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FIIs can buy up to 45% stake in Apollo Tyres: RBI
Mumbai: The Reserve Bank of India has allowed foreign investors to buy up to 45% of Apollo Tyres’ paid-up capital. The Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) can now purchase up to 100% of their investment in Tires Ltd. in Apolloolo through the Primary Market for Portfolio Investments (PMPI) and Stock Exchange Purchases. Scheme (PIS) 45% of the paid up capital. ‘ The tire manufacturer has agreed to increase the limit for purchase of FII/RFPI equity and convertible debentures from 40% to 45% through a board resolution and a special resolution. Foreign Institutional Investors (FIIs), Registered Foreign Portfolio Investors (RFPIs) and NRI PIOs (of Indian origin) can invest in India’s primary and secondary capital markets through PIS. The Reserve Bank of India monitors the FII/NRI/PIO investment limits of Indian companies on a daily basis. For effective monitoring of limit...
MickHill
54
May 29, 2024
All India Tyre Dealers Federation seek reduction in tyre prices
HAINAI: The All India Tyre Dealers Federation (AITDF) has asked the road transport ministry to support the road transporters in their demand for reduction in tire prices due to fall in raw material prices, just as the government has addressed the rubber issue. Kerala. As domestic natural rubber prices continue to fall for more than six to seven quarters, the Kerala Chief Minister-cum-Finance Minister will hold a meeting with domestic tire manufacturers on December 12 and 19 to “persuade” the tire industry to pay Rs. per kg to growers. It used to be possible. The current market price of natural rubber is Rs 115 per kilogram. This was done to help the rubber growers in the state as the price of natural rubber has come down to Rs 1155/kg from the highest price of Rs 242/kg in 2009-100. The Kerala government has reminded tire manufacturers that the reduction in import duty on natural rubber in 2009 has helped the domestic tire industry. The tire manufacturers want to re...
CherylTemple
51
May 29, 2024
India remains our biggest base, says JK Tyre chief
Chennai: Competition is fierce, the Competition Commission is investigating, OEM demand is just starting to accelerate and global natural rubber production is falling-the tire industry has had an eventful year so far. For market leader JK, Tire This is the perfect time to expand the region, reduce costs and prepare for automotive innovation. Partnering with TOI. In an exclusive chat, JK Tire CMD Raghupati Singhania talks about the challenges facing his company and the industry. Refinement. Recently, tire companies have been expanding overseas through mergers and acquisitions to reduce their dependence on India. What about JK? Your Tornel Mexico subsidiary underperformed in the first quarter. Are you thinking about more global territories and more M&A? Certainly, we are looking for strategic partnership opportunities in low-cost countries. We are currently exploring other opportunities in markets like ASEAN and Africa. While India is our largest base and major country, we...
AndrewAdams
47
May 29, 2024
Apollo Tyres Q2 net up about 18 per cent
NEW DELHI: Apollo Tyres today announced a 17.52% growth in consolidated revenue and net profit to Rs. 2,579.4 crore for the second quarter ended September 30, 2014-15, driven by growth in exports. The company reported a net profit of Rs. 219.47 crore for the July-September quarter of 2013-14. The company positively informed the BSE based on the filing that the net sales for the second quarter of the current fiscal were Rs. 3,300.64 lakhs, down 3.86% from Rs. 3,433.45 lakhs in the same period last year. Onkarr S Kanwar, Chairman, Apollo Tyres Limited said, “18-24-24 After a month of planning and judicious implementation, we have increased our exports to India and with the increased demand for our products in the Middle East and ASEAN, we expect these exports to increase in the region as well.” He said. Volume.” “Given the expected growth in exports and the expected recovery of the Indian commercial vehicle industry, our South India expansion projects ...
DarcyHazlitt
62
May 29, 2024
Falling car sales puncture tyre companies’ hope of revival
Coach: Tire makers will be looking to make a financial recovery last quarter as the decline in auto sales is expected to fall due to lower natural and synthetic rubber prices. Swaranjit, Director, JK Tire Materials “So far, the tire industry has not performed well compared to last year.” The festive season was disappointing. We expect sales to increase in the last quarter due to economic recovery.” “I’m not sure,” he said. “Over the past year, natural rubber prices have been in line with global trends, while synthetic rubber prices have been on a downward trend. Last month, with the fall in crude oil prices, rubber prices became cheaper. However, the industry could not benefit from the fall in prices of key raw materials due to weak demand for tires. As the post-Lantern Festival boom did not materialize as expected, many automakers introduced discounts to boost sales and some tire makers followed suit. In this scenario, tire makers are ...
