Financial Daily from THE HINDU group of publications
Friday, Jun 25, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 25, 2004 |
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Corporate
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Announcements JK Ind to hike tyre prices from Tuesday K.R. Srivats
New Delhi , June 24 JK Industries, manufacturer of JK Tyres, has decided to increase the prices of its entire tyre range by up to 4 per cent from June 29, a senior company official said. "We are going ahead with the price increase that had been earlier contemplated when the natural rubber prices were about Rs 55 per kg to Rs 58 per kg. The latest price increase of up to 4 per cent, however, does not factor in the recent natural rubber price level of Rs 65 per kg," Mr Ajay Kapila, Marketing Director, JKI, told Business Line here. Mr Kapila said that the price increase on the truck and bus tyre would be up to 3 per cent. He also said that the company might again review the prices once the Union Budget is unveiled on July 8. The latest price hike by JKI comes at a time when the operating margins of tyre companies are under pressure on account of the rising natural rubber prices and general increase in oil-based raw materials used by the tyre industry. JKI, which is now only a tyre manufacturer, had registered net sales of Rs 2,018.53 crore for the year ended September 30, 2003. The company had reported a net profit of Rs 22.09 crore in the corresponding period.
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