Cement News tagged under: Ambuja Cements
India: Seven cement firms fined for bid-rigging20 January 2017, Published under Cement NewsThe Competition Commission of India (CCI) has imposed fines totalling more than INR2bn (US$30m) on seven cement firms it found guilty of colluding in their responses to a 2012 tender from Haryana state, Indian media reports. The companies have each been fined 0.3 per cent of their average annual turnover for the past three years. Ultratech faces the largest penalty, at INR683m – around a third of the total. The other firms fined were Jaiprakash Associates, ACC, Ambuja Cements, Shree Cemen... |
India: LafargeHolcim increases stake in Ambuja and ACC16 November 2016, Published under Cement NewsLafargeHolcim has increased its shareholding in Ambuja Cement through the purchase of an additional 39.1m shares, increasing the Franco-Swiss firm’s stake by 1.49 per cent to 63.1 per cent. LafargeHolcim also increased its stake in ACC – since mid-2016 a subsidiary of Ambuja – with the purchase of 7.9m shares, taking its stake to 4.5 per cent. The cost of the two purchases amounts to CHF325m (US$324m). |
Ambuja Cement profits up 80% as Indian profits climb 40% overall04 November 2016, Published under Cement NewsAmbuja Cement has released its Q3 earnings, which show that net profits for the company were up by 80 per cent YoY at INR2.77bn (US$41.5m). Revenues were down slightly, falling by 4.3 per cent to INR20bn, but dividend income from its shareholding in ACC and falling costs, particularly in terms of power and fuel (down 10 per cent) helped to improve the company’s bottom line. Ambuja reported that diesel costs rose over the period, but this was compensated for by an improved fuel mix. ... |
Indian cement producers to appeal CCI fines02 September 2016, Published under Cement NewsLafargeHolcim, India Cements and Ramco Cements have said that they will appeal against yesterday’s ruling by the Competition Commission of India (CCI) which levied fines totalling INR67bn (US$1bn) against 11 firms, the Press Trust of India reports. Four of the other affected companies – UltraTech, Shree Cement, Jaiprakash Associates and JK Cement – have said they will seek legal advice and may subsequently submit appeals of their own. LafargeHolcim has said it believes it has a strong ... |
Competition Commission of India imposes US$944m fine for cartelisation01 September 2016, Published under Cement NewsThe Competition Commission of India (CCI) has levied a fine of INR63.2bn (US$944m) on 10 cement companies whom it accuses of conspiring to fix prices in contravention of competition law. In addition, the Cement Manufacturers Association has been ordered to pay a INR7.3m fine. Of the 10 companies, four – Jaiprakash Associates, UltraTech, Ambuja Cements and ACC – will bear the brunt of the penalties, accounting for 76 per cent of the total fine. The other firms fined today are Lafarge, Cent... |
India: Ambuja and ACC report profit rises for 2Q1627 July 2016, Published under Cement NewsLafargeHolcim’s Indian subsidiaries ACC and Ambuja Cements have both reported an increase in profits for the second quarter of 2016. In the three months to June, Ambuja Cements’ net sales were up only modestly, climbing 1.9 per cent to INR25.4bn (US$378m), but profits rose much faster. These reached INR4bn (US$59.4m), a rise of 76.5 per cent YoY. Ambuja’s increased profits were mainly driven by lower power and fuel costs. Over two-thirds of the higher profit margins can be traced to th... |
LafargeHolcim receives go-ahead for Indian streamlining21 July 2016, Published under Cement NewsIndia’s Cabinet Committee on Economic Affairs has given its blessing to LafargeHolcim’s proposals to simplify the structure of its remaining operations in the country. The company is now awaiting the formal sign-off of the Foreign Investment Promotion Board, but this is expected shortly. Under the proposals, LafargeHolcim will increase its stake in Ambuja to 61.14 per cent, while Ambuja itself will take a 50.05 per cent stake in ACC. Thus, ACC will become a subsidiary of Ambuja, which its... |
India: Cement stocks rise as demand recovers14 April 2016, Published under Cement NewsIndian cement manufacturers are set to continue the strong performance which has seen their stocks outperform the BSE Sensex by a factor of ten over the past month. In this period, the Economic Times reports, India Cements’ shares are up 23 per cent, ACC is up 18 per cent, JK Cement and JK Lakshmi Cement are up 16 per cent, Ramco Cements is up 14 per cent and Ambuja Cements is up 12 per cent. The market as a whole, as tracked by the Bombay Stock Exchange’s Sensex index, is up just 1.2 per... |
India: Ambuja Cements reports flat growth in full-year volumes12 February 2016, Published under Cement NewsAmbuja Cements, part of the LafargeHolcim group, reported flat sales growth for the 12 months ending 31 December 2015. The company underlined that during the year the Indian cement market largely remained subdued although there was a 5.2 per cent rise in volumes during the final quarter. However, lower cement price realisation led to overall net sales being down by 5.5 per cent in 2015 to INR9368 crore, compared to INR9911 crore a year earlier. Lower operating costs with improved opera... |
Ambuja Cements appoints new CFO, India11 December 2015, Published under Cement NewsAmbuja Cements said it has appointed Suresh Joshi as its Chief Financial Officer (CFO) with effect from February next year. In addition, Christof Haessig was appointed as an Additional Director (Non independent - representing the Promoter Group) on the Board of Directors with effect from 9 December 2015. Haessig, at present, is the Head of Corporate Strategy and Mergers and Acquisitions at LafargeHolcim. |