Tyres

CEAT races 16%, hits record on buying Camso brand from Michelin for $225 mn

The northward move in CEAT share price came after it announced that it has acquired Camso brand's Off-Highway construction equipment bias tyre and tracks business from Michelin for $225 million

We will grow Camso brand in other OHT segments, says CEAT MD & CEO

RPG Group company CEAT has entered into an agreement with Michelin to acquire the Camso brand's off-highway construction equipment bias tyres and tracks business

Tolins Tyres' IPO fully subscribed in few hours, 1.8 times booking on Day 1

The initial public offer of Tolins Tyres got fully subscribed within hours of opening of bidding on Monday and ended the first day with an overall over-subscription of 1.80 times. The initial share sale received bids for 1,34,50,866 shares against 74,88,372 shares on offer, according to NSE data. The Retail Individual Investors' portion was booked 3.16 times while the quota for non-institutional investors got subscribed 83 per cent. The Qualified Institutional Buyers (QIBs) part got subscribed 12 per cent. Tolins Tyres Ltd on Friday announced that it has mopped up Rs 69 crore from anchor investors. The company has fixed a price band of Rs 215-226 per share for its initial public offering (IPO). The Kerala-based company's initial share sale is a combination of a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 30 crore. Promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload shares worth Rs 15 crore each throu

Budget 2024 wish list: ATMA urges govt to restrict import of waste tyres

The Automotive Tyre Manufacturers' Association (ATMA) on Tuesday said there is a need to restrict import of waste tyres into India, saying the country is becoming a 'dumping ground' for scrap tyres. The import of waste/scrap tyres into India has increased by more than five times since FY20-21, ATMA said in its pre-budget submission to the finance ministry. "Such indiscriminate import of waste/scrap tyres is not only an environmental and safety concern but also undermines the very purpose of Extended Producers Responsibility (EPR) Regulation on Waste Tyres which is in place since July 2022," it added. Raising the concern, ATMA Chairman Arnab Banerjee said,"The import of waste/scrap tyres into India needs to be restricted through policy measures and, if necessary, allowed only in multiple cut or shredded form." India has emerged as one of the leading manufacturers of tyres in the world with domestic manufacturing of tyres surpassing 200 million per annum. Accordingly, there is enough

'EU laws on sustainable products to hurt exports from developing nations'

Since most products covered are consumer products, the price rise may lead to inflation in the EU, the report said

Shares of JK Tyre zoom 10% amidst robust Q4 financials; profits soar

JK Tyre reported a 56 percent increase in its consolidated net profit for the fourth quarter, reaching Rs 169.33 crore, driven by sustained demand

Tyre manufacturers Ceat and Apollo to hike prices as input costs soar

Crude prices, which hovered around $88 to 90 over the past three months, represent a 6 to 8 per cent increase from the previous quarter, adding further strain on manufacturers' margins

ICRA forecasts moderate growth for tyre sector in FY25 as input costs rises

The report cites healthy demand from OEMs in the passenger vehicle (PV) and two-wheeler (2W) segments, along with replacement demand, as the primary drivers of domestic growth

Ceat MD Arnab Banerjee takes over ATMA chairmanship from JK Tyre MD

Automotive Tyre Manufacturers' Association on Friday said Arnab Banerjee, Managing Director (MD) & CEO of CEAT Ltd has been elected as its new Chairman. Banerjee was elected at the Managing Committee Meeting (MCM) of the association held on Thursday evening, Automotive Tyre Manufacturers Association (ATMA) said in a statement. He takes over from Anshuman Singhania, Managing Director of JK Tyre and Industries. Having joined CEAT in 2005 as Vice President-Sales and Marketing, Banerjee held several roles and was the Chief Operating Officer at CEAT since 2018 prior to taking over his current role, the statement said. An alumnus of the Harvard Business School, IIM Kolkata, and IIT Kharagpur, Banerjee also holds an Associate Certified Coach (ACC) Certification. ATMA members include Apollo Tyres, Bridgestone India, CEAT, Continental India, Goodyear India, JK Tyre & Industries, MRF and TVS Tyres.

