Wheels

Wheels India pegs to double hydraulics business in next 2-3 years: MD

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

Swiss firm delivers 2,000 forged wheels from Ukraine to Indian Railways

An additional 3,500 forged wheels are en route from Ukraine; earlier this year, orders were placed with the Swiss company for a total of 10,000 forged wheels, valued at Rs 72 crore

Demand revival may keep rally going for ball bearing industry majors

The Q4FY24 period saw volume and revenue expansions for most domestic players and many also registered margin expansions

MHI introduces amendment to automobile wheel rim quality control order

Each two-wheeler manufacturer is also permitted to import a maximum of 70,000 units of two-wheeler automotive wheel rims for manufacturing 35,000 vehicles

DGTR recommends anti-dumping duty on Chinese wheel loaders for 5 years

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 pegs domestic wheel business to pick-up post monsoon

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,

Strong growth expected in bus segment this year, says Wheels India official

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

Wheels India plans capital expenditure Rs 200 cr to ramp up production

Wheels India is looking at double digit growth to come back this year, though there is uncertainty in the overall global environment

Railways floats tender to procure 80,000 indigenous forged wheels a year

Invites industry to set up domestic manufacturing facility at estimated cost of Rs 1,000 crore

Wheels India reports 6% rise in Q1 net profit as CV demand rises

Senior executive says 'early signs of slowdown in global economy'

Wheels India reports net profit of Rs 7.43 cr in September quarter

The company reported a revenue of Rs 510.84 crore in Q2FY21 compared to the Rs 595.63 crore reported in the same period last year

Synergies Castings produces world's first black chrome-plated alloy wheels

Manufactured at the firm's Vizag plant, the accessories are meant for the ultra-premium car segment which has an overall market share of 3-5 per cent

Japan's Topy Industries buys 26% stake in Wheels India's arm WIL Car Wheels

Both the companies aim to strengthen their positions in India's passenger car steel wheels market