Tyres
JK Tyre to get 30 mn euros long term loan from German entity
JK Tyre & Industries secured a €30 million loan from Germany's DEG to expand its passenger car radial tyre facility in Madhya Pradesh. The €114 million project will boost the company's market presence and sustainability efforts, including using biomass for boiler operations. JK Tyre's shares saw a slight increase on the BSE following the announcement.
Higher share of off-highway tires business to boost overall business margins: Anant Goenka
Ceat's acquisition of Michelin's off-highway tyre (OHT) brand Camso for $225 million is projected to boost Ceat's margins. The deal will increase the share of OHTs, which have higher profit margins, from 15% to 25-30% of Ceat's overall mix. The acquisition adds a billion-dollar brand to Ceat's portfolio and expands its presence in the agricultural tyre segment.
Ceat to acquire Michelin's Camso brand for USD 225mn
Camso is a Canadian brand that makes tyres for tractors, harvesters, bulldozers and other off-highway vehicles which command higher margins compared to tyres for passenger vehicles and two wheelers. Michelin had in 2018 acquired the brand for nearly USD 1.5 billion.
CEAT inks pact with Michelin to acquire Camso brand's OHT, tracks biz for about $225 mn
CEAT is acquiring Michelin's Camso off-highway tire (OHT) and tracks business for $225 million. This acquisition gives CEAT a global presence in the high-margin OHT segment, including access to over 40 international OEMs and distributors. The deal includes two manufacturing facilities and the Camso brand, strengthening CEAT's product portfolio and marking a significant step in its global growth strategy.
MS Dhoni signs on as brand ambassador for Eurogrip Tyres
Eurogrip Tyres announced on Thursday that cricket icon Mahendra Singh Dhoni has been named their brand ambassador. Dhoni will represent the entire Eurogrip product line, reflecting the brand's values of dependability and performance. TVS Srichakra Ltd., the maker of Eurogrip, believes Dhoni's passion for riding aligns with their vision of empowering riders with confidence.
Tyre makers to see 7-8 pc topline growth this fiscal: Crisil
India's tire industry is projected to experience a 7-8% revenue increase, fueled by price hikes and replacement demand. Despite this growth, profitability is expected to decline due to high raw material costs. Although export growth remains limited, tire manufacturers are focusing on strategic investments and price adjustments to navigate these challenges.
No brakes on tyre price hikes likely for now
Indian tyre prices are expected to increase again. Manufacturers say previous price hikes do not cover the rising cost of natural rubber. Global rubber prices have surged due to high demand and bad weather in Southeast Asia. High shipping costs and long delivery times have also impacted tyre production.
Bridgestone to invest $85 million in India
Bridgestone Corporation is investing $85 million to increase production capacity at its Pune and Indore plants in India. The expansion, starting in 2025, aims to boost Pune's tire output by 1.1 million annually by 2029 and enhance premium tire production in Indore. A new technology center in Pune will focus on developing advanced tire products.
Expect easing of pressure from high natural rubber price in H2: CEAT MD & CEO Arnab Banerjee
CEAT expects relief from high raw material costs in the second half of the fiscal year. Domestic natural rubber prices had reached a 15-year high. The company also anticipates growth in its aftermarket business and improvement in its international segment as container availability returns and freight costs decrease from their previous peaks.
Bridgestone Turanza 6i: Revolutionising comfort with performance
Bridgestone's latest Turanza 6i tyre, equipped with ENLITEN technology, offers enhanced ride comfort, reduced noise, superior wear life, and improved fuel efficiency. It's designed to meet the needs of both conventional and electric vehicles, providing a premium, quieter driving experience and superior performance for SUVs, CUVs, sedans, and hatchbacks.
Hardening rubber prices to put pressure on tyre makers’ margin: Crisil
Tyre manufacturers are facing challenges as natural rubber prices have surged by over 33% in the first five months of this fiscal year. This price hike, driven by strong demand and limited supply, is expected to impact their profitability significantly. The tyre industry, which consumes around 80% of natural rubber, is particularly affected.
Foundation stone laid for Michelin India's tyre plant in Tamil Nadu
Michelin has laid the foundation stone for a new manufacturing facility in Tiruvallur district, Tamil Nadu. The plant will be expanded with an investment of Rs 563.67 crore to produce passenger car tyres. Minister for Industries TRB Rajaa highlighted that this decision reflects Michelin's trust in the state and its government under Chief Minister M K Stalin.
Bombay HC grants temporary relief to CEAT in case against Apollo Tyres’ ads
The Bombay High Court has ordered Apollo Tyres to halt advertisements that allegedly disparage CEAT Ltd’s ‘Crossdrive AT’ tyres. The court noted that CEAT has a strong case and could suffer irreparable harm. The case will be heard further on October 11.
JK Tyres board approves merger of Cavendish Industries
JK Tyre and Industry Ltd's board has approved the merger of Cavendish Industries Ltd. The amalgamation aims to house all businesses under one listed company, bringing benefits like economies of scale, operational synergies, reduced overheads, and improved investor perception. JK Tyres will issue shares proportionately to Cavendish Industries' shareholders.
Ceat commissions new line at Chennai plant to produce truck, bus radial tyres
Ceat has inaugurated a new production line for truck and bus radial tyres at its Chennai plant. This expansion will gradually reach a capacity of 1,500 tyres daily over the next year, enhancing Ceat's ability to meet the demands of high-performance vehicles in both domestic and international markets, including Europe and the US.
Tyre exports from India rise 17 pc in Q1: ATMA
India's tyre exports surged by 17 per cent year-on-year in the first quarter of the current fiscal, reaching Rs 6,219 crore. The US emerged as the largest market. The rise is attributed to advanced technology products, competitive pricing, and branding efforts, along with improved demand prospects in key destinations.
