Cement News tagged under: UltraTech Cement
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... |
Lafarge, UltraTech eye Jaiprakash units, India15 June 2012, Published under Cement NewsAditya Birla Group and Lafarge are separately in talks to buy Jaiprakash Associates cement units, the Economic Times reported on Friday. Officials from Lafarge and the Aditya Birla Group-controlled UltraTech Cement Ltd, Indias biggest cement producer, have completed preliminary talks and final bids are expected shortly, the newspaper said, citing sources with knowledge of the development. Jaiprakash has spun off its cement units in the western state of Gujarat and southern state of And... |
Jaiprakash in talks to sell one Indian cement unit11 June 2012, Published under Cement NewsJaiprakash Associates is in talks to sell one of its cement units to UltraTech Cement, Bloomberg reports. The company is seeking a valuation of about INR40bn for the division and the sale may help the company cut its debt. Jaiprakash Cement’s current debt stands at INR21,500 crore, while it has a market cap of INR14,500 crore. In a filing to exchanges in November the company said it is planning to separate its cement plants in Gujarat and Andhra Pradesh. Meanwhile, UltraTech Cement – Indi... |
Credit Suisse maintains negative outlook for large Indian cement companies06 June 2012, Published under Cement NewsCredit Suisse maintains negative outlook for large-cap cement stocks, due to expensive valuations and low growth prospects, the Economic Times of India reports. Cement prices in May declined by 2-6 per cent across regions in India, which is an unseasonal trend, Credit Suisse said. ??Demand was also cited to be weak, which is however, contrary to the double digit volume growth posted by Ultratech Cement and Ambuja Cement in May. Any adverse ruling by monopoly regulator on cartelisation c... |
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. |
UltraTech Cement net profit rises 19% in 4Q to US$69.7m24 April 2012, Published under Cement NewsUltraTech Cement posted a 19% rise in net profit at INR8.67bn (US$69.7m) in the fourth quarter ended 31 March 2012, as compared to INR7.27bn (US$138m) in the corresponding quarter last year. Net sales rose 19% to INR53.37bn from INR44.9bn during the period. ?? Profit before interest, depreciation and tax is INR14.64bn as against INR11.27bn in the corresponding period of the previous year. ??The combined cement and clinker sales of grey cement was 11.54Mt and 3Mt for white cement. |
UltraTech in talks to buy Mozambique mine19 April 2012, Published under Cement NewsAditya Birla group's UltraTech Cement - India's largest cement maker, is in talks to acquire a large limestone mine in Mozambique for about INR1500 crore. According to reports in the Economic Times of India, negotiations between the Mumbai-based company and the mine owner began two months ago and could subsequently result in UltraTech constructing a 1-2Mta cement plant in the southeast African country. Demand in Mozambique has been growing at 8-9 per cent annually, a source familiar with th... |
UltraTech Cement appoints additional director, India18 April 2012, Published under Cement NewsUltraTech Cement’s board of directors have appointed M Damodaran as an additional director (independent) with effect from 16 April 2012, the company said in a statement to the Bombay Stock Exchange. |
Bihar cement prices rise as supplies fall, India09 April 2012, Published under Cement NewsCement prices in the Indian state of Bihar have risen by almost 50 per cent due to increased construction activity and the temporary shutdown of a nearby Prism Cement unit, the Economic Times of India reports. Bihar, situated in eastern India, has no major cement production facilities and relies on cement from plants located in Satna, MP, where prices have been rising due to heightened building activity. Compounding the issue is the shutdown of Prism Cement’s Satna unit which satisfies a ... |
Indian majors report March gains04 April 2012, Published under Cement NewsThree of India's leading cement producers, UltraTech Cement as well as Holcim interests, ACC and Ambuja Cement, all reported healthy gains in their respective March 2012 figures. UltraTech despatched 4.01Mt cement in March, 6.28% higher from previous year, a company release today said. Cement production during the month rose 4.5% YoY to 3.92Mt. On a monthly basis, despatches and production rose 14% and 13%, respectively. Ambuja Cement sold 2.17Mt of cement in March this year, up 12.4... |