Tuesday, May 4, 2010

Apollo to hike tyre prices on rising input costs

NEW DELHI (Commodity Online): Indias leading tyre maker, Apollo Tyres Ltd (BOM:500877) is mulling to raise its product prices by 3.5% in June to meet rising input costs, which is fueled by shooting natural rubber prices.

According to senior company officials the price hike was imminent as the rubber prices have risen significantly in the past. The natural rubber prices have soared so high that price hikes adopted recently had not been sufficient.

The plan to raise prices in June comes after a 5.5% price hike the company adopted in April-May 2010. Additionally, production at the tire makers Perambra plant in the southern Indian state of Kerala has been impacted due to an ongoing labor stir.

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