The story of a Rs 1,788 crore fine: Tyre makers, cartelisation and calculation errors
The Supreme Court of India has asked the Competition Commission of India (CCI) for a response regarding an appeal filed by MRF Ltd, one of the companies fined in a case related to alleged cartelisation and price manipulation in the tyre industry. The case, which began over a decade ago, saw the CCI impose penalties on several tyre companies in 2018. However, the National Company Law Appellate Tribunal overturned the order in December 2022 and directed the CCI to pass a fresh order, citing errors in calculation and the need to save the domestic tyre industry.
Supercross India to invest Rs 150 crore in motorsports league over next three years
Supercross India plans to invest Rs 150 crore in the Indian Supercross Racing League (ISRL) over the next three years. The investment will be used for motorsports infrastructure and grassroots development. The company is seeking funds from private equity players and has already sold a 5% stake to a player at a valuation of Rs 350 crore. The league, which will feature six to eight franchises, is set to launch in December and has received registrations from 75 riders worldwide.
CEAT Ltd has planned a capex of approximately INR750 crore for the current fiscal year, primarily aimed at increasing its production capacity of agri-radial tyres at the Ambernath plant in Maharashtra, according to CEO Arnab Banerjee. CEAT expects higher volumes supplied to original equipment manufacturers in Q3 and Q4 of this fiscal year, as the company is switching to bigger rim sizes with automaker approvals anticipated soon. The rural replacement market, where CEAT experienced significant growth in the first quarter, may take another two quarters for demand to recover.
CEAT shares rise 5% after Q1 profit jumps multifold
On the operating performance, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter stood at Rs 384.7 crore, compared to Rs 171.3 crore in the year-ago period. While EBITDA margin stood at 13.1% in Q1 FY24.
CEAT Q1 Results: Net profit jumps multi-fold to Rs 144 crore
"Replacement and international business are looking good with good product - market fit. Our product performance continues to get accepted as superior across key geographies," CEAT Ltd Managing Director and Chief Executive Officer Arnab Banerjee said.
Manufacturing companies ease work rules in post-Covid world
Manufacturing firms, which before the pandemic had rigid work hours and culture, are now opting for a flexible approach, in terms of relaxations in working days/hours, attendance punching and uniforms, and are even allowing employees in certain roles to work remotely for a day or two in a week.
Chalet Hotels, Ceat among 10 stocks with Golden Crossover pattern. Know what it signifies?
Over 340 stocks have shown formation of Golden Crossover, a widely recognised technical indicator, as their 50-day moving average crossed above their 200-day moving average, indicating a shift in momentum from bearish to bullish. ETMarkets has identified ten of the stocks which include Can Fin Homes, Canara Bank, and Ceat.
Is this the right time to buy tyre and railway stocks? Sandip Sabharwal answers
“Three-four months down the line when prices of tyre stocks have come off because of bad results etc., we could buy them because these are cyclical industries. These are not secular growth industries. We need to time these stocks. Agro chemicals is a space that cannot be ignored and we could look for opportunities as stocks correct.”