Costs, Prices Continue to Rise for Apollo

Onkar Kanwar, the managing director and chairman of India’s Apollo Tyres, has stated to news sources that the company expects to make another price increase in Q3 of the company’s current financial year (1 April 2008 – 31 March 2009), based on the continuing rise of costs.

“The cost is up and we have to push up the prices,” Onkar Kanwar told journalists, responding, “It is possible,” when asked whether prices will go up in Q3.

In Friday trading the company topped the Bombay Stock Exchange bulk deals table when Kotak Mahindra UK Ac Sandstone Capital India Master Fund bought 8,405,530 shares at 33.25 rupees a share and Morgan Stanley Mauritius Company sold 8,405,530 shares at 33.25 rupees a share.