Cement News tagged under: corporate
India’s Jaiprakash 3Q net falls but sees strong growth19 January 2010, Published under Cement NewsJaiprakash Associates reported a 39 per cent fall in quarterly profit on one-time employee cost, but sales more than doubled and it forecast strong growth for the full year. Jaiprakash is riding a revival in construction as Asia’s third-largest economy expands at a faster pace than the previous year. "The company has done better than our expectation," said Shailesh Kanani, a Mumbai-based analyst with Angel Securities. "Engineering and construction business is doing very w... |
UltraTech Cement Q3 net dips 17 per cent18 January 2010, Published under Cement NewsUltraTech Cement on Saturday said its net profit declined by 17.64 per cent to Rs 196 crore for the quarter ended December 31, 2009, over the same period last year. Net sales rose to Rs 1,652 crore for the third quarter ended December 09, against Rs 1,631 crore in the same quarter previous fiscal, Ultratech Cement said in a filing to the Bombay Stock Exchange. "The results have to be viewed keeping in mind the slowdown in demand growth in the markets of Southern India, which constitutes ar... |
Bradesco, Itau to finance CSN’s bid for Cimpor18 January 2010, Published under Cement NewsBanco Bradesco SA, Banco do Brasil SA and Itau Unibanco Holding SA will finance Companhia Siderurgica Nacional SA’s offer for Portuguese cement company Cimpor-Cimentos de Portugal SGPS SA, Jornal de Negocios reported, without saying how it obtained the information. Banco Espirito Santo SA’s investment banking unit is advising Brazilian steelmaker CSN and is not financing the transaction, the Portuguese newspaper said. |
TCC Int’l to raise up to US$113m in share sale15 January 2010, Published under Cement NewsCement maker and distributor TCC International Holdings is selling about 256.6 million new shares to raise up to $113 million, a term sheet showed on Thursday. The shares were offered at HK$3.26 to HK$3.43 each, accounting for a discount of between 8 and 12.6 percent against the stock’s Thursday close of HK$3.73, it said. |
Lehigh cement permit renewal on hold15 January 2010, Published under Cement NewsA permit renewal that outlines all federal regulations for the Lehigh Cement Plant’s operation is on hold as regulatory officials wait to add tough new federal emission standards to the voluminous operating permit. Lehigh will continue to operate but will have to wait until the summer renewal of its Title V permit, which details the approximately 1,500 source-specific air pollution limits and standards, according to Brian Bateman, director of engineering with Bay Area Air Quality Management... |
Camargo Correa: no deal with Lafarge15 January 2010, Published under Cement NewsCamargo Correa, which has offered to buy a minority stake in Portugal’s cement maker Cimpor on Thursday denied media reports that it was in talks with Lafarge to buy its 17 per cent Cimpor stake. "There is no deal between Camargo Correa and Lafarge (or any other company linked to it) to buy its stake in Cimpor, and there are no ongoing talks for that purpose," Camargo said in a statement, confirming its intention to merge its cement business with Cimpor’s. Lafarge has also earlier denied r... |
India Cements earnings outlook15 January 2010, Published under Cement NewsSouth India’s largest cement maker India Cements Ltd is likely to post a mere 4% year-on-year rise in Oct-Dec net profit at 646 mln rupees, due to a fall in net realisation, according to a NewsWire18 poll of seven brokerages. Net sales are seen falling 1% to INR8.68bn rupees, which includes revenue of INR85m from Indian Premier League franchise, and other operating income. Third-quarter volume growth is seen up 35% at 2.7Mt, which includes 1Mt of clinker. The company’s volume growth is see... |
Cemex sells US$500m senior unsecured notes15 January 2010, Published under Cement NewsCemex has sold US$500m senior unsecured notes on January 13, 2010, in a reopening of its 9.50 per cent 2016 bonds, according to certain sources familiar with the deal. The company stated that the yield to maturity on the new notes is 8.477 percent. According to sources, the deal was three times oversubscribed, with substantial orders placed by United States investors. |
Camargo Corrêa enters Cimpor bidding war15 January 2010, Published under Cement NewsBrazilian conglomerate Camargo Corrêa Cimentos has offered to merge its cement business with Cimpor, which is the target of a takeover bid by another Brazilian company, steel and iron ore specialist CSN. Camargo’’s proposal is in stark contrast to a hostile takeover bid made by CSN in early January. That move was rejected by Cimpor’s board, saying it was "opportunistic" and significantly undervalued the company. The second offer for Cimpor by a Brazilian company shows the growing clout of... |
TXI announces corporate governance changes14 January 2010, Published under Cement NewsThe Board of Directors of Texas Industries, Inc has voted unanimously to take action to effect the following changes in its corporate governance policies: * Terminate the current Shareholder’s Rights Plan as of November 1, 2012 * Begin "Declassifying" the Board of Directors with the class of Directors elected at the 2010 Annual Meeting of Shareholders. * Elect directors in the future based upon Majority rather than Plurality standards. The Board of Directors believes these pro... |