Cement Sector

ACC Intraday Buy Call

ACC Intraday Buy CallKarvy Stock Broking Limited has maintained ‘buy’ rating on ACC stock with an intraday target of Rs 535.

According to Karvy, interested traders can purchase the stock between Rs 510-515 with a strict stop loss of Rs 505. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 540.
 

Binani Cement inks MoU with Gujarat Govt. to setup a Greenfield Cement Plant

Braj Binani Group cement manufacturerKolkata-based Braj Binani Group cement manufacturer, Binani Cement Ltd. has entered into a Memorandum of Understanding (MOU) with the Gujarat Government to set up a Greenfield cement plant of 2.5 MTPA capacity in the state.

The plant will manufacture Ordinary Portland Cement (OPC), Pozzolona Portland Cement (PPC) in various grades. It may be noted that the production of OPC to PPC will be ordinarily 50:50.

Binani Cement To Raise Production By 2011-12

Binani Cement To Raise Production By 2011-12Binani Cement Ltd has decided to make an investment of more than Rs 900 crore for establishing greenfield plants both in India as well as abroad to raise its overall production capacity to 15 million tonnes by the next three years (2011-12).

The company plans to invest around Rs 800 crore on the construction of a new plant in Gujarat, which would have an installed production capacity of about 2.5 million tonnes.

Moreover, the company is also eyeing a unit in Mauritius with a proposed capacity of two million tonnes.

Prism Cement's Q2 net declines 52%

Prism Cement's Q2 net declines 52%Prism Cement, a leading cement manufacturer, has announced that its second quarter net profit has plummeted by 52 percent ato Rs 31.03 crore from the same quarter last fiscal.

In a filing to the Bombay Stock Exchange, the company said that it had registered a net profit of Rs 64.45 crore in the same quarter Financial Year 2008.

Net sales of the company slumps declined to Rs 214.79 crore in the quarter under review, versus Rs 228.11 crore in the same period a year ago.

Cement Companies Slash Prices

Cement Companies Slash Prices All the major cement manufacturers have reduced the price of cement by up to Rs 7 per bag due to the government's move to reduce CENVAT by 4%.

Led by the country's largest manufacturer ACC, leading firms like Ambuja, JK Lakshmi, JK Cement, Dalmia Cement and Shree Cement have slashed their rates. Cement is available between Rs 150 and Rs 250 across the country. ACC and Ambuja Cements together, have a capacity of 41 million tonnes (MT), one-fifth of the total domestic market. They have plans to add another 15 MT of fresh capacities by 2010.

ACC buys 40% equity stake in Alcon for Rs 222.5 million

India’s largest cement maker ACC has announced that the conglomerate ACC buys 40% equity stake in Alcon for Rs 222.5 million has acquired 40% equity stake in Goa-based Alcon Cement Company for Rs 222.5 million.

Alcon has a clinker grinding and cement packing plant in Goa with a production capacity of 500 tonnes a day. It entered into a joint venture with ACC for technical and marketing support.

According to the sources, the equity stake was acquired in the previous quarter. 

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