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Author: Sharad

Massive fire erupts at Ceat Bhandup factory

A massive fire erupted at the premises of Ceat factory, located in Bhandup, suburban area of Mumbai today evening. The fire took place at 5.50 pm, according to media reports. However, no casualties have been reported yet and the reasons for the fire is still unknown. No official statement has been issued until the time the news published on the website. According media channels, the factory godown stored tyres, sulfur and oil tanks, but oil tanks were taken away by the factory employees before the fire engulfed them. More than a dozen of water tanks and fire engines rushed to the spot and the firefighters were working to control the...

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Michelin net profit plunges 28% in 2013; aims to increase 3% sales volumes this year

Stronger euro and flat markets pulled down tyre making giant Michelin’s profits and sales in 2013. Michelin, which makes all kind of tyres from car, truck, aviation, mining to agricultural sectors, said its net profit plunged by 28% to 1.13 billion euros in 2013 from 1.57 billion euros in 2012. The company’s net sales for 2013 stood at 20.25 billion euros compared to 21.47 billion euros in 2012, a drop of 5.7% and operating profit before non-recurring items was down 7.8 % to 2.23-billion euros. The company, in a statement, said that the very unfavorable currency, which reduced reported net sales by 716 million euros or 3.4%,and operating income for the year was mainly impacted by the sharply negative 230-million euros currency effect arising from the euro’s appreciation after the summer. However, Michelin added that volumes were stable year-on-year. At year-end, the Group was almost entirely debt-free, with gearing of just 2%, corresponding to net debt of 142 million euros, compared with 12% and 1,053 million euros at December 31, 2012. Commenting on the outlook for 2014, the company said that tyre demand is expected to continue expanding quickly in the new markets, while moving back in line with economic activity in the mature regions. The company, under the current scenario, targets to increase sales volumes by around three percent in 2014 and this performance will be driven by...

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Ceat Q3 net profit increases three-fold

Ceat Ltd ‘s consolidated net profit rose around three-fold to Rs66.95 crore for the third quarter ended December 2013 from a net profit of Rs 22.43 crore for the corresponding period of last fiscal. The Mumbai-based company reported consolidated net sales of Rs1,428.18 crore for the quarter. Ceat’s third quarter consolidated net sales of last fiscal stood at Rs1,239.03 crore. The company has announced a voluntary retirement scheme (VRS) for its employees on January 24, 2014, which will be open for application from February 15 till March 15,...

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Apollo reports 87% increase in Q3 profits

Indian tyre maker Apollo Tyres reported a whopping 87% rise in its third quarter consolidated net profit driven by improved and expanded product rage in key markets. The Gurgaon-based company’s consolidated net profit for the quarter that ended December 2013 stood at Rs338 crore from Rs 181 crore in the year-earlier period. Net sales increased by 8% on year-on-year basis to Rs3,475 crore during the October- December quarter against Rs3,217 crore in the same period of the corresponding year. The company’s operating profit stood at Rs. 618.5 crore during the quarter from Rs. 409 crore in the same quarter last...

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JK Tyre Q3 profit surges 55%

JK Tyre and Industries’ consolidated net profit soared 55.62% to Rs 59.03 crore for the third quarter ending December 2013 on accounts of new products which are aligned to customers’ needs. The company had reported a consolidated net profit of Rs37.93 crore in the same quarter of the previous year. JK Tyre’s consolidated net sales rose to Rs1,703.42 crore during the quarter from Rs1,668.35 crore in the same period of last fiscal. The company introduced ten new tyres during the second half of 2013. “The company has performed well during the quarter despite a subdued demand for tyres. Indian automobile industry is passing through a difficult phase as both passenger cars and commercial vehicles registered a negative growth. JK Tyre has been able to face these challenging times,” JK Tyre and Industries CMD Raghupati Singhania said. JK Tornel, Mexico continues to perform well which has added to the bottom line of JK Tyre, Singhania...

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