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Indian cement makers are bullish on the demand environment amid increased government spending on infrastructure, rural development and expansion of the housing sector
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In October, Jaiprakash Associates and Jaiprakash Power Ventures had announced plans to divest their cement business as well as some non-core assets to reduce debt.
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In a business where logistics accounts for nearly 15 percent of the total costs, the logic of an MNC competing with strong local players falls flat
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Chennai Super Kings' valuation has purportedly crossed Rs 7200 crore, It is higher than the Rs 6410 crore of its erstwhile parent India Cements Ltd
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Adani Enterprises said it incorporated the wholly-owned subsidiary Adani Cement Industries Limited on June 11, 2021 and the subsidiary company yet to commence its business operations.
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Earlier this year, the Aditya Birla Group firm announced acquisition of Jaiprakash Associates' cement plants with a total capacity of 21.1 million tonnes per annum (MTPA) at an enterprise value of Rs 16,189 crore.
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"The Rs 4,000-crore five-year bond sale by Nirma offers a yield of 8.68 percent was oversubscribed 1.5 times. This is the largest rupee bond sale for a leveraged acquisition as also the largest AA-rated debt instrument," investment banking sources told PTI here.
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Emami Cement, a group company, is in the process of setting up a plant at Panagarh in West Bengal with a capacity of 2 million tonnes per annum (mpta) at a cost of Rs 500 crore. Agarwal said the plant would be ready by December.
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M P Birla group flagship Birla Corporation on July 8 strongly defended the Rs 4,800 crore deal to buy Reliance Infrastructure's cement business, saying the sector's outlook is good with demand pull seen in near future.
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"JP Associates has withdrawn its proposal of semiconductor plant. They have said that it is not commercially viable to set up this plant at present," DeitY (Department of Electronics and IT) Secretary Aruna Sharma told reporters on sidelines of a Qualcomm event.
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French cement maker Lafarge, which is reportedly scouting for buyers for its India business, has faced a fresh hurdle: merger control regulations have disallowed to sell its assets to Indian companies and Lafarge will likely have to look for buyers globally.
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Speaking to CNBC-TV18, Jaspreet Singh Arora, senior analyst - Cement & Construction - Institution Equity, Anand Rathi says apart from UltraTech‘s deal with Jaiprakash Associates for its cement unit, the cement major has good presence in ancillary business too.
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Manoj Gaur, executive chairman of Jaiprakash Associates spoke to CNBC-TV18 about the business environment and the way ahead for the company.
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Rain Commodities announced its Q3CY11 results and approved a buyback of Rs 1 crore fully paid up equity shares. Chief financial officer T Srinivasa Rao expects the profits to be upwards of Rs 100 crore each quarter. The company plans to list its CPC business by second half of FY12.
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Century Textiles and Industries cement business is set to merge with Ultratech, reports Business Standard. It touched an intraday high of Rs 318.20 and an intraday low of Rs 306. At 09:26 hrs the share was quoting at Rs 315.80, up Rs 10.90, or 3.57%.
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At a time when there is a possibility to see a cement price hike, Orient Papers & Industries is likely to go for a demerger of the cement business. The company has announced the demerged will be effective on April 1, 2012.
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Orient Paper has slipped furtehr today. It touched an intraday high of Rs 62.20 and an intraday low of Rs 60.10. At 09:22 hrs the share was quoting at Rs 60.80, down Rs 1.15, or 1.86%.
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Century Plyboards is exploring options of raising funds in its cement division, reports CNBC-TV18’s Nimesh Shah quoting sources.
