Cement News tagged under: india
HSBC Global increases stake in India Cements15 March 2013, Published under Cement NewsHSBC Global Investment Funds has purchased 384,345 shares of India Cements Ltd for an undisclosed sumy, the cement producer said in a notice to the stock exchanges. Following the acquisition, HSBC Global Investment's stake in the company has risen to 5.12 per cent, India Cements noted. |
Operations resume at Awarpur plant, India15 March 2013, Published under Cement NewsOperations have resumed at UltraTech’s Awarpur cement plant in the state of Maharashtra following a temporary closure due to strike action. The 3.6Mta has been shut since 14 March 2013 due to worker’s unrest but were restarted yesterday morning. UltraTech said in a filing to the stock exchanges that "operations at the aforesaid unit [Awarpur Cement Works] have since resumed from March 14, 2013." India's largest cement company had said on 1 March that the stoppage would not have a majo... |
COMPAT hearing set to resume, India13 March 2013, Published under Cement NewsThe Competition Appellate Tribunal (COMPAT) hearing is to resume today over petitions filed by cement companies over the INR63.07bn (US$1.1bn) penalty imposed by the Competition Commission of India (CC) on grounds of price collusion. The Press Trust of India reported that a COMPAT bench headed by it Chairman, Justice V S Sirpurkar would start its hearing on March 13 adjourned on 4 March. CCI had found "cement manufacturers in violation of the provisions of the Competition Act 2002 which... |
Credit Suisse expects improved Indian pricing environment12 March 2013, Published under Cement NewsThe Indian cement sector could see an uptick in cement prices in the first quarter of fiscal 2014 with the biggest improvements expected to be in the north, a report on the sector by Credit Suisse has said. "Cement prices may increase in seasonally strong quarters. Demand pick-up in seasonally strong quarters of March and June should drive accretive price increases for the sector," Credit Suisse said in its research report. In terms of price improvements by region, the investment bank ... |
Vizag Cement inaugurates slag grinding plant, India12 March 2013, Published under Cement NewsThe Vizag Cement Works has officially inaugurated its slag grinding unit at the Visakhapatnam Special Economic Zone, a major industrial centre in the state of Andhra Pradesh, India . Vizag Cement was wholly-acquired by ACC Ltd from Encore Cements & Additives Pvt Ltd in January 2010. The acquisition had helped ACC build its presence in Andhra Pradesh and in the coastal parts of Odisha. The plant manufactures two main products, Portland Slag Cement and Coastal+ Cement, an environmental-fr... |
Credit Suisse sees Indian cement sector expanding11 March 2013, Published under Cement NewsCredit Suisse says margins in India's cement sector should expand over the next two years on the back of price increases and improvement in demand, among other factors. Reuters reported that the investment bank assigns new ratings to Indian cement companies after a change in analysts. Credit Suisse rates ACC Ltd "outperform" with target price of INR1545 while assigning "neutral" rating to UltraTech Cement Ltd and Ambuja Cements with target prices of INR1900 and INR05 respectively. T... |
Vicat grows in Asia08 March 2013, Published under Cement NewsFrance-based cement major Vicat reported a 1.2 per cent rise in turnover in 2012 to €2292.2m, but the EBITDA declined by 10.9 per cent to €437.4m and the trading profit fell by 20.8 per cent to €245.2m. The company booked a pre-tax profit 20 per cent lower at €207.6m and the net attributable fell by 21.1 per cent to €129.1m. Net debt was 6.2 per cent higher at €1,144m and represents 46.4 per cent of total shareholders, or 53.7 per cent if minorities are excluded. Capital investment las... |
Andhra Pradesh prices rise on new capacity additions, India08 March 2013, Published under Cement NewsCement prices in the Indian state of Andhra Pradesh have come down by about INR10-15/bag following the introduction of new capacity additions. The Business Standard of India reports that the drop in prices in southeastern state come at a time when other markets are witnessing an increase. Although consumption has been increasing in Andhra Pradesh over the last two/three months, these improvements to cement producers have been offset by increased supplies. |
UltraTech sales decline 6% in February07 March 2013, Published under Cement NewsUltraTech Cement, India’s largest cement producer, has reported a six per cent decline in February 2013 sales, amid wider concerns of subdued demand across the domestic market. The Aditya Birla group company sold 3.31Mt of cement last month compared to 3.51Mt in the same period of last year. Production during February 2013 also dropped to 3.32Mt compared to 3.46Mt in February 2012. The company did not elaborate as to why sales were slower, but industry experts said the winter seasons a... |
UltraTech halts Awarpur operations due to action, India04 March 2013, Published under Cement NewsUltraTech Cement has temporarily closed its 3.6Mta Awarpur plant in the state of Maharashtra due to a strike by workers. In a statement to the stock exchanges the company said that “...the operations at the company’s unit viz Awarpur Cement Works, Awarpur, Maharashtra, having a capacity of 3.6Mta has been temporarily shut down on account of stoppage of work by the workers.” KC Birla, chief financial officer (CFO) of UltraTech, told Business Standard that there was reportedly some allege... |