Cement News tagged under: India
JK Lakshmi Cement board OKs buyback of shares, India08 February 2012, Published under Cement NewsJK Lakshmi Cement said its board of directors has approved the buyback offer of 13.5m equity shares at a price not exceeding INR70/share for a total consideration of up to INR975m, India Investment News reports. "The Board of Directors of the company at its meeting held on February 7, 2012, inter-alia, have approved the buyback of equity shares up to an amount of INR97.50 crore (INR 975m), at a maximum price of INR70 per equity share ie 1.39 crore equity shares of INR5 each from the open ... |
UltraTech Cement to take control of Star Cement?07 February 2012, Published under Cement NewsUltraTech Cement is looking to purchase its partner’s stake in Star Cement to take full control of the Dubai-based cement producer, sources familiar with the deal have said, adding to the rumour mill that other UAE producers are ripe acquistion targets. "The group has an option to purchase the local partner's stake when they bought the majority control company from Dubai-based ETA Star Group," the Financial Express quoted a source as saying. However, OP Puranmalka, director of UltraTech,... |
India Cement’s quarterly advance, outlook cautious07 February 2012, Published under Cement NewsIndia Cements saw its profit more than double in 3QFY11-12 to INR56.31m crore (US$11.5m) helped by an accounting change and a revival in demand in the key Andhra Pradesh market. The Chennai-based company registered a net profit of INR21.47 crore net profit in the Octocber-December quarter of the financial year, the company said in a statement to the Bombay Stock Exchange. However, vice-chairman and managing director Narayanaswami Srinivasan remains cautious about his forecast for south In... |
Chettinad Cement to enter Karnataka this year, India07 February 2012, Published under Cement NewsChettinad Cement will commission a 2.5Mta cement plant in North Karnataka in the current year and has finalised plans to expand into Andhra Pradesh, Business Line of India reports. The Karnataka unit will mark Chettinad Cement's geographical expansion outside Tamil Nadu and will give it market reach into Maharashtra, where it plans to put up a grinding unit of about 1.5Mta, according to MAMR, Muthiah, Chettinad Group's Managing Director. The company has firm plans to expand its 11.50Mta pr... |
India Cements expected to see rise in sales and net profit06 February 2012, Published under Cement NewsIndia Cements is expected to post net sales of around INR9.92bn compared to INR7.18bn a year ago due to higher sales and improved realisations. However, analysts are divided on net profit estimates. At the lower end, Motilal Oswal sees the company’s net profit at INR327m while at the higher end, Bank of America Merrill Lynch, expects it to be INR884m. During the corresponding quarter last year, the company posted a net profit of INR214.7m. |
Shree Digvijay Cement Company appoints director, India06 February 2012, Published under Cement NewsShree Digvijay Cement Company has appointed Luis Miguel Da Ponte Alves Fernandes, Antonio Carlos Custodio Do Morais Varela, as additional directors of the company with effect from 2 February 2012. Relieved Chain Singh Jasol from the office of the whole-time director of the company with effect from February 02, 2012. Jasol will continue to work with the company as vice president (Personnel, Admn and Mines). |
Birla Corp to replace coal with CBM at Durgapur unit, India06 February 2012, Published under Cement NewsIndia's Birla Corp said Friday that the company will use coal bed methane gas rather than coal for its Durgapur plant in the state of West Bengal. India Energy News reported that the company took decision owing to the long-term risks associated with coal prices after being linked to global benchmarks. The state-owned coal major Coal India Ltd introduced new coal pricing mechanism linked to global benchmark of Gross Calorific Value (GCV). However, it has to roll back the price rise on stron... |
Protests ensue over rising cement prices, India12 January 2012, Published under Cement NewsProtests have taken place at Century Cement’s Chhattisgarh cement plant in India due to rising cement prices with threats of further demonstrations to be held at production sites of other major domestic producers. Members of the ruling Bharatiya Janata Party (BJP) as well as the opposition Congress reached the cement plant in the Tilda area of Raipur as nearly 500 people blocked points of entry. The protests prevented staff from entering the factory and stopping company officials transpor... |