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Kesoram plans recast, may sell tyre unit to cut debt
Basant Kumar Birla Kesoram leader Industries is mulling a restructuring plan, which could also include the sale of its high-margin tire unit to reduce its high debt. This is part of the business restructuring plan. In a recent communication with the stock exchanges, the company said it is exploring options to reorganize and restructure its existing operations. The company announced the formation of a core committee of three directors, including two outside directors, to evaluate the business reorganization. Ganguli, Compliance Officer, Kesoram Industries Gautam, told The Economic Times: “The company has today constituted a committee to consider the restructuring and the board will take a decision based on the report submitted by the committee.” According to Bloomberg, Ganguli added: “The committee will consider measures ranging from capitalization of some business units to reducing debt levels.” Four years. Analysts say the decision to sell the ass...
JulianChrist
57
May 29, 2024
Tyre shares ride higher; CEAT, JK Tyre hit fresh 52-week high
ET Online (This story was originally June 24, 2014) NEW DELHI: Shares of local tire companies expanded trading interest on Tuesday with CEAT and JK Tires touching 52-week highs again. On the back of this momentum, CEAT rose 4.9% to touch a 52-week high of Rs 691.55% while JK Tire Industries rose 5.3% to touch a 52-week high of Rs 691.55%. The Bombay Stock Exchange is trading at 328.40 today. The domestic tire maker’s shares have soared more than two-and-a-half times in the last one year, realizing four times the returns of its global rivals. PET reports that Indian manufacturers have achieved such strong results at a time when the Indian automobile market is weak due to their high profitability, high growth and cost competitiveness. Shares of JK Tires rose 4.1% to Rs 325.15% as of 09:50 am. Today’s trading low was Rs 313.70 and high was Rs 328.40. CEAT shares rose 2.7% to Rs 676.95%. Today’s trading low was Rs 654 and high was Rs 691.55. Other ...
LucienHope
47
May 29, 2024
Apollo Tyres to invest $340 mn to upgrade facilities
NEW DELHI: The Apollo Tyres Board today said it has approved an investment proposal of Rs 3.4 tires (~$20.255 billion (~$20.255 billion) Rs 100 crore for upgrading its manufacturing facilities in Chennai and Kalamassery (Kerala). Further, Apollo Tyres Ltd. disclosed in a statement that the Board of Directors today agreed to seek shareholders’ approval to raise 2 Approximately $11.91 billion through the issue of securities For the purpose of pursuing organic growth opportunities and other corporate purposes, Rs. 100 crore). The board approved expansion of its truck and bus business. The radial tire capacity at the Chennai plant will be increased from 6,000 tires per day to 8,900 tires per day. He added, “The Board noted the improving demand outlook and that Chennai’s current project revenues are exceeding expectations.” The board also approved the change in the leasing operations of the Kalamassery plant from bias truck tires to specialty industrial t...
SusieBertha
51
May 29, 2024
Apollo Tyres gets board nod to raise up to Rs 1,200 cr
(This story was originally July 4, 2014) Mumbai: Apollo Tyres board on Wednesday approved plans to raise $200 million (Rs 12 billion). The tire maker’s board also approved expansion of its plants in Chennai and Kalamassery with an estimated capital expenditure of Rs 205 crore. The company said in a statement that the fund raising will be done through allotment of shares/preference shares/private equity/qualified institutions for placement (QIP)/issuance of shares at par or premium or debentures convertible or non-convertible through warrants. Or through issuance of FCCBBBB portion. The management also approved an increase in the limit of investment by foreign institutional investors in the company’s equity from 40% to 45%. The company also said that its board of directors has approved the expansion of midday production capacity for trucks and buses at its Chennai plant from 6,000 tires per day to 89,000 tires per day. The board noted the improved demand out...
RitaLily
77
May 29, 2024
Regional Trade Agreements Hurt Domestic Tyre Cos
KOCHI: The tire industry has said that the RTAs in India have negatively impacted its business due to limited raw material imports and a large number of tires entering the country as a direct result of these agreements. The basic tariff on tires is 10%, but under various trade agreements, the tariff on tires can increase from 0% to 8.6%, increasing tire imports into India. However, the Automotive Tyre Manufacturers Association (ATMA) said in the Finance Ministry’s budget memorandum that the inclusion of natural rubber in the negative list (there is no tariff relief in most trade agreements) has had a two-way impact on the tire industry. Under the ASEAN Free Trade Agreement (AFTA), India-Sri Lanka, India-Singapore or India-Malaysia Trade Agreements, natural rubber is included in the negative list, which means there is no tariff relief. On the other hand, India-Sri Lanka and India-Singapore can import tires duty free, while ASEAN FTA can be exempted from 6% duty and APTA ...
