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JK Tyre raises prices; may hold prices for now

JK Tyre raises prices; may hold prices for now
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First Published: Mon, Jul 04 2011. 03 54 PM IST
Updated: Mon, Jul 04 2011. 03 54 PM IST
Mumbai: JK Tyre & Industries has last week increased prices of tyres 2-3% across categories, but may hold at the present level for now as rubber has softened of late, a senior official said.
“July is going to be a tough month and the sentiments are that rubber has fallen. So it will be difficult to convince the market (of a further raise),” said A. S. Mehta, director-marketing at JK Tyre.
Mehta said the company would be in a better position to decide on future pricing in the next 10-15 days, after assessing market conditions.
In June, rubber prices fell more than 6% and demand for commercial vehicle tyres is usually low in July and August due to the monsoon.
Natural rubber makes up more than 40% of the cost of a tyre and its prices are up 1.7% this year.
JK Tyre shares provisionally ended 1.28% lower at Rs100.3 in a firm Mumbai market.
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First Published: Mon, Jul 04 2011. 03 54 PM IST
More Topics: JK Tyre | Rubber | Price rise | Market | Shares |