Tyremakers, including the likes of Ceat Ltd. and MRF Ltd., are likely to raise prices next week, according to people familiar with the matter.
While car radials are likely to see up to Rs 100 in price hike, bus and truck tyres are expected to get dearer by up to 2%, according to tyre dealers in Mumbai, New Delhi and Ahmedabad that NDTV Profit spoke with. They said this was a routine or periodic move.
Following its first-quarter earnings in July, Ceat Ltd. has indicated that more tyre price hikes are in the offing, amid a hit to operational profitability due to costlier natural rubber.
“We definitely took a follow-up price hike in June and another soft price hike in July,” Arnab Banerjee, chief executive officer at the Mumbai-based tyremaker, told NDTV Profit during a post-earnings chat.
“There have been price hikes, and there will be more in small instalments through the second quarter.”
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
