Cement News tagged under: India Cements
Long-term rail freight rates secured for Ramco and Zuari27 April 2018, Published under Cement NewsIndia’s South Central Railway (SCR) has signed a long-term tariff contract with Ramco Cements Ltd and Zuari Cements Ltd to transport freight traffic at fixed rates, according to The Hindu. Ramco and Zuari signed the agreement to ensure fixed tariff costs for three and five years, respectively. The scheme has been designed to offer customers stability and the capacity to plan logistics for a longer period. Similar agreements have already been signed with UltraTech Cements, India Cement... |
India Cement cracks down on fixed costs13 February 2018, Published under Cement NewsIndia Cements reported a net profit of INR152.4m in the quarter ended 31 December 2017, which represents a 35.6 per cent decrease QoQ from INR236.7m, according to the Business Standard. In 3QFY16-17 net profit reached INR353.4m. India Cements was able to contain the loss by controlling fixed costs. The company closed down the infrastructure division and partially shut down its shipping division. Changes were also made to its accounting policy. Total overheads fell to INR770m from INR1... |
Indian cement companies expected to raise prices20 November 2017, Published under Cement NewsIndian cement companies are expected to raise cement prices in reaction to the recent ban on petcoke and furnace oil, which came into effect in Uttar Pradesh, Haryana and Rajasthan. The ban is expected to affect in particular Shree Cement, JK Cement, JK Lakshmi Cement, Ambuja Cement, India Cements and ACC, which operate in these states. The price hike is predicted to be around INR10 (US$0.15)/bag. Other parts of the country could be affected in the future as the Supreme Court has rec... |
India Cements net profit falls 62% in 2Q1710 November 2017, Published under Cement NewsIndia Cements have reported a net profit of INR236.7m (US$3.5m) for the 2Q17 ended 30 September, reflecting a 62 per cent YoY drop, according to the New Indian Express. The company also saw a decrease in total revenue to INR12.7bn from INR13.1bn of the corresponding period in the previous financial year. EBITDA decreased to INR1.88bn for the same period. The volume of cement sold during 2Q17 amounted to 2.7Mt, including exports. The “second quarter proved more tough than we thought prev... |
India Cement’s net profit slips as demonetisation and GST hit31 July 2017, Published under Cement NewsThe latent effect of India’s demonetisation, a halt in cement sales ahead of the newly-introduced Goods and Services Tax (GST) roll-out and a severe shortage of river sand in Tamil Nadu, combined to put pressure on India Cements Ltd (ICL)’s profit in the April-June 2017 quarter. ICL’s profit after tax decreased to INR264.4m (US$4.12m) in the first quarter from INR439.8m in the year-earlier period. The company reported a total income of INR14.66bn in the quarter (from INR12.06bn). The... |
Trinetra minority shareholders challenge merger plan20 June 2017, Published under Cement NewsMinority shareholders of Trinetra Cements, a subsidiary of India Cements, have approached India's National Company Law Appellate Tribunal (NCLAT), to challenge the planned merger of the two companies, Business Standard of India reports. Arvind Aggarwal and Ritu Aggarwal, who own around 2.4 per cent shares in Rajasthan-based Trinetra, have alleged there are various deficiencies in the merger scheme sanctioned by the Chennai bench of National Company Law Tribunal (NCLT) in April. The petiti... |
India Cements Ltd announce 3Q16 profits of US$519.6m30 January 2017, Published under Cement NewsIndia Cements Ltd registered net profit at INR35,340m (US$519.6m) for the third quarter ending 31 December 2016 in the back of strong sales volume and lesser cost of production. The cement company registered net profit at INR3160m during the corresponding quarter of the previous year. For the nine-month period, net profit surged to INR141,730m from INR79,460m registered during the year ago period. Declaring the results, India Cements Ltd Vice Chairman and Managing Director, N Srinivasa... |
India Cements receives stay on CCI fine29 November 2016, Published under Cement NewsIndia Cements received a stay order following its appeal of the decision made by the Competition Commission of India (CCI) to impose a INR1.87m fine on it for unfair pricing practices. On 31 August, CCI imposed penalties of around INR67bn on 10 cement companies and the Cement Manufacturers’ Association for cartelisation. COMPAT imposed a condition that India Cements would have to deposit 10 per cent of the penalty in the registry of the tribunal in the form of six-month fixed deposit with... |
India Cements profit up 62%21 November 2016, Published under Cement NewsFor the quarter ended 30 September 2016, India Cements Ltd (ICL) reported a 62 per cent increase in standalone net profit to INR624m (US$9.17m) compared to 38.5 in the same period last year. Total standalone net income rose 6.9 per cent to INR13.14bn in the period under review, up from INR12.29bn the previous year. Total expenses were 7.9 per cent higher at INR11.35bn in the period. Meanwhile, the Competition Commission of India (CCI) has imposed a fresh penalty of INR1.87bn on the compan... |
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... |