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Apollo’s Passenger Tyre ‘Grand Masters’ Meet in Beijing

International News

Some 186 Apollo Tyres dealers assembled in Beijing on the first weekend of December for the tyre maker’s “Grand Master Business Partners” meeting. A total of 170 India based partners and 16 international dealers, all of whom exceeded their projected passenger car tyre sales targets over the last twelve months, attended a three-day meeting with company officials in the Chinese capital. Apollo’s strategy for the coming year was shared with the partners, including specific plans and products relating to the passenger tyre segment. The ‘Grand Masters’ were also invited to give their own specific feedback.

8th December 2009/by Tyrepress Editors

Apollo Bottom Line Expected to Grow 29% CAGR to 2011

According to Mumbai based private equity advisory and investment banking services provider Firstcall India, the top and bottom line at Apollo Tyres is expected to grow at a compound annual growth rate of 15 per cent and 29 per cent in the financial years from 2008 to 2011. This is one of the reasons Firstcall is currently recommending a ‘buy’ on Apollo shares, with a price target of Rs 64 (£0.83) as against the November 25 market price of Rs 52.05.

1st December 2009/by Tyrepress Editors

Apollo Tennis Programme Hits Financial Foul

The future of Apollo Mission 2018 tennis programme has been lobbed into uncertain territory by an article published by the Hindustan Times on November 11. The paper claims the Indian tyremaker’s effort to foster potential tennis talent in its home country is “in serious financial trouble.”

12th November 2009/by Tyrepress Editors

Apollo Bringing Driving Challenge to Indian TV Screens

If you are reading this in India, the opportunity to be more than an “armchair rally driver” beckons. Apollo Tyres, in collaboration with the National Geographic Channel, is producing a seven episode driving adventure series in which motorists throughout the subcontinent have the chance to participate. The programme is titled “Apollo Flight of the Hawkz”, a name that takes its cues from the tyremaker’s Hawkz 4×4 tyre range. Indian nationals over the age of 18 that hold a valid driving licence can register their interest online at www.msnindia.com/natgeohawkz.

11th November 2009/by Tyrepress Editors

Dunlop Zimbabwe Ends South Africa Toll Agreement

For several years Dunlop Zimbabwe has operated a toll manufacturing agreement – an arrangement under which foreign firms provide raw material finances so that Zimbabwean companies can manufacture products for them – with the Apollo Tyres subsidiary in South Africa. At the time of the scheme’s launch in 2006 the toll agreement was necessary for the company’s survival, yet since then Dunlop Zimbabwe’s fortunes have improved. Now the company has announced it has sufficient funds to import raw materials on its own and sustain its operations, and thus it has ended its South African toll manufacturing agreement.

11th November 2009/by Tyrepress Editors

New Apollo Factory to Reach Peak Capacity by Mid-2010

Apollo Tyres’ new Rs 20 billion (£257 million) facility in India’s Chennai state is expected to be operational from the start of December, and the company states the plant should attain a peak daily capacity of 14,000 tyres by the middle of next year. Of this total, commented the company on November 8, 8,000 will be passenger car radials and 6,000 truck and bus radials.

9th November 2009/by Tyrepress Editors

Apollo Tyres Sees Profit Hike in July-September, Predicts Big Things for 2010

After witnessing a substantial jump in profits from the quarter ending 30 September 2009, Indian tyre manufacturer Apollo has suggested that more is to come in 2010. The company told Indian business news sources that it will be aiming for 50 per cent higher revenues for its financial year (ending March 2010) thanks to the effect of its new-ish European subsidiary, Vredestein Banden, which the company acquired on 15 May.

27th October 2009/by Tyrepress Editors

Apollo Tyres Sales Up 60%

Apollo Tyres Ltd’s second quarter 2009/10 results show the company achieved 20.46 billion rupees (£269.8 million; 296.8 million euros; $443 million) of consolidated revenue in the period, up 62 per cent over the same period last year. Operating profit totalled 2.9 billion rupees (£38.278 million; 42.151 million euros; US$ 62.872) more than tripling the 818.3 million rupees the company brought in the year before.

