence to invest in oil and gas exploration and production,” he told the Indian Trust. The focus is on increasing domestic oil and gas production. It ...
TiffanyFrank
51
May 31, 2024
Govt to exclude 70 sizes, types of tyres from exemption list of mandatory quality control norms
Group photo of agency representatives NEW DELHI: Seventy types of tires manufactured by companies will be subject to mandatory quality control norms from March next year, officials said. Officials said that the norms will be introduced in 2025 The entry into force in March will provide enough time for the industry and associations to exchange the list of products and complete the process of validation and testing (durability, endurance). The Tire List Review is a periodic task of the Inter-Ministerial Committee (IMC) aimed at making appropriate recommendations for the exclusion/inclusion of pneumatic tire sizes from the list of non-domestic tires. The Department of Industry and Promotion of Domestic Trade (DPIIT) is in the process of issuing an updated list of 960 various tire sizes/types with necessary changes from the previous list of 600 tires. The official added: “Out of these 9600 70 types of tires currently produced by different manufacturers, different manufa...
MarinaEmerson
47
May 31, 2024
JK Tyre & Industries looking to invest Rs 1400 crore in next two years
JK Tyre Industries is looking at investing Rs 14 billion over the next two years to meet the radial demand for trucks, buses and passenger cars in the local market. Ans human Singhania, managing director of JK Tyre Industries, told The Economic Times that the company is utilizing 85 per cent of its available capacity and will be investing fresh capital to meet future demand for its products. “We are investing Rs 80 crore to enhance the capacity of our facilities. The investment cycle is almost complete. We will also invest Rs 14 crore over the next two years to increase production and maintain our leadership position in the radial segment.” He said. JK Tire Industries’ net profit nearly tripled to Rs 2,270 crore in the three months ended December 31, 2023, driven by higher sales, improved product portfolio and optimized product range. The company’s net profit of ₹370 crore is 2% higher than the same period last year. Notably, the company’s net debt s...
YaleChilde
65
May 31, 2024
Mandatory quality control norms for 70 sizes, types of tyres from next year
This is a representative image of the agency. From March next year, more than 70 types of tires produced by various companies will be subject to mandatory quality control standards. Department of Industry and Internal Promotion (DPIIT) these tires will be notified promptly as per the recommendations of the inter-ministerial committee, said officials of DPIIT. The department will make necessary corrections in the tires and issue an updated list of tires including a total of 960 Tire sizes and types. The original 600 tires are in stock. The remaining 890 domestic and imported tire sizes and types are exempt from the quality control order. An official said, “Of these 960 tires, 70 are currently produced by different manufacturers and will be exempted from the 2009 quality control order from March 1, 2025.” The official said, “Tire stock review is a routine activity undertaken by the Inter-Ministerial Committee to curb the import of substandard products in...
DevinNeedham
46
May 31, 2024
Growth momentum to continue amid positive economic scenario: JK Tyre
ETMarkets.com A JK Tire source said, “We expect the demand momentum in the tire industry to continue in the medium to long term and the automotive sector is expected to grow even in a positive economic environment.” In an interaction with PTI, Anss human Singhania, Managing Director, JK Tire Anstris, expressed hope that PTI will maintain its growth momentum in terms of revenue and profitability. The company’s consolidated net profit tripled to Rs 227 crore in the third quarter ended December 2023. The operating profit increased to Rs 3,688 crore in October-December as against Rs 3,613 crore in the same period last year. Singhania said, “We are very optimistic about medium to long term demand and the cycle of capital expenditure in the private sector is really starting to rise.” He added that rising disposable incomes have brought about positive buying sentiment. Singhania said, “Overall, we think the economy is going to hold up well ...
WinstonLily
54
May 31, 2024
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