Cement News tagged under: India
Jaiprakash in talks to sell one Indian cement unit11 June 2012, Published under Cement NewsJaiprakash Associates is in talks to sell one of its cement units to UltraTech Cement, Bloomberg reports. The company is seeking a valuation of about INR40bn for the division and the sale may help the company cut its debt. Jaiprakash Cement’s current debt stands at INR21,500 crore, while it has a market cap of INR14,500 crore. In a filing to exchanges in November the company said it is planning to separate its cement plants in Gujarat and Andhra Pradesh. Meanwhile, UltraTech Cement – Indi... |
Aditya Birla to invest INR57.5bn in cement expansion, India08 June 2012, Published under Cement NewsIndian conglomerate Aditya Birla group plans to invest about INR70bn (US$1.3bn) on setting up new facilities and expanding the capacity of existing units in the southern state of Karnataka, Chairman Kumar Mangalam Birla said on Thursday. Reuters reports that the group plans to invest INR57.5bn rupees in new cement facilities and about INR11.6bn in expanding its metal and chemical plants in the state. The invesments will be made over the next three years and are in addition to about INR60bn... |
High Court stops cement firms from making cement under ACC trade mark07 June 2012, Published under Cement NewsThe Delhi High Court has restrained three cement companies based in Uttar Pradesh and Punjab from producing or selling their product under the trade mark of leading cement manufacturer Associated Cement Companies (ACC) Ltd. The court also appointed a three-member team including a lawyer as court commissioner to inspect their stores in Gorakhpur, Sirhind and Kapurthala. Justice Kailash Gambhir passed the interim order accepting the argument of ACC's counsel Purushottam Mishra that Ajay K... |
Aditya Birla plans Karnataka cement plant, India07 June 2012, Published under Cement NewsAditya Birla group Chairman Kumar Mangalam Birla said the group is planning to set up a 4Mta cement plant in Karnataka plant at an investment of INR27.50bn. Mr Birla said he expects the plant to start operations in the next two years. |
Birla Corp eyes cement plant construction in Ethiopia07 June 2012, Published under Cement NewsBirla Corp plans to set up a cement plant in Ethiopia following the establishment of a wholly-owned subsidiary, Birla Corp Cement Manufacturing Plc, in the sub-Saharan African country. “We plan to go there for exploration of mainly limestone, for setting up a cement plant. We would also explore opportunities of setting up power plants there,” said a Birla Corp official, speaking to Daily News & Analysis India. Birla Corp had previously tried to enter the east African country in 2010 by ... |
Indian producers consider early price reduction on monsoon06 June 2012, Published under Cement NewsIndian cement companies are considering a reduction of INR8-10/bag later this month in anticipation of a slowdown in construction activities due to the arrival of monsoon season. The price correction during monsoon is seasonal but this year it has come little earlier due to subdued demand, writes Realty Plus. "The price correction has started from the month of May and this month cement companies are contemplating to reduce prices on an average of INR10/50kg across the country," said the ... |
UltraTech Cement reports rise in May dispatches04 June 2012, Published under Cement NewsUltraTech Cement Ltd dispatched 3.59Mt of cement in May, up 10.6 per cent YoY, according to a company statement. Dispatches higher than the 3.2Mt recorded in April. The country’s largest cement producer by capacity produced 3.5Mt during April, up 7.7 per cent from a year ago. |
Jaiprakash Associates 4Q profit down 7%, India01 June 2012, Published under Cement NewsJaiprakash Associates Ltd, part of the Jaypee Group, reported a decline in its net profit for the fourth-quarter, despite higher income from cement and cement products. Net profit was INR283.61 crore or INR1.28/share, down seven per cent from INR303.61 crore (INR1.37/share) in the year-ago quarter. During the quarter, income from cement and cement products segment stood at INR1686.72 crore, compared with INR1,568.49 crore in Q4FY11, an increase of eight per cent. The construction division'... |
Angel Broking neutral on Madras Cements, India31 May 2012, Published under Cement NewsAngel Broking has maintained neutral rating on Madras Cements , in its May 24, 2012 research report. “For 4QFY2012, Madras Cements posted 55.5% YoY growth in its net profit to INR99 crore, which was marginally below our estimates. Net profit growth was aided by 16.8% YoY growth in volumes to 2.13Mt and 13.7% YoY growth in realisation to INR4250/t. However, on a sequential basis, the company’s realisation remained flat. We remain Neutral on the stock.” Madras registered 32.9% YoY top-line g... |
Shriram to consolidate presence in Indian cement sector24 May 2012, Published under Cement NewsShriram EPC, a publicly held company of Shriram Group, recently entered the cement sector by acquiring majority stake in Sree Jayajothi Cements and, according senior officials, a blueprint is being prepared to see how they can grow in this sector, The Business Standard of India reports that as a first step, Shriram EPC which controls Sree Jayajothi Cements, is raising INR400 crore through the private equity (PE) route for deployment in the cement firm. Senior officials of Shriram Group co... |