Cement News tagged under: India
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... |
Indian workers paid dues, Angola24 May 2012, Published under Cement NewsFollowing a month-long dispute, most of Indian workers employed at a cement plant in Sumbe in Angola have been paid part of their pending dues while arrangements made for repatriation of those who want to return to India. "All outstanding overtime dues for February, 2012 have been paid in US dollars to all the workers present. Outstanding overtime dues for March, 2012, will be disbursed in US dollars on May 23 and 24. As of today, more than 700 Indian workers have reported for duty," Indi... |
JK Cement receives approval for Bangalore plant, India24 May 2012, Published under Cement NewsThe Bangalore State High Level Committee (SHLC) has cleared a proposal by JK Cement’s (Western) Ltd to establish a cement factory at Chittapur taluk in Gulbarga district. The company would invest INR2,326.65 crore. The Hindu reports that JK’s cement project is one of 31 proposals across various industries that received clearance from the SHLC yesterday ahead of the state hosting the GIM-2012 Expo at the Bangalore International Exhibition Centre in early June. “The government has set a ... |
India: dumping duty on UAE, Iran white cement extended23 May 2012, Published under Cement NewsIndia’s Finance Ministry has extended the validity of existing anti-dumping duty on white cement imports from Iran, UAE until 11 April 2013. Business Line reports that this this one year extension follows the anti-dumping directorate’s recent move to initiate sunset review investigations on white cement imports from UAE and Iran. The petition seeking the review was filed by JK White Cement Works and Birla White. The existing anti-dumping duty on white cement imports ended in April this... |
Indian cement: gradual improvements expected22 May 2012, Published under Cement NewsFinancial services firm Motilal Oswal Securities has said it is expecting a gradual improvements in the Indian cement sector which is starting to overcome recent challenging times. In a recent research note, the house stated: “We believe that the worst is over for the Indian cement industry and expect gradual improvement in operating performance. Volume recovery (~8% growth in FY13) coupled with slowdown in capacity addition would drive absorption of excess capacity. "While cement p... |
JP Morgan ups Holcim price target on US outlook, risks remain21 May 2012, Published under Cement NewsJPMorgan raises Holcim's price target to CHF56.50 from CHF55.20 due to optimism on the outlook for the private building sector in the US. "Much better volumes in cement and great weather has provided some hope for the sector," says analyst Michael Morris. Still "risks remain in India, where Holcim is most exposed," he notes. |
JK Lakshmi capacity to reach 8.5Mta by end-2013, India17 May 2012, Published under Cement NewsJK Lakshmi Cement Ltd's capacity is expected to rise to 8.5Mt by end-2013 from 4.7Mt currently, Whole-time Director Shailendra Chouksey said at a conference organised to announce the company's Jan-Mar earnings. The Rajasthan-based company reported Jan-Mar net profit of INR303m, down 5.2% YoY. Net sales for the March quarter rose 27.8% to INR5.26bn. JK Lakshmi Cement commissioned its 0.6Mt grinding unit in Haryana in April and is expanding capacity of its existing kilns in Raja... |
ABG Group wins Azhikkal port cement terminal project, India17 May 2012, Published under Cement NewsThe construction of cement terminal at the Azhikkal port, North Kerala, will be awarded to Mumbai-based ABG Group, the Times of India reports. ABG Group was the sole bidder for the cement terminal. The group will develop the terminal by creating a six-metre draft so that 10,000t ships can be brought to the terminal. |
Improved prices help raise Shree Cement’s quarterly profit, India16 May 2012, Published under Cement NewsShree Cement, which has a strong presence in the North India market, reported an increase in net profit of INR11.28 crore for the fourth-quarter of FY11-12 (ending March 2012) largely on the back of improvements in demand leading to better price realisation and cost control initiatives. EBITDA rose 42 per cent to INR450.40 crore during the period, the company said in a statement. Turnover, meanwhile, rose 38 per cent YoY to INR1477.85. Cement production increased 29 per cent and during... |
Merrill Lynch increases stake in Rain Commodities, India16 May 2012, Published under Cement NewsHong Kong-based Merrill Lynch Capital Markets Esparia on Tuesday announced acquiring 90,000 shares of Rain Commodities, the Economic Times of India reports. The foreign fund house currently holds 4.99% in the Hyderabad-based company and the fresh acquisition constitutes 0.03% of additional stake. Following this, Merrill Lynch's total holding in Rain Commodities crosses the threshold limit of 5%, reaching 5.02%. |