AprilHugh
45
May 29, 2024
Continental introduces FIFA world cup limited edition tyres
ET Motor Vehicle Bureau. Hannover: Continental has launched three limited edition FIFA World Cup bus and transit tires in its portfolio. The CotiPontactContiMaxContact MC summer bus tires feature a special design on the side with a stylized soccer ball logo and the FIFA World Cup logo, indicating that these tires were produced exclusively for the 2014 FIFA World Cup. The ContiGol Urbano bus tires also feature the color-cured Continental logo to ensure television coverage throughout the event. All 32 Continental team buses are equipped with these high-quality bus tires. It has often been the team tire of 2014. Traditional backdrop for TV coverage during the World Cup and European Championships prior to the start of the FIFA World Cup in 2014. “These three special editions, all based on our latest high-quality products, impressively demonstrate the possibilities of today’s tire designs, and they represent a range of attractive alternatives that do not require ...
JimOscar
46
May 29, 2024
Apollo Tyres appoints Seshu Bhagavathula as CTO
NEW DELHI: Apollo Tyres today announced the appointment of Seshuu Bhagavathula as Chief Technology Officer (CTO) of the company. Bhagavathula will be based in the Global R&D Center in the Netherlands and will lead global initiatives in product development for passenger cars and commercial vehicle tires. As our next phase of growth focuses on marketing and technology, Seshu leverages his vast experience to realize much-needed synergies across regions,” said Kanwar, vice chairman and chairman of Apollo Tires, in a statement. We will bring that,” he said. The company has also invited Bhagava to join its management committee. Bhagavadura’s last job was with Great Wall Motor Company as the vice president of research and development for the Chinese company. Prior to that, he worked at various locations at Daimler AG, where he was responsible for product development and engineering process integration. /blood
QueenaBaker
53
May 29, 2024
Apollo Tyres offshoot’s selloff move under fire
Mumbai: A subsidiary of Apollo Tyres has decided to transfer its entire stake in two hospital subsidiaries at a low valuation, amidst the anger of minority shareholders. PTL Enterprises on Friday night informed the stock exchanges that its board has approved the cancellation of its notified Medicare Services and Artemis Health Sciences all stakes in Artemis at a cost of around Rs 1.81 billion. Artemis Health Sciences, a 100% subsidiary of Artemis Medicare Services and PTL Enterprises, operates a bedded 350 corporate hospital in Gurgaon. 25 new beds have been added. Considering the company has 3,500 beds, under construction and 200 beds, the subsidiary is valued at at least Rs. 75 crore per bed or Rs. 20 million per bed, analysts said. PTL Enterprises Strivess minority shareholder Capital Alok Agarwal said, “This is totally unacceptable. The subsidiary is worth at least Rs 1,000 crore. We have referred the matter to IIAS.” IIAS is an Indian company filing a suit ...
WalkerLewis
68
May 29, 2024
JK Tyre opens ‘Steel Wheels’ showroom in Noida
ET Motor Vehicle Bureau. NOIDA: JK Tire A new Steelel Wheels showroom has been opened here. Steelel, 500 sq. ft. The JKels showroom in Sector 16 of the Central Auto Market showcases the new retail look of the JKels Tire store. The store atmosphere is designed to make it easy for consumers to purchase new tires, alloys and accessories. Vikram, Marketing Director, JK Tire Industries Ltd “As a pioneer and market leader in the tire industry, JK Tire has always been committed to providing complete tire solutions in line with our commitment to deliver quality products. In addition to our services, we will be providing our customers with a one-stop shop at our latest showroom in Noida to make their tire buying experience more convenient and enjoyable. Displays and kiosks will help consumers choose the best product for their vehicle. All JK Steel Wheels showrooms are equipped with a wide range of JK tire products and features such as wheel repair equipment, computerized w...
PhilMilton
48
May 29, 2024
Tyre stocks on a roll, surge over 5% as sales improve; expect trend to continue
ET Online (This story was originally August 4, 2014) Mumbai: Tire makers have been in the limelight today as traders bought shares after car sales rose in July and companies reported better results amid falling rubber prices. The new government has increased the excise duty on small cars, scooters, motorcycles and commercial vehicles from 12% to 8% in order to boost sales of automakers for the third consecutive month. Automakers say strong sales in the past three months mark a recovery in the auto market after two years. Sales increased as consumer confidence returned as interest rates, inflation and currency levels stabilized. Tire companies’ production has been hit by a lack of demand from automakers. The recovery in the automotive industry bodes well for automotive support companies. Analysts tracking the automotive market expect improved results for the remainder of 2014 2014. Maruti Suzuki, Hyundai, Honda and Toyota reported 19.9% EPS. Domestic sales inc...
AlbertaBacon
54
May 29, 2024
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