The Indian tyre industry is expected to witness commissioning of projects worth Rs 21,000 crore in the next four years, according to rating agency ICRA.
ICRA has come out with its release on the Indian tyre industry. Based on the OEM demand growth and trends observed in the industry till date, the research firm scales down its estimates for total tyre volume growth for 2013-14 to 2-4%.
Goldman Sachs downgrades Apollo Tyres Ltd to "neutral" from "buy", also removing it from its Asia Pacific buy list citing limited upside to its new target price of Rs 103.
ICRA has come out with its report on Indian tyre industry. The research firm, expects the subdued conditions in the domestic auto industry and the weak export outlook to the EU to curb demand growth in 2012-13 and Indian tyre industry revenues to grow by ~13-14% during 2012-13.