MRF Tyres’ net profits down 22 per cent
MRF tyres has posted a 22 per cent decline in net profit to 300 crore rupees (£34.772 million) for the second quarter, which ended September 2017.
India
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BKT opens India R&D centre
When Tyrepress.com visited BKT’s new factory in Bhuj, India late in 2015, work had begun on a new research and development centre. The off-road tyre maker reports that this facility is now complete, and it recently inaugurated the ‘Suresh Poddar Innovation Hub’. The centre is named after the oldest of the three Poddar brothers. It is located within a 25-acre area called the Mahabirprasad Poddar Knowledge Center, named after BKT founder, the late Mahabirprasad Poddar.
Apollo Tyres & research partner obtain ENR patent
A patent has been granted in India for a special grade of epoxidised natural rubber (ENR) jointly developed by the research and development team at Apollo Tyres and the Rubber Research Institute of India. The tyre rubber compound was granted patent no. 287630 by the Government of India’s Patent Office on 21 September.
Ceat acquires land for new tyre plant
India’s Ceat Ltd. has acquired 163 acres (66 hectares) of land in Chennai for building a new factory. The deal was concluded by JLL India, the country’s largest real estate consultancy, who also negotiated associated incentives with the government of Tamil Nadu state.
Michelin doubling truck tyre production capacity in India
Capacity at Michelin’s factory in Chennai, India will more than double to 30,000 tonnes a year by the end of 2018. Work has already begun on increasing truck tyre capacity at the Thervoy Kandigai plant, which currently makes 70 per cent of the commercial tyres Michelin sells in India, and the intention is for the plant to meet all Indian market demand for these products with tyres within two years. This expansion will be accompanied by an increase in the plant’s workforce from around 850 to approximately 1,000.
India introduces Chinese anti-dumping tariffs
India’s Ministry of Finance has imposed an anti-dumping duty on truck and bus radial (TBR) tyres imported from China. The duty ranges from $245.35 – $452.33 per ton, according to a notification from the Central Board Excise and Customs (CBEC), and has been applied to “new pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having nominal rim diameter code above 16 (inch)”.
MRF launches Perfinza luxury tyre range
MRF has launched the Perfinza range of tyres. According to the company, the new tyres have been developed to focus on ride comfort. To this end they are aimed at luxury and premium segment cars and are currently available for over 60 models on sale in India. Autocar India reports that the range retails via “all MRF exclusive outlets across the country and will be released for export markets later”.
BKT: Bhuj carbon black plant to ‘better ensure raw material qualities’
Eight hectares have been set aside at the Balkrishna Industries Limited (BKT) production site in Bhuj, India for the construction of a new carbon black plant. Last month the tyre maker’s Board of Directors approved an initial investment of Rs 1.5 billion (£18.1 million) for this project to add backward integration to BKT’s supply chain, and the company says the plant will not only provide a constant supply of raw materials for its tyre production, the carbon black produced in Bhuj will enable it to “better ensure raw material qualities thanks to the now even more accurate controls at the beginning of the entire manufacturing process.”
TVS Srichakra names new CFO
According to a statement issued by TVS Srichakra, Mr K V Ganesh has been appointed the company’s new chief financial officer, effective 12 August 2017. Ganesh replaces K P Rangaraj, who left the tyre maker on 24 July.
It’s “high time” for anti-dumping duties, says JK Tyre & Industries’ Singhania
Days after India’s Directorate General of Anti-Dumping published its final findings into truck and bus tyres imported from China and recommended the introduction of anti-dumping duties for certain products, the chairman and managing director of the country’s largest domestic producer of truck and bus radials supported the measure with comments of his own. During his speech at JK Tyre & Industries Ltd’s annual general meeting on 4 August, Dr Raghupati Singhania declared it is “high time” India’s government undertook such a step.
It’s “high time” for anti-dumping duties, says JK Tyre & Industries’ Singhania
Days after India’s Directorate General of Anti-Dumping published its final findings into truck and bus tyres imported from China and recommended the introduction of anti-dumping duties for certain products, the chairman and managing director of the country’s largest domestic producer of truck and bus radials supported the measure with comments of his own. During his speech at JK Tyre & Industries Ltd’s annual general meeting on 4 August, Dr Raghupati Singhania declared it is “high time” India’s government undertook such a step.
Bridgestone investing $304 million to expand plants in India
A total of US$304.3 million has been earmarked for the expansion of two Bridgestone tyre factories in India. Over a period of five years, Bridgestone India Pvt. Ltd.’s Pune and Indore plants will be upgraded to accommodate the growth of India’s car parc. Production capacity at the two facilities is expected to rise by an estimated 15,000 tyres per day, giving a combined daily capacity of approximately 41,000 tyres by 2022.
India considering anti-dumping duties for Chinese truck tyres
The body within India’s Department of Commerce established to investigate unfair trade practices has recommended the introduction of anti-dumping duties on certain tyres imported from China. In the recently published findings of its report into truck and bus tyres with rim diameters above 16-inches that originate in or are exported from the People’s Republic, the Directorate General of Anti-Dumping (DGAD) states it is “of the view that imposition of definitive anti-dumping duty is necessary to offset dumping and injury.”
Balkrishna to build carbon black plant
Balkrishna Industries, the firm behind BKT brand tyres, recently announced plans to build a 60,000 ton/year carbon black plant at its facility in Bhuj, Gujarat, India. No completion date was announced for the project that is estimated to cost roughly $23 million.
Apollo Tyres: Raw material prices drags profit down 72%
High raw material prices strongly influenced the bottom line at Apollo Tyres Ltd in the three months to 30 June 2017. Although net sales, at Rs 32.58 billion (£391.0 million), were in line with those achieved in the corresponding quarter a year earlier, operating profit declined 50.3 per cent to Rs 2.82 billion (£33.8 million) and net profit was down 72.0 per cent to Rs 880.3 million (£10.6 million).
