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Ceat Q1 net dips 21% at Rs 52 cr
NEW DELHI: The tire manufacturer today reported a 20.91% decline in sales and a consolidated net profit of Rs 5,166 crore for the first quarter ended June 30, 2014-15. The net profit for the month of April-June 2013-14 stood at Rs 653.2 crore. However,, Ceat Ltd in to the BSE based on the filing, net sales rose to Rs 14, 531 crore in the first quarter of 2014-15 as against Rs 1, 316.91 crore in the same period last year. Anant Goenka, Managing Director, Ceat The company said it is beginning to see positive changes in the passenger and commercial space, but it is still too early to expect profits. “It was business as usual for us in the first quarter of FY 2014-15. We have been successful in reducing our debt levels. Our debt/equity is now at a healthy level of 1:1. Interest expense is down by 4, down by 4 million rupees and the impact is visible. The impact is evident,” said Subba Rao Amarthaluru, Chief Financial Officer (CFO), Ceat. Ceat shares closed at Rs 62...
HughNoah
46
May 31, 2024
Goodyear India Q2 net up 13%
NEW DELHI: Tire maker Goodyear India today said it had posted a net profit of Rs 2,891 1 crore for the second quarter ended June 30, with shares rising 12.84%. Goodyear India had a net profit of Rs 25.62 crore in the same period last fiscal on BSE. Net sales for the April-June quarter grew marginally by 2.55% to Rs. 432.61 crores from Rs. 432.61 crores starting from 421.82% in the same quarter of the previous fiscal year. Total expenses for the quarter were Rs. 395.19 lakhs as compared to Rs. 388.46 lakhs in the same quarter last year. Goodyear shares were trading at Rs 563, up 2.44% from the pre-BSE close.
EdwardFelix
52
May 31, 2024
We hope Dunlop will reopen soon: Pawan Ruia
Kolkata: Ruia Group Chairman Pawan Ruia today expressed hope that Dunlop will be reopened soon before Durga Puja due to “very positive” meetings with stakeholders. “I am hopeful that Dunlop will open before the Jessop plant. There have been three meetings and they have been very active. The government is also very keen to reopen the Dunlop plant. This meeting will also allow the Durga Pujas Dunlop plant to reopen at the Jessop plant.” Said during the break. Tire manufacturing company Pawann Ruia closed his factory in the year 2009. Addressing the opening ceremony of Jessop Industries, Ruia said that people’s perception of Bangladeshi industry would soon change. “Of course, the government is trying to revitalize other industries, like Jessop, and things may gradually improve in Bangladesh. There is a lot of negative perception about the industry. New industries don’t come up overnight. It takes a day or a month,” Ruia said.
SaxonRoosevelt
48
May 30, 2024
Proposal against raising import duty deflates rubber price
(This story was originally August 13, 2014) KOCHI: Natural rubber growers are at their wits’ end in the face of continued price declines. Since July 7 Since July 7. Month 1 Since Tuesday, prices have fallen by 9% to reach Rs 132.50 per kilogram which is the lowest level in four and a half years. Nirmalalalalala Sitharaman’s recent announcement that imports will not increase further will only add to the woes given that imports have increased by 48% in the first four months of the current fiscal. The reason why most small growers do not tap rubber during heavy rains in Kerala is simply because the current prices are not enough to cover the operational costs of installing rain screens, labor and fertilizer costs. PM Thomas, general manager of Pala Rubber Marketing Cooperative said, “Growers who were paying Rs 20 for an umbrella are now paying Rs 25 and wages have increased. Even those who go to cut rubber just cut trees.” “I do,” he said....
AlvinCatharine
48
May 30, 2024
Taiwanese Maxxis Group to set up plant near Sanand
Ahmedabad: The Gujarat government has said that Magis Group, a leading tire manufacturer in Taiwan, will be set up. Earlier, a high-level delegation from Varali Chen, President of the Magis Group, met Anandiben Patel, Chief Minister of Gujarat, and discussed the path of business development. Release at the end of the program. A press release was issued here today. Patel welcomed the Magis Group’s decision to set up its first plant in India and pledged the full support of the Gujarat government. Chan thanked Patel for his support and said that the construction of the plant will start soon. Patel told the delegation to ensure that the factory provides maximum employment opportunities for the youth. During the meeting, she invited Chen to participate in the Vibrant Gujarat Summit to be held in January 2015.
