Cement News tagged under: India
UltraTech on verge of signing Jaiprakash Associates deal11 September 2013, Published under Cement NewsUltraTech Cement is reportedly on the verge of signing a deal with Jaiprakash Associates to acquire the latter’s cement assets in the Indian state of Gujarat. Following months of negotiations, the agreement is expected to be signed today, according to local press speculation. Both Jaypee and UltraTech are expected to make the announcement simultaneously in Delhi and Mumbai, respectively. The Gujarat units have a capacity of 4.8Mta and will help increase UltraTech’s presence in western Indi... |
Pakistan export earnings fall09 September 2013, Published under Cement NewsPakistan exports have had a disappointing start to the current fiscal, falling 1.98 and 3.46 per cent in terms of quantity and dollar value, respectively on a MoM basis. During July 2013, Pakistan exported 854,477t of cement and earned US US$51.49m compared to 871,764t at US$53.33m in corresponding month last year, according to data from the country’s Bureau of Statistics. In terms of the Pakistan rupee, sales were down by 1.6 per cent to PKR5.174bn in July. However, compared to Jul... |
ACC plans West Bengal grinding plant, India04 September 2013, Published under Cement NewsACC Ltd plans to boost its cement capacity in eastern India through the construction of a new grinding plant in West Bengal, as well as expansion of two existing facilities. Vivek Chawla, Chief Executive of East, ACC Ltd, told Business Line that the company plans to expand its capacity in the East by 4Mta to 10Mt over the next three years, financed through internal accrual. The new 1.5Mta grinding plant will be established in Kharagpur, West Bengal, and construction is due to start in ... |
India invites expressions of interest for CCI units29 August 2013, Published under Cement NewsThe government of India has announced plans to sell four non-operating units of state-owned Cement Corporation of India. “Cement Corporation of India has started the sale process as it has invited expressions of interest for the outright sale of four non-operational units. The sale would be done through an e-auction process,” an official said. The government owns 100 per cent of the public sector unit. In total, CCI comprises 10 facilities, of which seven are not operational. |
UltraTech poised for Jaiprakash's Gujarat units27 August 2013, Published under Cement NewsUltraTech Cement is said to be in advanced stages of discussions to acquire the Gujarat-based cement units of Jaiprakash Associates, local media have reported. Sources familiar with the deal told Business Standard of India that the cement units are to be sold at a valuation of US$130/t, lower than the US$160/t Jaiprakash had earlier been seeking. Jaiprakash's cement facilities in the state of Gujarat have a combined cement capacity of 4.8Mta and will help UltraTech Cement, India’s larges... |
India Cements unit is ordered to close23 August 2013, Published under Cement NewsThe Pollution Control Board (PCB) has ordered the closure of India Cements Ltd's Yerraguntla plant and initiated action against four more cement factories in Kadapa district, for non-compliance of the Board directions and standards as well as causing severe air pollution in surrounding areas. The closure order was given in the interest of protecting public health and environment. The factory had not made an upgrade to its electrostatic precipitator to meet the PCB's emission standards. The... |
India: delayed asset sale could help Jaiprakash Associates23 August 2013, Published under Cement NewsTo overturn its spiralling debts, Jaiprakash Associates (JA) has been actively seeking to sell off its 4.8Mta cement plant in Gujarat. The release of such assets is seen as a necessity to aid the company's profitability and its stock rating. The company's current net debt levels are estimated at INR602.8bn (US$9.33bn) and JA aims to reduce this amount by INR60bn-70bn (US$9.3bn-10.85bn) The company is said to be in talks with UltraTech Cement over the Gujarat factory but the delay in closin... |
Cherat Cement earns INR1.22bn22 August 2013, Published under Cement NewsThere were mixed reactions to Cherat Cement's FY13 results. JS Global said it was below expectations, while analysts at AHL Research thought the earnings were "respectable". Cherat Cement Company reported profit after tax (PAT) for the financial year ended 30 June 2013 at INR1.22bn (US$0.18bn) translating into earning per share (eps) at INR12.80. It represented growth of 180 per cent YoY over PAT at INR0.44m and eps at INR4.57. The Board also declared cash dividend at INR1.50 per share, ta... |
Cement makers hit by infrastructure slump in emerging markets20 August 2013, Published under Cement NewsCement producers have been sliding on the financial stock exchanges as emerging market bonds and equities tumble, according to the Financial Times. Many of the region’s building materials groups have invested heavily in the emerging markets and fears that falling foreign investment will negatively impact state spending on large projects has underpinned stock market losses. Swiss major Holcim last week warned that slowing infrastructure spending in India – its biggest market – would dampen p... |
Cost cuts help Holcim 2Q net profit edge ahead15 August 2013, Published under Cement NewsHolcim has reported a slight increase in 2Q net profit as cost cuts helped boost profitability but weaker demand in India, Canada and Mexico fell short of expectations. Net income edged up to CHF383m (US$411m) from CHF377m a year earlier. Revenue fell 3.3 per cent to CHF5.33bn in the three months through June as Ambuja Cements Ltd, its Indian subsidiary, struggled with an early monsoon season and weaker-than-expected economic growth in the country. Last month, Holcim restructured it... |