Data will be updated when it becomes available.
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Q2FY24 witnessed a 6.70 % year-on-year increase in revenue from operations, with the figure standing at Rs 6,217.10 crore, up from Rs 5,826.30 crore.
The CCI had ordered the tire companies to pay fines totaling more than Rs 1,788 crore in August 2018 and to stop engaging in unfair commercial practices.
Recommendation: Reduce; target price: Rs 100700
The stock had briefly touched the Rs 1 lakh mark in May, albeit in the futures segment.
Tyre industry has not been a high volume growth story. Long-term volume growth has only been about 6% and revenue CAGR slightly higher than volumes.
Recommendation: Reduce; Target price: Rs. 92,600
Ceat and MRF reported similar trend in Q2FY23 from a revenue growth perspective, but showed contrasting picture in margins.
The industry is demonstrating good pricing discipline. Unless input costs rise from current levels, analysts at IIFL Securities expect margin to improve from Q3FY23. They have downgrade MRF from Add to Reduce, as the deterioration in its relative positioning versus peers, is yet to reflect in valuations. Their preferred pick is Apollo.
CCI has imposed a penalty on five major tyre manufacturers. Apart from these four, the last company is Birla Tyres.
CCI held the five tyre manufacturers and ATMA guilty of contravention of the provisions of Section 3 of the Act, which prohibits anti-competitive agreements including cartels, during 2011-2012.
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.