RobinMackintosh
45
May 29, 2024
Apollo Tyres hits 52-week high on US court ruling; more upside seen
ET Online Mumbai:Apollo Tyres Plate rose more than 5% to touch a new 52% weekly high after a US court in Delaware ruled in favor of Cooper Tire & Rubber Co. Delaware County Judge Sam Glasscock said in his ruling that Cooper failed to fulfill its contractual obligations because Cooper lost control of its largest subsidiary. Apollo Tires is giving Stock “This ruling vindicates the company’s long-standing position that Apollo made every effort to complete the transaction,” a statement said In December 2013, Goodyear Tire & Rubber Company and Apollo Tyres completed a merger agreement worth $2.51 billion. Analysts say the stock has more room to rise after today’s 5% gain. miteshthacker.com Technical analyst Mitesh Thacker This means the stock has spiked. “On intraday fall, buy till Rs 223.50-224 keep the stop loss at 219 Below Rs and look for a target of Rs 235,” he told ET Now. Sandepp Wagle, Founder and CEO of Power My Weal...
RobinMackintosh
52
May 29, 2024
Expect further rally in tyre space from curent levels: P Phani Sekhar
It’s Eastern time. Angel Broking PMS Fund Manager P Phani Sekhar is on ET. In the interview, Now shares his views on the tire industry. ET Now: do you think they have gone up that much considering whether there is significant upside in the tire group? P Phani Sekhar: Even if there is no advantage in raw materials, the tire industry is at its lowest point in the last 5-6 years, so tire inventories are at their best. Sentiment of tire companies has improved due to prospects of recovery in OEM sales. Another important component of the commodity complex is the sharp decline in crude oil prices, so it will significantly improve margins and is expected to improve profits over the next two years. Many of the companies were founded during a difficult period for production capacity. So they had a tough time from 2010 through 2013. As they were in the midst of capital spending programs, the rubber hit record highs every week and many stocks took a beating, but now the situatio...
BurnellGreen
53
May 29, 2024
Apollo Tyres names Sunam as Chief Business Officer
NEW DELHI: Apollo Tyres, the domestic tire manufacturer, today announced the reassignment of Sunam Sarkar, who was President and Chief Financial Officer (CFO), to the position of President and Chief Commercial Officer (CCO). This new position is for the growing organization and Sarkar will reportedly be based in Singapore. In his new role, Sunan will be responsible for overseeing the integrated supply chain, including corporate strategy, raw material sourcing, production planning and logistics operations, information technology, Greater China operations, corporate social responsibility and corporate communications. Commenting on the change, Kanwar, Vice Chairman and Managing Director, Apollo Tyres Limited, said, He is ideally suited to develop, implement and facilitate Apollo’s growth strategy as we seek to establish a strong presence in new areas. He will also bring strategic insights into key areas of strategic sourcing when considering raw material supply. “We ar...
LucienKatharine
54
May 29, 2024
JK Tyre & Industries likely to speed past peers on radials, capacity ramp-up
ET INTELLIGENCE GROUP: JK Tire Industries can see that improvements in its various product portfolios and increased capacity will be positive drivers of its revenue growth in the coming years. This will give investors confidence in the company’s ability to generate sufficient cash flow to service its debt burden and boost the company’s share price, narrowing the valuation gap with its peers. JK Tire is the first company in the domestic market to capture 34% of the market share of truck radial business (TBR) tires. This allows the company to capitalize on consumer preference for radial technology over nylon or bias tires. It will also benefit from the gradual recovery in truck sales over the past few months. The commercial vehicle manufacturer reported stronger sales growth compared to industry growth in the first half of the fiscal year. The company reported a 47% increase in sales for the segment, compared to a 40% increase for the industry as a whole. As the pre...
AuroraHenrietta
57
May 29, 2024
Suggest to buy Balkrishna Industries in the tyres space: Deven Choksey
It’s Eastern time. Deven Choksey, Managing Director of KR Choksey Securities, shares his thoughts on tires in an interview with ET Now in… Edited excerpt: ET Now: There was some fund buying in JK Tyre yesterday. CEAT has launched a QIP and FIIs can invest more. Do you like any of these tire names? Deven Choksey: Balkrishana Industries has no other stocks. From an investment standpoint, we think the company’s fundamentals are in a very favorable position. I am not sure about the current valuation. The market may have taken a faster approach to achieve a higher valuation. We recommend that you wait for some time before buying in order to use some of the fixes. So far, people have prioritized some high beta stocks with very bright growth prospects. In the infrastructure space, the government is making relatively quick decisions. Some of the infrastructure in the asset ownership business could have better returns in the future.
MavisDorothy
49
May 29, 2024
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