WILL APOLLO TYRES SKID?

Article Abstract:

Apollo Tyres Ltd (ATL) has drawn up plans to face the recession in the tyre industry. It recorded a decline of 3.6 percent in 1997-98 (6.5 percent in 1996-97). A Rs395 crore expansion and modernisation programme has been chalked out for implementation during 1998-2000. The plan envisages setting up of a grassroot tyre plant in Ropar district of Punjab and expanding the facilities in Baroda. ATL plans to focus more on passenger/LCV tyre segments, which are growing more rapidly than the truck segment. Compared to a negative growth of 0.4 percent in 1997- 98 in the truck tyre segment, ATL recorded a fall of 4.5 percent. In car tyre production also, ATL recorded a decline of 7.5 percent, compared to the overall segment growth of 9.6 percent. Its overall growth in the 4-wheeler tyre segment was 2.6 percent, lower than the industry growth. (gsh)

Comment:

Draws up Rs395 crore expansion & modernization program for implementation during 1998-2000

Capital expenditures

---

APOLLO TYRES LAUNCHES VRS SCHEME

Article Abstract:

Apollo Tyres Ltd (ATL) has initially introduced its voluntary retirement scheme (VRS) at its Perambra unit in Kerala, which has a workforce of 2,200. Of the 2,200 workforce in the unit, 600 workers are reported to be in excess. ATL plans to utilise the services of 300 employees of the surplus 600 workers, once the capacity of the plant is increased. ATL's tyre manufacturing plants are located at Perambra, and Vadodara in Gujarat, while its tube producing plant is located at Pune. ATL's subsidiary, Premium Tyres, has a tyre making plant at Kalamassery in Kerala. (gs)

Comment:

Initially introduces its voluntary retirement scheme at its Perambra unit in Kerala, which has a workforce of 2,200

Personnel administration, Apollo Tires Ltd.

---

APOLLO TYRES TO PRICE PREFERENTIAL SHARES AT Rs92

Article Abstract:

Apollo Tyres' preferential issue is priced at Rs92 per share which is higher than the current market price of Rs65. Apollo Tyres is making a preferential allotment of 40,00,000 secured redeemable partly-convertible debentures (PCDs) with a face value of Rs222 each. The allotments are being made to Mr Raunaq Singh and Mr OS Kanwar and business associates. Currently, the two promoters and the business associates together hold about 18.27 percent equity in the company which will go up to 27.87 percent after the allotment.(uh)

Comment:

Makes a preferential allotment of 40,00,000 secured redeemable partly-convertible debentures with a face value of Rs222 each

Securities issued, listed

Similar abstracts:

• Abstracts: POOR RESPONSE TO KIRLOSKAR COMPUTER'S PUBLIC OFFER. ASIAN PAINTS REJECTS SHARE TRANSFER TO KOTAK MAHINDRA
• Abstracts: SEBI SET TO PUT IPOs ONLINE. HC RESTORES COMPENSATION POWERS TO SEBI IN HLL CASE
• Abstracts: MYSTERIOUS DISEASE COULD PRESSURE-COOK BASMATI PRICES. SCIENTISTS FLAY RICETEC USE OF RESEARCH PAPER ON BASMATI
• Abstracts: HINDUSTAN PETROLEUM CORPORATION LIMITED BHARAT PETROLEUM CORPORATION LIMITED. INDIAN OIL CORPORATION LIMITED

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.