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Rubber Costs Cause Shrink in MRF Quarter Profits

Net profit at India’s MRF Ltd dropped significantly year-on-year during the first quarter of the current financial year. The company recorded profits of only Rs 610 million (£8.41 million) in the three months to June 30, a much more modest figure than the Rs 1.26 billion (£17.38 million) achieved a year earlier. This profit slump occurred despite sales rising from Rs 14.34 billion (£197.59 million) in the first quarter of 2009 to Rs 19.244 billion (£265.26 million) this year.

28th July 2010/by Tyrepress Editors

Blimp Gets MRF Airborne

Goodyear take note – an Indian rival has taken to the skies. MRF Tyres is an official sponsor of the miniature blimp that hovers over stadiums where Indian Premier League cricket tournament matches are played. The 19 metre long blimp, which displays the company’s logo on its sides, can be raised to a maximum of 1000 feet and has the capacity to take aerial shots of matches. It is also used to observe weather conditions. The blimp deal, signed for the 2010 season, is said to be worth around US$3.5 billion.

15th July 2010/by Tyrepress Editors

Indian Tyre Shortage Non-Existent, say Tyre Makers

An article printed by India’s DNA indicates that the country’s alleged tyre shortage is actually non-existent. In introducing the topic, DNA comments that while vehicle manufacturers such as Tata Motors and Ashok Leyland have blamed domestic market tyre shortages for their increased reliance upon tyres imported from China, the tyre makers themselves see the situation differently – DNA states that officials from Apollo Tyres, JK Tyres and Ceat all say there is no tyre shortage in India whatsoever. Instead, the issue centres on the vehicle manufacturers’ unwillingness to pay more for domestically produced tyres than they would for those imported from China.

12th July 2010/by Tyrepress Editors

Sonil Ventilfabrik Hosts 27th ITTAC Meeting

Sonil Ventilfabrik recently hosted the 27th Meeting of the Indian Tyre Technical Advisory Committees (ITTAC) Tube & Valve Sub-Committee. The event was held at the Sugati Beach Resort between 1 and 2 July.

8th July 2010/by Tyrepress Editors

Indian Manufacturers Feel Margin Squeeze

Indian business journal Mint asks the question – will the nation’s tyre makers be able to retain their margins during the 2011 fiscal year? The publication comments that, after falling in the March quarter, profit margins are looking set for another battering at the hands of rising rubber prices (up 70 per cent in one year and 150 per cent within the last 18 months, notes Mint) in the following quarter.

18th May 2010/by Tyrepress Editors

Indian Manufacturers Announce Price Increases

Indian tyre makers are putting up prices in response to the continued rise in the cost of natural rubber. Apollo Tyres is said to be increasing prices by between two and four per cent, although one online source states the Apollo prices will rise by up to seven per cent as early as May. During an interview, company vice chairman and managing director Neeraj Kanwar said further increases cannot be ruled out should the cost of rubber continue its upward course.

21st April 2010/by Tyrepress Editors

Indian Tyre Manufacturer Shares Rise alongside Price Hikes

India’s major tyre manufacturers have seen their shares jump up to 4.9 per cent in value today amidst reports of price hikes across the four biggest domestic names. Bloomberg UTV reports that Apollo Tyres (up 4.9 per cent), CEAT (2.54), JK Tyre (2.32) and MRF (1.61) all saw their stock rise in value, following reports that CEAT is raising its prices by between two and five per cent, while Apollo and JK Tyre are to make a decision later on the size of their price increases.

16th March 2010/by Tyrepress Editors

Domestic Radial Capacity, Import Duties a Problem for Indian Vehicle Makers

It appears tyre manufacturers in India do not see eye to eye with the country’s vehicle manufacturers on the subject of anti-dumping duties. These tariffs, introduced in January and applied to imports of radial tyres from China, have been criticised by major automakers such as Tata Motors and Ashok Leyland, who say plans to expand have been affected by a shortfall in commercial vehicle radial capacity within India.

