Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Corporate
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Announcements Apollo Tyres hikes prices of non-truck tyres K.R. Srivats
New Delhi , Dec. 29 TYRE manufacturer Apollo Tyres Ltd has effected a 3-4 per cent increase in the prices of its non-truck tyres - passenger car tyres, light commercial vehicle tyres and farm tyres. The latest increase, which came into effect on December 22, comes two months after the company went in for a 2.5 per cent hike in prices across its entire product range. Confirming the latest price increase on Apollo's non-truck tyres, Mr Satish Sharma, Chief-Marketing of the company, at the same time did not rule out further increase in the price of truck and bus tyres in the next few months. "With the natural rubber prices only expected to further strengthen in the next few months, tyre industry has to look for more price increases. We saw some scope for increasing the prices of non-truck tyres and therefore decided to do the 3-4 per cent hike now," Mr Sharma said. Mr Sharma also said that he expects some of ATL's competitors to go in for a price increase in non-truck tyres, especially passenger car tyres, in the coming month.
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