Cement News tagged under: Ambuja Cements

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Indian cement producers to appeal CCI fines

02 September 2016, Published under Cement News

LafargeHolcim, India Cements and Ramco Cements have said that they will appeal against yesterday’s ruling by the Competition Commission of India (CCI) which levied fines totalling INR67bn (US$1bn) against 11 firms, the Press Trust of India reports. Four of the other affected companies – UltraTech, Shree Cement, Jaiprakash Associates and JK Cement – have said they will seek legal advice and may subsequently submit appeals of their own. LafargeHolcim has said it believes it has a strong ...

Competition Commission of India imposes US$944m fine for cartelisation

01 September 2016, Published under Cement News

The Competition Commission of India (CCI) has levied a fine of INR63.2bn (US$944m) on 10 cement companies whom it accuses of conspiring to fix prices in contravention of competition law. In addition, the Cement Manufacturers Association has been ordered to pay a INR7.3m fine. Of the 10 companies, four – Jaiprakash Associates, UltraTech, Ambuja Cements and ACC – will bear the brunt of the penalties, accounting for 76 per cent of the total fine. The other firms fined today are Lafarge, Cent...

India: Ambuja and ACC report profit rises for 2Q16

27 July 2016, Published under Cement News

LafargeHolcim’s Indian subsidiaries ACC and Ambuja Cements have both reported an increase in profits for the second quarter of 2016. In the three months to June, Ambuja Cements’ net sales were up only modestly, climbing 1.9 per cent to INR25.4bn (US$378m), but profits rose much faster. These reached INR4bn (US$59.4m), a rise of 76.5 per cent YoY. Ambuja’s increased profits were mainly driven by lower power and fuel costs. Over two-thirds of the higher profit margins can be traced to th...

LafargeHolcim receives go-ahead for Indian streamlining

21 July 2016, Published under Cement News

India’s Cabinet Committee on Economic Affairs has given its blessing to LafargeHolcim’s proposals to simplify the structure of its remaining operations in the country. The company is now awaiting the formal sign-off of the Foreign Investment Promotion Board, but this is expected shortly. Under the proposals, LafargeHolcim will increase its stake in Ambuja to 61.14 per cent, while Ambuja itself will take a 50.05 per cent stake in ACC. Thus, ACC will become a subsidiary of Ambuja, which its...

India: Cement stocks rise as demand recovers

14 April 2016, Published under Cement News

Indian cement manufacturers are set to continue the strong performance which has seen their stocks outperform the BSE Sensex by a factor of ten over the past month. In this period, the Economic Times reports, India Cements’ shares are up 23 per cent, ACC is up 18 per cent, JK Cement and JK Lakshmi Cement are up 16 per cent, Ramco Cements is up 14 per cent and Ambuja Cements is up 12 per cent. The market as a whole, as tracked by the Bombay Stock Exchange’s Sensex index, is up just 1.2 per...

India: Ambuja Cements reports flat growth in full-year volumes

12 February 2016, Published under Cement News

Ambuja Cements, part of the LafargeHolcim group, reported flat sales growth for the 12 months ending 31 December 2015. The company underlined that during the year the Indian cement market largely remained subdued although there was a 5.2 per cent rise in volumes during the final quarter. However, lower cement price realisation led to overall net sales being down by 5.5 per cent in 2015 to INR9368 crore, compared to INR9911 crore a year earlier. Lower operating costs with improved opera...

Ambuja Cements appoints new CFO, India

11 December 2015, Published under Cement News

Ambuja Cements said it has appointed Suresh Joshi as its Chief Financial Officer (CFO) with effect from February next year. In addition, Christof Haessig was appointed as an Additional Director (Non independent - representing the Promoter Group) on the Board of Directors with effect from 9 December 2015. Haessig, at present, is the Head of Corporate Strategy and Mergers and Acquisitions at LafargeHolcim.

Ambuja cement 2Q15 profit declines 45%

28 July 2015, Published under Cement News

Ambuja Cements Ltd reported a 45 per cent drop in net profit for the quarter ended June on account of a lower operating profit and a INR220m (US$3.4m) depreciation charge. The company posted a net profit of INR2.2635bn compared with INR4.087bn in the year-ago period. Net sales for the April-June quarter were reported at INR24.9276bn, eight per cent lower from INR27.0635bn reported a year back. EBITDA fell 34.7 per cent to INR03.84bn. “The quarter witnessed muted cement demand. Sales volum...

Government of India transfers environment clearance of 19 coal blocks

23 June 2015, Published under Cement News

The government of India has so far transferred the environment clearance (EC) of 19 coal blocks out of a total of 29 approved mines from the previous allottees to new successful bidders including some cement producers. In a bid to expedite operations from the recently allocated coal mines, the Environment Ministry had amended EC norms after a request made by the Coal Ministry to facilitate the transfer of ECs to successful coal bidders. "We have so far transferred the ECs of 19 coal blocks...

Better price realisations boost ACC and Ambuja’s third-quarter revenues

31 October 2014, Published under Cement News

Holcim’s Indian subsidiaries ACC and Ambuja Cements both reported higher revenues for the 3Q14, on the back of a recovery in prices, but sales volumes remained a concern. ACC, the country’s second-largest producer, saw revenue grew by 9.4 per cent to INR2742 crore, driven primarily by a better pricing environment. Operating EBTIDA rose 32 per cent to INR379.08 crore. Net profit was INR193 crore, up 62 per cent YoY. Sales volumes at 5.62Mt during the September quarter were only 1.4 per cent...