19th February 2010/by Tyrepress Editors

MRF to Produce Fighter Aircraft Tyres?

This year Indian manufacturer MRF established a niche in the military aviation tyre segment through an arrangement to supply original equipment tyres to Hindustan Aeronautical’s Chetak range of helicopters. The first batch of three to four hundred tyres has already been produce and another order is expected to be ready by January 2010. Furthermore, it appears likely that the tyre maker will extend its military supply presence even further in the near future.

30th November 2009/by Tyrepress Editors

Tendulkar Closes MRF Innings after Decade at Crease

International News, News

Indian cricketing icon, Sachin Tendulkar has left the MRF dressing room, following ten years with the tyre-maker and sports equipment manufacturer. During this time, Tendulkar spent weeks at the crease, helping spread brand awareness by carrying MRF’s logo on the front of his perfectly straight bat. The Little Master will now promote equipment for Adidas, while relative – though impressive – new-boy Gautam Gambhir steps into the Sachin-shaped hole with MRF.

18th September 2009/by Andrew

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

Gambhir Opens Ambassadorship with MRF Tyres

Left-handed opening batsman, Gautam Gambhir has become the new face of MRF Tyres in India joining the deep pool of cricketing talent previously associated with the brand, which includes Steve Waugh, Brian Lara and Sachin Tendulkar. Gambhir – or “Gauti” to his friends and mildly sycophantic media commentators – was introduced as MRF’s ambassador at a glitzy Chennai ceremony on Friday, 4 September.

7th September 2009/by Tyrepress Editors

Indian TBR Capacity to Increase 3.77 Million Units by 2011

Truck and bus radial capacity at several Indian manufacturers is on the rise in anticipation of upcoming new vehicle launches. The country’s national industry body, the Automotive Tyre Manufacturers’ Association (ATMA), says an estimated Rs 26,15 billion (£329 million) will be invested in TBR capacity in the years to 2011, providing an extra 3.77 million unit capacity.

This news, reported by Indian business website livemint.com, comes following a fiscal period in which commercial vehicle sales decreased by 22 per cent to 384,122 units. Yet, as the Wall Street Journal partner publication notes, industry experts believe the investment is justified. According to PriceWaterhouse Coopers analyst Abdul Majeed, the completion of a number of road infrastructure projects and the likelihood that laws will be introduced to phase out older vehicles will boost demand for new commercial vehicles.

29th June 2009/by Tyrepress Editors

MRF Entreaties Employees to Return to Work

Unrest at the MRF Ltd factory in Arakkonam, India is now entering its second month, and the tyre manufacturer has voiced its hope for a swift resolution to the strike. In early June the company sent a letter to the plant’s 1400 workers, requesting their return to work.

“You are all aware of the difficulties that we are facing for the past few days due to all the unfortunate incidents that have happened,” the letter states. “Every day, our factory is suffering a loss of Rs 3.5 crore (£445,000). In these difficult circumstances, you must have been aware of the bonus and the wholesome amount to be paid every month. Therefore, be cautious and keep the evil forces at bay and cooperate with us on the path of success.”

16th June 2009/by Tyrepress Editors

Unrest Continues Despite Lifting of MRF Lockout

The lockout at MRF Ltd’s Arakkonam factory in southeast India has been lifted – but many employees are refusing to return to work. An announcement from management regarding an end to the ten-day-old lockout was made on May 27, yet the company’s dispute with the MRF United Workers Union (MUWU), which declared a strike at the Arakkonam plant on May 9, remains an unresolved issue.

India’s Business Standard newspaper discloses that a number of MRF workers plan to file a Supreme Court petition against the company’s management. MUWU honorary president V. Prakash told the paper “we don’t have a choice but to file a petition in [the] Supreme Court” following recent failed talks. “The main plea would be to recognise the union,” he explained.

27th May 2009/by Tyrepress Editors