Cement News tagged under: demonetisation

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India: the long wait continues

02 May 2017, Published under Cement News

Despite high hopes of a return to more robust growth rates, the Indian cement sector is likely to close FY16-17 with its slowest performance in over a decade. The third quarter (October-December 2016) proved to be particularly tumultuous as good demand growth seen in the early part of the period was stopped in its tracks by the government’s unexpected demonetisation move which also impacted pricing. As FY16-17 draws to a close, hopes of a return to more robust growth rates appear to h...

Indian cement prices return to pre-demonetisation levels

28 April 2017, Published under Cement News

Cement prices in India have returned to levels prior to the government’s demonetisation move, analysts at ICRA Ratings have reported. “With the impact of demonetisation gradually subsiding, cement prices have reached the pre-demonetisation levels in April 2017 in most markets,” the Economic Times of India quoted Sabysachi Majumdar, senior vice-president and group head, ICRA Ratings as saying. Prices declined in the range of 16-17 per cent in the western and southern regions between Nove...

India: Burnpur Cement blames demonetisation for repayment failures

10 January 2017, Published under Cement News

Burnpur Cement has declared its inability to repay bank loans on Saturday due to demonetisation as its repayments had turned “irregular” with lenders because of “depressed” market conditions. Located in eastern India, Burnpur Cement is looking to raise its production capacity from 0.6Mta to 3Mta, split between two units, at a cost of INR5000m (US$73.3m). The company made a regulatory filing at the weekend and said it had fallen behind on repayments because its cash flow was impacted by dem...

India: higher petcoke prices will hit cement companies

04 January 2017, Published under Cement News

A near 75 per cent jump in the prices of petcoke, plus a similar rise in diesel costs combined with the policy of demonetisation, is likely to squeeze the margins of cement sector companies in the current financial year, says research firm Indian Ratings. Petcoke has shown an upward movement in prices to around US$60-70/t from US$40/t at the beginning of the financial year. “The rise in petcoke prices coupled with increase in diesel prices is likely to increase power, fuel and freight c...