Cement News tagged under: UltraTech Cement
Indian Railways to cut fees to win back cement business13 April 2017, Published under Cement NewsIn response to cement producers shifting away from transporting their output by rail, Indian Railways has announced that it plans to reduces charges for firms that can guarantee that at least a specified volume of freight goes by rail, Mint reports. In January 2017 Indian Railways carried around 6Mt of cement, down 15 per cent YoY. Higher freight charges have been blamed for the decline, with producers shifting transport onto the roads as a result. To combat this, the Ministry of Railw... |
After the monsoons01 March 2017, Published under Cement NewsWhile the demonetisation of the Indian economy has seen cement sales significantly drop, the country’s cement producers are waiting for the positive medium-term effects of good monsoons to kickstart an acceleration in demand growth. Ambuja Cement saw a 6.6 per cent YoY drop in Jul-Sep sales in 2016 Uncertainty has once again eclipsed the growth of India’s 420Mta cement sector. Good monsoon rains with uniform spread across India in the July-September period have taken a toll on c... |
UltraTech Q3FY17 reports post-tax profit up 5%23 January 2017, Published under Cement NewsUltraTech Cement reported a 4.7 per cent rise in consolidated net profit at INR59.39bn (US$871.6m) for the quarter ended 31 December 2016 due to lower expenses. In 3Q15 company, owned by Aditya Birla Group, recorded net profits of INR56.67bn. Consolidated total income from operations fell to 67.61bn from INR68.65bn in the same period. Profit before interest, depreciation and tax was INR12.80bn as compared to INR12.74bn in the same period of the previous year. Profit After Tax (PAT) wa... |
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: COMPAT stays UltraTech’s CCI penalty23 November 2016, Published under Cement NewsThe Competition Appellate Tribunal (COMPAT) has granted a stay on an order passed by the Competition Commmission of India (CCI) against UltraTech Cement on deposit of 10 per cent of the penalty amount. CCI handed UltraTech a INR11.75bn (US$171.6m) penalty in August 2016 for supporting cartelisation. In total the CCI handed out penalties amounting to over INR67bn to 11 cement firms for this matter, including UltraTech, Ambuja, ACC, JK Cement and Ramco, as well as the Cement Manufacturers A... |
India: Jaiprakash Associates shareholders agree to sale25 October 2016, Published under Cement NewsJaiprakash Associates Ltd (JAL) on Monday said its shareholders have approved the sale of the firm's cement business to Aditya Birla Group's UltraTech Cement. Approval from Competition Commission of India (CCI) has been received and the next step involves seeking approval from the concerned High Court and the final approval from capital markets regulator. Earlier this year, the Aditya Birla Group firm announced acquisition of Jaiprakash Associates' cement plants with a total capacity of 2... |
UltraTech Cement19 October 2016, Published under Cement NewsUltraTech Cement has recorded a 25 per cent increase in consolidated net profit in the quarter ending 30 September 2016. Profit rose to INR6.14bn (US$92.1m) versus INR4.9bn in the same period last year. This compares to analyst predictions of INR7bn. Earnings before interest, depreciation, taxation and amortisation increased by 16 per cent to INR13.7bn, up from INR11.8bn in the same period in 2015. Net sales, however, slipped from INR58.5bn to INR57bn, below analyst forecasts of INR63.2bn. ... |
India: UltraTech cement profits up 25%18 October 2016, Published under Cement NewsUltraTech Cement reported that for the quarter ending 30 September its profits rose 25.27 per cent YoY. A consolidated net profit of INR6.14bn (US$92.1m) was announced for the July-September 2016 quarter, compared to INR4.9bn in the same period last year. However, net sales fell 2.53 per cent to INR57bn from INR58.5bn. Despite an increase in net profit, the results were not as positive as expected. According to a Bloomberg poll, analysts estimated consolidated net profit to be reported at... |
Visible cracks10 October 2016, Published under Cement NewsOver the last 18 months CDP has analysed sectors ranging from electric utilities and automotive manufacturing to extractives and has benchmarked how leading players manage climate risks and opportunities. In June it was the turn of the cement sector, as CDP published ‘Visible Cracks’, its first report for investors on the global cement industry. This publication revealed how differently companies in the sector are preparing for the transition to a low-carbon economy. By Tarek Soliman and Cha... |
India prepares for the upturn03 October 2016, Published under Cement NewsAfter a strong first quarter, India’s cement demand experienced a setback in April and May. However, monsoon preparations helped the market recover in the following month and the outlook following a good monsoon is positive. Share prices of all Indian cement majors are hitting an all-time high on the stock exchanges, including Mumbai (pictured) as demand for cement looks set to grow by 6-7 per cent in 2016 [Copyright: Big Rolo Images] Following strong growth in the Jan-Mar... |