Cement News tagged under: india
Kesoram Industries to construct 3Mta plant in Maharashtra, India05 August 2013, Published under Cement NewsKesoram Industries, part of the BK Birla Group, is to establish a 3Mta cement plant in Solapur in the state of Maharashtra. “The Solapur cement plant is a two-stage project. In phase 1, we are setting up a 1.5Mta grinding capacity,” Arvind Kumar Singh, CEO (business operations) of Kesoram Industries told the Telegraph of India. This phase is expected to begin operations within 18-20 months. Kesoram currently operates two plants in the states of Karnataka and Andhra Pradesh with a combined... |
Jaiprakash Associates downgraded, India31 July 2013, Published under Cement NewsTwo brokerages have downgraded Jaiprakash Associates Ltd, days after Deutsche Bank also cut its ratings and earnings estimates for the India-based cement producer. Morgan Stanley has downgraded Jaiprakash to "equal-weight" from "overweight", citing worsening headwinds for cement profitability, a reduced likelihood of the Reserve Bank of India (RBI) cutting interest rates and a lack of asset sales so far to meaningfully reduce debt levels. Citigroup, meanwhile, has cuts the company to "... |
UltraTech first quarter hit by building slowdown30 July 2013, Published under Cement NewsUltraTech Cement, India's largest cement producer, posted a 13.5 per cent YoY decline in its first quarter (April-June 2013), due to slowdown in home building and infrastructure projects. The Aditya Birla group company reported standalone profit of INR6.73bn (US$112.3m) for the April-June quarter. Net sales also declined 2.2 per cent to INR49.58bn. Going forward, Kumar Mangalam Birla, chairman of the group, said the business outlook remained challenging and the company has downwardly re... |
Madras Cement quarterly net profit down 44%30 July 2013, Published under Cement NewsMadras Cement’s net profit for the first quarter of 2013-14 dropped by 44 per cent compared to the corresponding quarter of last year. Net profit for the quarter ended 30 June 2013, stood at INR68.85 crore on a total income of INR 987.18 crore. Expenditure rose by 11 per cent to INR839.70 crore. The company has deposited INR25.86 crore, which is 10 per cent of the penalty levied by the Competition Commission of India for alleged cartelisation, pending final judgment, the release s... |
HeidelbergCement India notes INR80m 1Q13-14 loss29 July 2013, Published under Cement NewsHigher input costs as well as a rise in fuel and power costs pushed HeidelbergCement’s Indian subsidiary into the red. The company reported a loss of INR79.5m (US$1.34m) for the first quarter ended 30 June 2013 in a BSE filing. In the equivalent quarter of last financial year, the firm had reported a INR192.7m net profit. However, HeidelbergCement India saw 1QFY12-13 income from operation rise to INR3.668bn from INR3.0744bn in 1QFY12-13. Meanwhile, total expenses shot up from INR2.7... |
Holcim streamlines Indian operations25 July 2013, Published under Cement NewsHolcim is to increase its shareholding in Ambuja Cements as part of the Swiss major's strategy to restructure and streamline its operations in India. Through intragroup restructuring, Holcim will increase its shareholding in Ambuja Cements to 61.39 per cent and Ambuja in turn will acquire Holcim’s 50.01 per cent stake in ACC Ltd. Both Ambuja and ACC will continue to operate as separate entities with their own brands and go-to-market strategies. Holcim said the restructuring “will allow for... |
Pakistan export earnings rise in FY12-1325 July 2013, Published under Cement NewsIn the fiscal year ending 30 June 2013, Pakistan exported 9.073Mt of cement on revenues of US$577.73m compared to 8.748Mt at US$498.84m in the corresponding period of last year. These latest figures from Pakistan’s Federal Bureau of Statistics show that export volumes rose by 3.71 per cent while in dollar value terms, they were 15.81 per cent higher compared to the comparative period a year earlier. In terms of the Pakistan rupee, exports rose by 25.23 per cent to PKR55.87bn during FY13. ... |
CRH likely to acquire Shriram Group cement business - report25 July 2013, Published under Cement NewsIrish building materials major CRH is likely to acquire the cement arm of the Shriram Group, Sree Jayajothi Cements, three sources have told the Economic Times of India. The deal is likely to be announced “soon” according to one of the sources, adding that the “enterprise value of Sree JayaJothi Cements has been pegged at around INR1500 crore.” CRH is expected to pick up the stake through its Indian unit My Home Industries, a joint venture it has operated since 2008 with the My Home Group... |
Birla Corp to establish new plant in Madhya Pradesh, India24 July 2013, Published under Cement NewsBirla Corp Ltd is planning to set up a new 2Mta cement plant in Madhya Pradesh, India. A source told local press that the company will spend INR25bn over the next three years to set up the new unit. The company will fund majority of the capital expenditure through internal accruals, the source added. Birla Corp currently has cement operations in Satna, Madhya Pradesh, Rae Bareli in Uttar Pradesh, Chanderia in Rajasthan and Durgapur in West Bengal. |
Shriram Cement confirms talks on cement unit sale23 July 2013, Published under Cement NewsIndia-based producer Shriram Cement has confirmed that it is in talks with investors over the sale of its cement business. The statement came following news reports that CRH is to buy Shriram's cement unit through its Indian joint venture, My Home Industries. Shriram said it is in discussions with a couple of potential investors, including CRH, but that no decision has been finalised to-date. |