Anti-dumping duty on Chinese tyres positive: Icra

The re-imposed anti-dumping duty on Chinese tyres is positive for the industry as it will provide a level-playing field for domestic manufacturers.
Domestic rating agency Icra expects this will lead to a strong demand pickup for large truck tyre manufacturers. The government on September 18 slapped anti-dumping duty ranging between USD245.35 and USD452.33 per tonne on Chinese tyres for five years.
"With sizeable investments made in recent years towards creation of truck and bus radial tyre capacities on the back of healthy long term domestic demand potential, rising imports had an adverse impact on industry capacity utilisation levels," Icra said.

Tyre imports represent 7 per cent of domestic industry in value terms, has witnessed a 10 per cent growth in the last three years as against the industry's revenue growth of 2 per cent.
Truck and bus radial tyres accounted for 43 per cent of total imports in value in FY17, which surged from Rs 710 crore in FY13 to Rs 1420 crore in FY17. Country-wise, China cornered a lion's share, with 89 per cent of tyres originating from China in FY17.
"With the re-imposition of duty, Chinese imports will become costlier, levelling the playing field for domestic manufacturers. We expect this will positively benefit large tyre manufacturers," Icra said. ----------------------------------------------------------- UPS appoints Rachid Fergati as MD of Indian Subcontinent

Mumbai: Global logistics leader UPS has appointed Rachid Fergati as the managing director for Indian subcontinent which includes India, Sri Lanka, Bangladesh, Nepal and the Maldives.

"The rise of the middle class in the Subcontinent is driving e-commerce growth and international trade, creating opportunities for UPS to help middle market businesses expand globally," said Jean-Francois Condamine, outgoing UPS president for Subcontinent, Middle East and Africa district.
"With India now among the fastest growing start-up nations in the world with over a third of the founders under 35, Rachid will lead our efforts to deliver new and enhanced capabilities that make our customers and company more successful," he added.

Aged 38, Fergati is the youngest managing director for UPS India and brings creative and innovative solutions. He also brings extensive experience from the Middle East and Europe.