Cement News tagged under: India

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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...

Indian cement importers meet Pakistan exporters

22 February 2012, Published under Cement News

An Indian trade delegation of over 120 business people, government officials and members of Federation of Indian Chambers of Commerce and Industry (FICCI) including cement importers visited Pakistan last week to make head way on Most Favoured Nation (MFN) status to India and further enhance bilateral trade relations between the two countries. The Indian delegation was led by Anand Sharma, Minister of Commerce & Industry, Government of India. On the sidelines of visits, a group of Indian ce...

India January cement dispatches up 9.4%

22 February 2012, Published under Cement News

Indian cement dispatches during January 2012 increased by 9.4 per cent – the third straight month of high growth due to a low base effect (January 2011: +1.1 per cent). Dispatches in January 2012 reached 220.4Mt compared to 18.6Mt in the year-ago period. Cement production rose 10.6 per cent to 20.6Mt, according to figures from the Cement Manufacturers Association of India and Holcim. For the April-December 2011 period, demand rose 17 per cent in th western market, 10 per cent in the north...

Shriram EPC to enter cement business through acquisition

21 February 2012, Published under Cement News

Shriram EPC, part of the financial services major Shriram Group, is expected to enter the Indian cement sector by picking up a majority stake in Sree Jayajothi Cement, according to local press reports. Should the move be approved, Cimpor is thought to be in line as the group seeks a strategic European investor. Shriram EPC's board is said to have approved acquiring a significant equity share capital of the cement producer by partially converting the dues owned by Sree Jayajothi into equit...

India: Jaypee Cement comes to city

15 February 2012, Published under Cement News

Jaypee Group this week launched its brand Jaypee Cement in Hyderabad with the creation of a wide network to make the cement available state-wide through more than 1100 dealers. With an installed capacity of over 31Mta from 24 cement plants across the country, Jaypee is set to increase its cement capacity to 36Mta with forays in the state of Hyderabad and a new cement plant in Krishna district. “We are third largest cement manufacturer in the country and the new plant in Krishna district ...

Jaiprakash Associates 3Q net profit down 12%

15 February 2012, Published under Cement News

Jaiprakash Associates' net profit fell by 12% to INR2.05bn (US$41.6m) in the third quarter of the current fiscal, mainly on higher interest outgoings. The diversified company, having interest in cement, real estate, construction and power among others, had made INR2.33bn net profit during the October-December quarter of last fiscal, it said in a filing to the BSE today. "The EBIDTA for the quarter is higher by INR860m over the corresponding quarter of previous year. However, due to high...

Pakistan: FY12 cement sales helped by local dispatches

14 February 2012, Published under Cement News

FY12 has been witnessing a drop in Pakistan’s export sales, whereas domestic cement dispatches have been rising. The latest numbers released by the All Pakistan Cement Manufacturers Association (APCMA) up until January FY12 show a continuation of this trend. Local dispatches improved by 7% YoY from 12Mt in 7MFY11, while during January 2012 alone, local deliveries improved by nearly 9% to 1.9Mt versus January 2011. While the surge in local sales was witnessed in both the northern and sou...

India: JK Lakshmi Cement 3Q profits zoom

14 February 2012, Published under Cement News

JK Lakshmi Cement posted a net profit of INR492.4m (US$9.99m) for the quarter ended 31 December 2011 as compared to net profit of INR46m  (US$0.9m) for the same period last year, representing steep rise of 10.7 times. The company’s total income rose from INR3153.3m for the quarter ended 31 December 2010 to INR4388.1m for the quarter ended 31 December 2011, an increase of 39.15%. JK Lakshmi attributed the rise in profitability to a nearly 13% increase in its sales volume. The company’s ...

Jaypee Cement set to launch new Andhra Pradesh plant, India

10 February 2012, Published under Cement News

Jaypee Cement’s new 5Mta cement plant, situated in Krishna District, Andhra Pradesh, will commence next month, Business Line of India reports. The new facility will cater mainly to the southern markets, Narayan Rao, senior general manager of the Jaypee Group said during a launch brand in the state. The company is also planning to increase capacity of the Andhra Cement plant. “Over the next six months, the work to increase its capacity from existing 2Mt to 3Mt will commence,” Mr Rao said....

Action against cement companies delayed, India

09 February 2012, Published under Cement News

Action against the eight cement companies alleged of flouting the forest and environment norms in the Jaintia Hills district of Meghalya, India has been further delayed. Local press report that the delay is due to the Central empowered committee (CEC) directives to the government of Meghalaya to constitute a Joint investigation committee (JIC) to re-examine the findings of the state constituted High level committee (KLC) findings that indicted eight cement plants operating in Jaintia Hill...