Cement News tagged under: India
Chettinad Cements plans Karikkali plant expansion, India28 June 2012, Published under Cement NewsIndia-based Chettinad Cement is considering the expansion of its Karikkali cement plant in Tamil Nadu from 4.5Mta to 7Mta. According to reports in the Times of India, Chettinad is also planning to increase capacity of its captive power plant from 48MW to 78MW. The company received the Terms of Reference (ToR) from the union environment ministry in March this year and a public hearing for the project was called by the Tamil Nadu Pollution Control Board (TNPCB) also in March. Chettin... |
Andhra Pradesh government clears 13 cement project proposals28 June 2012, Published under Cement NewsThe government of Andhra Pradesh, India, has approved 25 industrial projects proposals including 13 cement plants. The Andhra Pradesh Chief Minister, N Kiran Kumar Reddy, who chaired the State Investment Promotion Board meeting at the Secretariat, approved these proposals. |
Moody's says CCI ruling to hurt Holcim & Lafarge26 June 2012, Published under Cement NewsMoody's has said the Competition Commission of India's (CCI) decision to impose a penalty on 11 cement producers is 'credit negative' for global cement majors Holcim and Lafarge both of which have Indian interests that have been fined. The agency said that the indirect consequences of the CCI decision is more harmful than the cash-outflow due to the penalty. "We believe that indirect credit consequences from the decision will outweigh the cash effect of the fines on Holcim and Lafarge,"... |
Mixed trends for Pakistan cement exports26 June 2012, Published under Cement NewsDuring the first 11 months (July 2011-May 2012) of the current fiscal year, Pakistan exported 7.64Mt of cement and earned US$446.85m compared to 8.44Mt at US$414.773m in the corresponding period of last year. This shows that cement expors fell 9.46 per cent in terms of quantity but rose 7.73 per cent in terms of value on a year-on-year basis, according to data released by Pakistan's Federal Bureau of Statistics. In terms of Pakistan currency, exports rose 12.07 per cent during July-May 20... |
BNP Paribas maintains 'deteriorating' outlook on Indian cement sector25 June 2012, Published under Cement NewsBNP Paribas has maintained its ‘deteriorating’ outlook on the Indian cement sector given its weak macroeconomic outlook, high interest rates, continuing oversupply situation, cost inflation and ongoing regulatory overhang. The Economic Times of India reported that cement stocks have been witnessing pressures since the Competition Commission of India (CCI) imposed a penalty of US$1.1bn on 11 cement companies last week. The fines is 50 per cent of the companies’ net profit for FY10 and FY... |
UltraTech Cement receives environmental approval for expansion25 June 2012, Published under Cement NewsUltraTech Cement has received environmental clearance for its expansion plans for two of its plants in Madhya Pradesh. The Environment Ministry has given clearance for UltraTech to its clinker plant from 3.59Mt to 6.2Mta and its cement plant from 4Mta to 10.33Mta. The company also plans to expand its captive power plant from 46MW to 122MW. The plants are located in Damodarpura and Khor villages in Neemuch district of Madhya Pradesh. |
Holcim to contest Indian price fixing fine22 June 2012, Published under Cement NewsHolcim has said will defend the position of its two Indian units on the penalties imposed by the Competition Commission of India (CCI) for price fixing. Yesterday, the CCI announced that it would fine 11 Indian producers a total of US$1.1bn, stating that they had created an artificial cement shortage “so as to reduce supplies and raise prices in times of higher demand," it said in its judgment. The ruling applies to Holcim group companies ACC and Ambuja Cements (ACL), which have been fi... |
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... |
Indian producers face alleged cartel fines20 June 2012, Published under Cement NewsThe Competition Commission of India (CCI) is expected to soon impose fines over alleged price collusion in the industry. According to local press reports, the CCI is expected to fine 11 large cement manufacturers approximately INR3000crore for being guilty of a price cartel. Business Standard of India quoted an unnamed source as saying: "The Competition Commission of India has found 11 cement firms guilty of cartelisation. The penalty of eight per cent of their three years' average turn... |
Reliance MF hikes stake in Madras Cements, India19 June 2012, Published under Cement NewsReliance Mutual Fund has increased its stake in India-based producer Madras Cements to just over five per cent with the acquisition of 90,000 shares. With this acquisition on 14 June, the Chennai-based cement maker said the fund house's holding in the company now stands at 5.01 per cent, or 1.193 crore shares, according to a Bombay Stock Exchange filing by Madras Cements. Reliance Mutual Fund is a part of Reliance Capital, the financial services arm of Anil Ambani Group. (Source: Press Tr... |