Cement News tagged under: India Cements
Indian producers issued with record fine on price fixing21 June 2012, Published under Cement NewsEleven 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... |
India Cements receives approval for future expansion19 June 2012, Published under Cement NewsIndia Cements has received approval from the environment ministry as it gathers the necessary approvals for the possible expansion of its existing plants. The Times of India reports that the company sought the Terms of Reference (TOR) approval to expand capacity at its Dalavoi and Sankari cement works in Andhra Pradesh. India Cements has noted, however, that this is only an initial step and that the actual expansion projects have not been finalised. “We are getting the required approva... |
Credit Suisse sees “headwinds” for Indian cement sector02 May 2012, Published under Cement NewsCredit Suisse sees near-term "headwinds" for the sector due to a slowdown in rural and urban housing, despite the "attractive long-term rural story. "The investment bank re-starts coverage of the Indian cement sector with an "underperform" rating on ACC and Ultratech Cement and a "neutral“ rating on Ambuja Cement. Credit Suisse says margins will also "deteriorate" due to an expected 13% rise in power and freight costs on the back of higher domestic coal and diesel prices. The bank also say... |
Stable prices boost India Cements 4Q profit26 April 2012, Published under Cement NewsIndia Cements reported a five per cent rise in net profit attributed to stable cement prices and improved realisations. Business Line India reports that for the quarter ended March 31, 2012, the company posted a net profit of INR64.92 crore on a total income of INR1122.95 crore. During the corresponding quarter in the previous year, the net profit was INR56.31 crore on a total income of INR941.52 crore. A noticeable recovery in demand and a higher average realisation during the year... |
India Cements: investors could consider on long-term basis24 April 2012, Published under Cement NewsChennai-based India Cements is a leading player in southern India and has benefited from strong cement prices, given production discipline amongst local producers over the past few quarters. Consequently, total cement dispatches in the southern region grew just 1.8% YoY during FY12, and the pace was much slower than the all-India growth during this period, Point Out brokerage house reports. India Cements has recently diversified its presence into northern markets. Its subsidiary Trinetra ... |
India Cements to raise capacity in Tamil Nadu22 March 2012, Published under Cement NewsIndia Cements has begun the process to expand capacities at two of its plants in Tamil Nadu, according to reports from the Times of India. The company has applied to the Ministry of Environment and Forests to obtain the Terms of Reference (TOR) to expand capacities at its existing plants in Dalavoi in Ariyalar district and Padaveedu in Salem district. India Cements has seven plants all situated in South India with a total capacity of 15Mta. It recently commissioned a plant in Mahi, Rajast... |
Jefferies starts India cement coverage24 February 2012, Published under Cement NewsJefferies 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... |
India Cement’s quarterly advance, outlook cautious07 February 2012, Published under Cement NewsIndia Cements saw its profit more than double in 3QFY11-12 to INR56.31m crore (US$11.5m) helped by an accounting change and a revival in demand in the key Andhra Pradesh market. The Chennai-based company registered a net profit of INR21.47 crore net profit in the Octocber-December quarter of the financial year, the company said in a statement to the Bombay Stock Exchange. However, vice-chairman and managing director Narayanaswami Srinivasan remains cautious about his forecast for south In... |
India Cements expected to see rise in sales and net profit06 February 2012, Published under Cement NewsIndia Cements is expected to post net sales of around INR9.92bn compared to INR7.18bn a year ago due to higher sales and improved realisations. However, analysts are divided on net profit estimates. At the lower end, Motilal Oswal sees the company’s net profit at INR327m while at the higher end, Bank of America Merrill Lynch, expects it to be INR884m. During the corresponding quarter last year, the company posted a net profit of INR214.7m. |