Cement News tagged under: India
Indian producers consider early price reduction on monsoon06 June 2012, Published under Cement NewsIndian cement companies are considering a reduction of INR8-10/bag later this month in anticipation of a slowdown in construction activities due to the arrival of monsoon season. The price correction during monsoon is seasonal but this year it has come little earlier due to subdued demand, writes Realty Plus. "The price correction has started from the month of May and this month cement companies are contemplating to reduce prices on an average of INR10/50kg across the country," said the ... |
UltraTech Cement reports rise in May dispatches04 June 2012, Published under Cement NewsUltraTech 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%, India01 June 2012, Published under Cement NewsJaiprakash 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, India31 May 2012, Published under Cement NewsAngel 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 sector24 May 2012, Published under Cement NewsShriram 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, Angola24 May 2012, Published under Cement NewsFollowing 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, India24 May 2012, Published under Cement NewsThe 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 extended23 May 2012, Published under Cement NewsIndia’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 expected22 May 2012, Published under Cement NewsFinancial 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 remain21 May 2012, Published under Cement NewsJPMorgan 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. |