Cement News tagged under: ACC

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Holcim to contest Indian price fixing fine

22 June 2012, Published under Cement News

Holcim has said will defend the position of its two Indian units on the penalties imposed by the Competition Commission of India (CCI) for price fixing. Yesterday, the CCI announced that it would fine 11 Indian producers a total of US$1.1bn, stating that they had created an artificial cement shortage “so as to reduce supplies and raise prices in times of higher demand," it said in its judgment. The ruling applies to Holcim group companies ACC and Ambuja Cements (ACL), which have been fi...

Indian producers issued with record fine on price fixing

21 June 2012, Published under Cement News

Eleven Indian cement producers have been issued a total fine of INR60bn (US$1.1bn) for price fixing, the highest ever fine issued by the country’s antitrust authority in its three-year existence. The Competition Commission of India (CCI) said in its ruling that the companies colluded to underuse their plants and create an artificial cement shortage. "The commission has found that the cement companies have not utilised the available capacity so as to reduce supplies and raise prices in tim...

High Court stops cement firms from making cement under ACC trade mark

07 June 2012, Published under Cement News

The Delhi High Court has restrained three cement companies based in Uttar Pradesh and Punjab from producing or selling their product under the trade mark of leading cement manufacturer Associated Cement Companies (ACC) Ltd. The court also appointed a three-member team including a lawyer as court commissioner to inspect their stores in Gorakhpur, Sirhind and Kapurthala. Justice Kailash Gambhir passed the interim order accepting the argument of ACC's counsel Purushottam Mishra that Ajay K...

Credit Suisse maintains negative outlook for large Indian cement companies

06 June 2012, Published under Cement News

Credit Suisse maintains negative outlook for large-cap cement stocks, due to expensive valuations and low growth prospects, the Economic Times of India reports. Cement prices in May declined by 2-6 per cent across regions in India, which is an unseasonal trend, Credit Suisse said. ??Demand was also cited to be weak, which is however, contrary to the double digit volume growth posted by Ultratech Cement and Ambuja Cement in May. Any adverse ruling by monopoly regulator on cartelisation c...

ACC, Ambuja see spurt in cement production in April

04 May 2012, Published under Cement News

Leading cement producers ACC and Ambuja Cement reported the growth in cement production for the month of April 2012. ACC and Ambuja Cements reported the production at 2.17Mt and 1.91Mt, respectively, in their separate filings to the Bombay Stock Exchange. During the year ago period, ACC and Ambuja had reported the production at 2.06Mt and 1.81Mt, respectively. Besides, the dispatches at the two companies also inched up during the quarter. ACC reported the dispatches at 2.0Mt during the mo...

ACC first-quarter hit by one-time depreciation charge

19 April 2012, Published under Cement News

ACC Ltd Thursday said its January-March net profit fell sharply, hit by a one-time depreciation charge of INR3.35bn. ACC, a unit of Holcim Ltd, posted a net profit of INR1.52bn, down from INR3.50bn a year earlier. Sales rose 19 per cent to INR30.15bn from INR25.41bn. The results were much lower than the market expected. An average of estimates from six analysts polled by Dow Jones Newswires had forecast a net profit of INR4bn. Without the one-time charge, the net profit could have ...

Bihar cement prices rise as supplies fall, India

09 April 2012, Published under Cement News

Cement prices in the Indian state of Bihar have risen by almost 50 per cent due to increased construction activity and the temporary shutdown of a nearby Prism Cement unit, the Economic Times of India reports. Bihar, situated in eastern India, has no major cement production facilities and relies on cement from plants located in Satna, MP, where prices have been rising due to heightened building activity. Compounding the issue is the shutdown of Prism Cement’s Satna unit which satisfies a ...

Holcim

05 April 2012, Published under Cement News

Holcim has strengthened its capital base by issuing 5m treasury shares at CHF59.25. The offer was over-subscribed and is raising CHF296m, or €2346m. This transaction has increased the issued share capital by approximately 1.5%. Holcim Philippines, which saw its 2011 net profit drop by 47.1% in response to weaker demand and higher costs, is expecting growth of 5-6% in 2012 and re-opened its Calaca works in January. Holcim's Indian volumes have continued to rise at both ACC and Ambuja Cemen...

Indian majors report March gains

04 April 2012, Published under Cement News

Three of India's leading cement producers, UltraTech Cement as well as Holcim interests, ACC and Ambuja Cement, all reported healthy gains in their respective March 2012 figures.   UltraTech despatched 4.01Mt cement in March, 6.28% higher from previous year, a company release today said. Cement production during the month rose 4.5% YoY to 3.92Mt. On a monthly basis, despatches and production rose 14% and 13%, respectively. Ambuja Cement sold 2.17Mt of cement in March this year, up 12.4...

Jefferies starts India cement coverage

24 February 2012, Published under Cement News

Jefferies has initiated coverage on the Indian cement industry with a buy rating on ACC, Grasim Industries, India Cements, UltraTech Cement, and hold rating on Ambuja Cements. "We believe India Cements has the highest earnings upside from both volume and price surprises.... Among the large caps, Ultratech looks the best positioned without a significant exposure to south," said Jefferies in a report on Thursday. The house says that it expects the next few years to be good for the cement...