TobeyDoyle
50
May 30, 2024
Dunlop’s Sahaganj plant opens after nearly 3 years
SAHAGUNJ: Dunlop India’s West Bengal plant at Sahaganj, which had been closed since 2011 for many years, reopened today with optimism from the Pawan K Ruia Revival leadership management as the state government phases out the plant in stages. Sahagung, Hooghly District The factory is considered a major achievement of the state government during the Durga Puja and a one-time payment of Rs 50,000 was made as a major relief to the suffering workers. Malay Ghatak Labor Minister (Malay Ghatak) said that Rs. 5000 is a great relief for the suffering workers. Payment 3, Payment within 3 days, Payment in 4 equal installments sub-sub-sub-sub-sub-sub. The liability of all the workers will be settled within the next 18 to 19 a month. Currently we have 555555. full time employees. Partha Chatterjee, State Education Minister (Partha Chatterjee) While addressing the reopening ceremony, both the workers and the management have to work hard to restore the factory. At the same time, h...
HeddaJoshua
56
May 30, 2024
Ceat to use Rs 500 crore fund raising to finance ongoing projects
NEW DELHI: Tyre makers plan to raise Rs 50 US crore through issuance of securities, most of which will be used to fund ongoing project expansions in Bangladesh and Gujarat. Around Rs 3 billion will be invested in this project in Bangladesh. The funds raised will also be invested in the Hahaha plant which is currently being expanded. “The company has two mega projects, one has been launched in Bangladesh with an investment of around 30 The second one is Haloll The project will increase the radial capacity of some of the passenger cars with an expansion capital of around Rs 6.5 billion. Part of the funds will be utilized for further expansion plans over the next six to eight years,” Managing Director of Ceat Ltd told PTI/PTI/PTI/PTIp, adding. Earlier this week, the company’s board of directors approved raising up to Rs 500 crore through issuance of additional securities, including shares, foreign currency convertible debentures and American Depository Receipts...
WalkerLewis
47
May 30, 2024
Ceat appoints Debi Prasad Das as Senior Vice President: Human Resources
New Delhi: Ceat today announced the appointment of Debi Prasad Das as Senior Vice President, Human Resources. Das will be based at Ceat’s Central Mumbai headquarters and will be responsible for the company’s human resources and employee relations functions. Commenting on his appointment, Anant Goenka, Managing Director, Ceat, said: “We are delighted to have Mr. Das on board. I am confident that his vast experience will play a key role in adding value to our talent as we enter this exciting phase. We hope that his appointment will enable us to expand our already established training and development programs and ensure that our overall HR strategy is aligned with our planned operating philosophy. Das has over 25 years of experience in the manufacturing and IT industries. His last appointment before joining Ceatt was Vice President, Senior HR Quality, Risk, Compliance and Governance at Atos Global. After earning a Bachelor’s Degree in Commerce, Das comple...
BillChristie
49
May 30, 2024
MRF becomes global partner for ICC Cricket World Cup 2015
Popular Indian tire manufacturer MRF Limited 2015 announced a global partnership One of the main sponsors of the International Cricket World Cup. During the event, the participants also got a first glimpse of the ICC Cricket World Cup trophy. This partnership will be a great opportunity for MRF KM to provide various branding opportunities to all the stadiums during the Cricket World Mammen. Chairman and Managing Director, MRF Limited: “This is a historic moment for MRF as the association proudly announces the ICC Cricket World Cup 2015 as a proud tribute to the sport and its spirit and an event to be enjoyed by millions of passionate fans in India and around the world. Srinivasan, President of the World. n ICC said: ICC welcomes MRF is delighted to be the Global Partner of the ICC Cricket World Cup 2015. This will enable the brand to reach out to consumers around the world. MRF is an active promoter of sport and its decision to partner with the ICC in these difficult econ...
LouNelson
51
May 30, 2024
Yokohama starts commercial production at first plant in India
NEW DELHI: Japan’s Yokohama Rubber today said it has started commercial production at its first manufacturing plant in Bahadurgarh, Haryana, India. The plant, with an investment of over Rs 30 crore, has a capacity to produce 2,000 tires per day. In a statement, Yokohama India said: “We have commenced the first phase of commercial production at our first tire manufacturer in the Indian state of HSIDCCC Bahadurgarh Haryana.” The plant has a capacity to produce 200,000,000 tires per day. It may expand three to four times in the next phase of growth, he added. This year the plant was completed in the month of 2nd and will produce Yokohama Earth-1 Considering the various road conditions, the tires are specially designed for India. Yokohama India is a 100% subsidiary of Yokohama Rubber Corporation 2007 Entering the Indian market every year.
RubyBauer
44
May 30, 2024
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