Onkar S Kanwar, chairman, Apollo Tyres, commented: “The steady growth achieved by Apollo Tyres despite rising raw material prices reflects the true spirit of our most valuable asset, the employees. In the quarter under review, higher raw material costs were absorbed by the company in order to protect consumers’ interest. This was possible only because of our continued emphasis on managing costs and efficiencies internally, which began in the first quarter of the last financial year.”

20th October 2009/by Tyrepress Editors

CARE Research Publishes Analysis of Indian Tyre Industry

CARE Research has published a new paper detailing the Indian tyre industry. Divided into three sections, covering the five-year period between 2003 and 2008, the basics of the industry and a detailed analysis of the top five players in the industry (Apollo Tyres Ltd, Ceat Ltd, MRF Ltd, Goodyear India Ltd and JK Tyres & Industries Ltd), the report aims to give readers a full understanding of all things tyres in India. Domestic and export markets will be covered. It will be available at http://www.aarkstore.com/reports/Indian-Tyre-Industry-17039.html.

17th September 2009/by Tyrepress Editors

Apollo Gains Mitsubishi OE in India

Apollo has won an OE fitment with Mitsubishi in India. Mitsubishi’s Pajero SUV will now come with Apollo’s Hawkz AT (265/70R15) as standard. The Hawkz range is available in five applications. The HL for highway luxury, AT for all terrain, HT for highway terrain, RT for rough terrain and RTs for off-road maximum traction. An off-road winter version is also available in the Hawkz Ice. Apollo’s Hawkz is already a standard fitment for a number of Indian utility vehicle manufacturers.

Satish Sharma, Chief, India Operations, Apollo Tyres Ltd, said, “Our partnership with Mitsubishi for its Pajero is as much about a product fit, as a personality match. Much like the Hawkz, Pajero has a global appeal because of its performance and customer connect. This is a beginning for both of us, and going forward we are looking to work closely with Mitsubishi India.”

15th September 2009/by Tyrepress Editors

Amtel Drops the Vredestein Name

Amtel-Vredestein N.V. formally changed its name to Amtel N.V. at an Extraordinary General Meeting held in Enschede yesterday (2 September), freeing the newly re-merged Apollo-Vredestein from its previous associations with the Russian company. The execution of the deed of amendment through which the actual name change will take place as well as corresponding changes to the company’s website, corporate materials etc. will reportedly take place “as soon as possible.” The meeting also agreed proposals to dismiss Petr Zolotarev and Vadim Pesochinsky from the executive board and to appoint Alexander Fayn as sole member of the board. According to a statement detailing the meeting, Fayn gave a broad outline of the company’s restructuring plan.

3rd September 2009/by Tyrepress Editors

Indian Tyre Prices To Rise?

International News

A report on the Business Standard website suggests that Indian tyre companies are contemplating raising prices. The article says that Apollo Tyres, the country’s second-largest tyre maker (by tonnage) is planning to increase tyre prices four to five per cent on account of a 10 to 15 per cent increase in the prices of natural […]

18th August 2009/by Tyrepress Editors

New Apollo Factory to Produce Vredestein Brand Tyres

International News

The factory Apollo Tyres is building in India’s Chennai state will most likely produce Vredestein branded passenger car tyres. According to the Hindu Business Line, production of premium Vredestein tyres at the soon to be completed Oragadam plant will be supplemented by Apollo branded UHP tyres. These will be marketed in Europe from next January onwards.

17th August 2009/by Tyrepress Editors

Apollo Tyres Increases 2009 Capex

Apollo Tyres has apparently decided to up its 2009 capital expenditure from Rs 7 billion to 9 billion (£113.0 million). Rs 7 billion (£87.9 million) of these funds will go towards more than doubling capacity at its new Chennai facility, which is anticipated to come on-stream later this year. The remaining Rs 2 billion will be used for expanding production at the company’s Baroda plant in India’s Gujarat state.

14th August 2009/by Tyrepress Editors

JK Tyre to Set up in Tamil Nadu?

India’s Economic Times reports that New Delhi-based JK Tyre could be on the verge of making a deal to install a radial car tyre plant in Tamil Nadu, having met with regional government representatives.

13th August 2009/by Tyrepress Editors