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Power capacity addition lag to impact economic growth targets
With the government having finally admitted that the current Plan period’s power capacity addition target of 78,700 Mw is likely to be missed by over 20 per cent, experts have raised concerns over the impact on the country’s economic growth.

US needs to build climate partnership with India: Kerry
Against the backdrop of India"s insistence that it would not accept any legally binding emission reductions, a top US Senator has said the Obama Administration needs to build a "flexible" climate partnership with New Delhi to address the issue of global warming.

News of the day

India to host 11th COP on biodiversity in 2012
As a mark of its commitment to biodiversity conservation, India will host the eleventh Conference of Parties (COP) to the Convention on Biological Diversity (CBD) in October 2012. Called ‘Rio + 20’ CBD Conference, the COP, to be held in New Delhi, will also commemorate the twentieth anniversary of the Rio Earth Summit, held in 1992 in Rio de Janeiro.
Small Business

Apollo Tyres Q3 net zooms over 18 times on topline growth

Apollo Tyres today reported an over 18-fold jump in net profit for its Indian operations during the quarter ended December 31, 2009, at Rs 102.03 crore, mainly due to robust growth in topline. - Neeraj Kanwar new ATMA chairman - Tyre companies raise prices on rubber shortage - Ceat emerges as the best employer in western region - Rubber shortage hits tyre makers - Tyre firms: Profits may deflate on high input cost - Expensive rubber to push tyre prices up by 5% The tyre manufacturer had posted a mere Rs 5.51 crore net profit in the corresponding period last financial year. The company"s total income soared by 46.52 per cent to Rs 1,323.43 crore during the third quarter from Rs 903.26 crore in the year-ago period. "Last fiscal"s third quarter was the worst for all of us in the industry... The robust jump in net profit was mainly because of sharp topline growth," Apollo Tyres Chief Financial Officer Sunam Sarkar told PTI. The company is expecting to continue similar growth in its income during the current quarter too, although its margins are under pressure on a rise in raw material prices, he added. "In the last six months, rubber prices have shot up by 15 per cent and we have raised prices by only 5 per cent... It is putting pressure," Sarkar said. He further said there is room for further increase in prices for the various tyres manufactured by the company, but declined to give details. When asked about Apollo Tyres" outlook for the entire fiscal, Sarkar said it is expecting to close 2009-10 with a consolidated income of Rs 8,000 crore. The company"s consolidated net sales for the first three quarters stands at Rs 5,977.41 crore. The company is currently investing about Rs 2,000 crore in setting up a greenfield facility near Chennai. The production is expected to start by next month. "At present our production capacity stands at 950 tonnes a day. With operationalisation of the new plant, we will add 400 tonnes of tyre production every day," Sarkar said, adding the Chennai facility would roll out 6,000 units of truck radials and 8,000 units of car radials daily. Besides, the company would start exporting tyres to Saudi Arabia and Australia during this quarter, he said.


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