Cement News tagged under: India

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UltraTech Cement reports rise in May dispatches

04 June 2012, Published under Cement News

UltraTech Cement Ltd dispatched 3.59Mt of cement in May, up 10.6 per cent YoY, according to a company statement. Dispatches higher than the 3.2Mt recorded in April. The country’s largest cement producer by capacity produced 3.5Mt during April, up 7.7 per cent from a year ago.

Jaiprakash Associates 4Q profit down 7%, India

01 June 2012, Published under Cement News

Jaiprakash Associates Ltd, part of the Jaypee Group, reported a decline in its net profit for the fourth-quarter, despite higher income from cement and cement products. Net profit was INR283.61 crore or INR1.28/share, down seven per cent from INR303.61 crore (INR1.37/share) in the year-ago quarter. During the quarter, income from cement and cement products segment stood at INR1686.72 crore, compared with INR1,568.49 crore in Q4FY11, an increase of eight per cent. The construction division'...

Angel Broking neutral on Madras Cements, India

31 May 2012, Published under Cement News

Angel Broking has maintained neutral rating on Madras Cements , in its May 24, 2012 research report. “For 4QFY2012, Madras Cements posted 55.5% YoY growth in its net profit to INR99 crore, which was marginally below our estimates. Net profit growth was aided by 16.8% YoY growth in volumes to 2.13Mt and 13.7% YoY growth in realisation to INR4250/t. However, on a sequential basis, the company’s realisation remained flat. We remain Neutral on the stock.” Madras registered 32.9% YoY top-line g...

Shriram to consolidate presence in Indian cement sector

24 May 2012, Published under Cement News

Shriram EPC, a publicly held company of Shriram Group, recently entered the cement sector by acquiring majority stake in Sree Jayajothi Cements and, according senior officials, a blueprint is being prepared to see how they can grow in this sector, The Business Standard of India reports that as a first step, Shriram EPC which controls Sree Jayajothi Cements, is raising INR400 crore through the private equity (PE) route for deployment in the cement firm. Senior officials of Shriram Group co...

Indian workers paid dues, Angola

24 May 2012, Published under Cement News

Following a month-long dispute, most of Indian workers employed at a cement plant in Sumbe in Angola have been paid part of their pending dues while arrangements made for repatriation of those who want to return to India. "All outstanding overtime dues for February, 2012 have been paid in US dollars to all the workers present. Outstanding overtime dues for March, 2012, will be disbursed in US dollars on May 23 and 24. As of today, more than 700 Indian workers have reported for duty," Indi...

JK Cement receives approval for Bangalore plant, India

24 May 2012, Published under Cement News

The Bangalore State High Level Committee (SHLC) has cleared a proposal by JK Cement’s (Western) Ltd to establish a cement factory at Chittapur taluk in Gulbarga district. The company would invest INR2,326.65 crore. The Hindu reports that JK’s cement project is one of 31 proposals across various industries that received clearance from the SHLC yesterday ahead of the state hosting the GIM-2012 Expo at the Bangalore International Exhibition Centre in early June. “The government has set a ...

India: dumping duty on UAE, Iran white cement extended

23 May 2012, Published under Cement News

India’s Finance Ministry has extended the validity of existing anti-dumping duty on white cement imports from Iran, UAE until 11 April 2013. Business Line reports that this this one year extension follows the anti-dumping directorate’s recent move to initiate sunset review investigations on white cement imports from UAE and Iran. The petition seeking the review was filed by JK White Cement Works and Birla White. The existing anti-dumping duty on white cement imports ended in April this...

Indian cement: gradual improvements expected

22 May 2012, Published under Cement News

Financial services firm Motilal Oswal Securities has said it is expecting a gradual improvements in the Indian cement sector which is starting to overcome recent challenging times. In a recent research note, the house stated:  “We believe that the worst is over for the Indian cement industry and expect gradual improvement in operating performance. Volume recovery (~8% growth in FY13) coupled with slowdown in capacity addition would drive absorption of excess capacity. "While cement p...

JP Morgan ups Holcim price target on US outlook, risks remain

21 May 2012, Published under Cement News

JPMorgan raises Holcim's price target to CHF56.50 from CHF55.20 due to optimism on the outlook for the private building sector in the US. "Much better volumes in cement and great weather has provided some hope for the sector," says analyst Michael Morris. Still "risks remain in India, where Holcim is most exposed," he notes.

JK Lakshmi capacity to reach 8.5Mta by end-2013, India

17 May 2012, Published under Cement News

JK Lakshmi Cement Ltd's capacity is expected to rise to 8.5Mt by end-2013 from 4.7Mt currently, Whole-time Director Shailendra Chouksey said at a conference organised to announce the company's Jan-Mar earnings.     The Rajasthan-based company reported Jan-Mar net profit of INR303m, down 5.2% YoY. Net sales for the March quarter rose 27.8% to INR5.26bn.     JK Lakshmi Cement commissioned its 0.6Mt grinding unit in Haryana in April and is expanding capacity of its existing kilns in Raja...