JK TYRE PLANNING Rs100 Cr EXPANSION

Article Abstract:

JK Tyre plans to modernise and expand its existing facilities by investing Rs100 crore in 1998-99. Of which more than Rs95 crore will be spent for several modernisation schemes. In 1997-98, the company recorded a growth of 15.47 percent compared to the average industry growth of four percent. Sales in the truck and bus tyre segment went up by nearly 8.4 percent, and following its acquisition of Vikrant Tyres, it has emerged as the largest manufacturer in this segment with a market share of 20.5 percent. The company's growth in the passenger car tyre segment went up by 47.86 percent during 1997-98. JK Tyre hopes to increase its sales by around 15 percent in 1998-99, primarily through new products launch and deeper market penetration. (gsh)

Comment:

Plans to modernize and expand its existing facilities by investing Rs100 crore in 1998-99

Capital expenditures, JK Tyre

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ELGI TYRE's NET PROFIT UP 17 PER CENT

Article Abstract:

Elgi Tyre and Tread Ltd (ETTL) has posted a 17 percent rise in net profit to Rs18.56 crore in 1997-98 (Rs15.88 crore in 1996- 97). Sales were Rs142.43 crore (Rs139.58 crore). Its reserves and surplus were at Rs60.13 crore. Its equity was Rs2.85 crore. Depreciation was Rs3.11 crore (Rs2.71 crore). The provision for tax was Rs6.50 crore (Rs7.15 crore). The company has recommended a dividend of 50 percent for the year. (gs)

Comment:

Posts 17% rise in net profit to Rs18.56 crore in 1997-98 vs Rs15.88 crore in 1996-97

Sales, profits & dividends, Elgi Tyre and Tread Ltd.

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TYRE INDUSTRY SKIDS AS LEVY GOES UP

Article Abstract:

The Rs8,000-crore tyre industry imports several raw materials for the manufacture of tyres. The Budget for 1998-99 has imposed an increase in the import duty by eight percent. The import duty for the tyres is 45 percent. The tyre industry needed a 10 percent cut in the import duty for its raw materials than the tyres. The effective import duty on the nylon chord fabric works out to 52.25 percent. (rk)

Comment:

India: Country's 1998-99 budget imposes 8% increase in import duty on tires, which currently has an import duty od 45%

Taxes

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