We have developed an 80% biodegradable tyre: JK Tyre CMD Singhania

Average selling price of tyres will 'slightly move up', he says in interview about where industry is headed

APL Apollo Tubes Q2 results: Profit up 35% to Rs 203 cr, misses estimates

The steel tube maker's consolidated profit rose 35% to Rs 203 crore in the second quarter, but missed analysts' average estimate of Rs 222 crore, according to LSEG data

1,000 vehicles denied entry on Samruddhi Expressway due to worn out tyres

Nearly 1,000 vehicles were denied entry to the Samruddhi Expressway over worn out tyres between April 1 and June 30 this year, an official said. The expressway, operational on a 601 kilometre stretch from Nagpur to Nashik, was the site of a horrific bus accident on Saturday in which 25 persons were charred to death. As per the action taken data shared by Maharashtra's Road Safety Cell, teams of eight RTO offices counselled 21,053 motorists and prohibited entry to 973 vehicles for worn out tyres on Samruddhi Expressway since April 1 this year. "The teams were from Amravati, Aurangabad, Washim, Buldhana, Jalna, Shrirampur and Nashik RTOs. A total of 234 motorists were caught for speeding, including 77 through a computerised mechanism installed on the route, which has a design speed of 150 kmph and limit of 120 kmph," an official said. Bharat Kalaskar, deputy commissioner (road safety) said action was taken using RTO interceptor vehicles as well as the computerised system, adding that

Tyre stocks may rerate on sustained demand momentum, margin gains

Recovery in the replacement segment and sales to auto makers to drive volumes

Considering production of passenger vehicle tyres in India: Michelin CEO

French tyre major Michelin is actively considering production of passenger vehicle tyres locally in India, according to the group Chief Executive Officer Florent Menegaux. The local manufacturing would help the Clermont-Ferrand based tyre major to scale up operations in India, which remain critically subdued with the government introducing import restrictions in 2020. The tyre maker, which has presence in 175 countries with 67 plants, currently sells only premium bigger size tyres in limited quantity especially for performance oriented models in India. In 2020, the government imposed curbs on imports of certain new pneumatic tyres used in motor cars, busses, lorries and motorcycles in a move to promote domestic manufacturing. Tyre companies can now import only a small number of tyres into the country under a limited import licence, which was not the case before 2020. In an interaction with PTI here, Menegaux said the group sees India as a great developing market. He noted that th

Weak demand, margin outlook to keep Balkrishna Industries under pressure

Tyre-maker's challenges include excess inventory, muted demand in agriculture sector

JK Tyre launches specialised product range, sees demand from EV, SUVs

Company launches smart tyres that give real-time updates about pressure, temperature and punctures to phone app

Indian tyre industry to scale turnover of Rs 1 trn in next 3 years: ATMA

The Indian tyre industry will be able to scale a turnover of Rs 1 lakh crore in the next three years on the back of new capacities available, Automotive Tyre Manufacturers Association said on Wednesday. The industry has completed investment of Rs 35,000 crore in the last three years in new capacity creation and debottlenecking. "The new capacities will go on stream over the next couple of years to meet the growing demand in an economy that is poised to remain as the fastest growing for the next few years," Automotive Tyre Manufacturers Association (ATMA) said in a statement. Demand is expected to grow stronger in view of an uptick in economic activities and the big push envisaged for infrastructure growth. "The new capacity will help the industry notch a turnover of Rs 1 lakh crore in the next 3 years from Rs 75,000 crore currently," ATMA said. "The investments that have been undertaken in a challenging time period, span across all the key tyre segments with major beneficiary bein

Reise Moto introduces two-wheeler tyre for domestic market in joint-venture

Reise Moto, a joint venture between Mahansaria Group and European brand Mitas, on Monday launched a two-wheeler tyre range for the domestic market. The tyre under the 'Reise' brand will cater to both motorcycle and scooter segments and will also be shipped to South Asian markets. For Reise Moto, Mahansaria Group has entered into a 76:24 joint venture with Mitas. The company will roll out the tyres from its new facility in Saykha, Gujarat. The plant produces performance two-wheeler tyres under brand 'Mitas' for European and North American markets and under brand 'Reise' for the domestic market in India. "In today's highly dynamic Indian two-wheeler space, the key is to serve the ever-evolving needs and aspirations of enthusiasts who expect a lot more from their machines than just commuting," Reise Moto Founder & Managing Director Yogesh Mahansaria said in a statement. The company said it is developing a formidable network of distributor partners to sell the Reise range of ...

Santosh Iyer to lead Mercedes in India as Martin Shwenk moves to Thailand

Youngest and first Indian to be appointed for the top job

CCI conducts raids on offices of Apollo Tyres, Ceat, Continental

One of the sources said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana