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Wheels India Ltd, a manufacturer of wheels for trucks, passenger vehicles and construction equipment, after witnessing market opportunities in the exports segment, expects to double its hydraulics business over the next two-three years, a top official said. The contribution from the hydraulics business to Wheels India Ltd is currently at Rs 150 crore, company managing director Srivats Ram said. "There are a lot of export opportunities in the hydraulics business and we are expanding to meet the global requirements. We are a supplier to a manufacturer in Europe and North America... We are confident of doubling the hydraulics business in the next 2-3 years from the current level of over Rs 150 crore," Ram said, while declaring the company's financial performance here. Wheels India was proceeding with its plan committing Rs 225 crore towards capital expenditure for this year, he said. The city-headquartered company has already earmarked about Rs 225 crore for taking up expansion of the
The commerce ministry's arm Directorate General of Trade Remedies (DGTR) has recommended an anti-dumping duty of up to 82 per cent on imports of wheel loaders from China for five years to protect domestic players. The product is a commonly used machinery in infrastructure and mining sectors. The recommendation came after a year-long investigation into the complaints of injury by domestic manufacturers of this product. According to a DGTR notification: "The Authority recommends imposition of definitive anti-dumping duties... so as to remove the injury to the domestic industry". It has concluded in its probe that the imports are coming at prices below the domestic sales price, injuring the domestic industry. The anti-dumping duty, when notified by the Department of Revenue, will be imposed on 'wheel loaders' of less than 7,000 kg capacity and even on imports of semi-knocked-down kits. Completely knocked-down kits have been excluded from the duties as this could end up with anti-dum
Wheels India, manufacturer of wheels for trucks, tractors, passenger vehicles and construction equipment, expects the domestic wheel business to pick up during the second half of the year, according to a top official. The city-based company had registered a 24.2 per cent rise in its net profit for the April-June 2023 quarter at Rs 13.3 crore, from Rs 10.7 crore registered in the same period of last year. Revenues during the quarter under review grew by 6.74 per cent to Rs 1,124 crore, from Rs 1,053 crore recorded in the corresponding period of last year. "In Q1 amidst a muted domestic market, exports were strong at 25 per cent of our sales. There was a strong demand for buses in the latter part of Q1," Wheels India Ltd MD, Srivats Ram said. "We believe that the domestic wheel business would pick up post monsoon, in the second half," he said on the outlook for the company. In July, the National Company Law Tribunal approved the merger of Sundaram Hydraulics Ltd with Wheels India,
Wheels India, manufacturer of wheels for trucks, tractors, passenger vehicles and construction equipment, expects the bus segment to post a strong growth during the current financial year, a top official said on Wednesday. The company also expects 'some growth' in the goods segment of the commercial vehicle industry, Wheels India Ltd chairman S Ram said here. The demand for commercial vehicles was driven by the government's infrastructure drive, higher utilisation of fleets and replacement demand in FY23, he said while addressing the shareholders virtually, during the 64th annual general meeting. "This year, there is expected to be some growth in the goods segment of the CV industry and strong growth in the bus segment driven by modernisation drive (undertaken) by the STUs (state transport undertakings) and strong demand for buses for the school/office segment. This should benefit demand for Wheels India wheels and air suspension systems," he said. On the cast aluminium wheels