State run Bharat Earth Movers Limited (BEML) said that it has signed up a strategic deal with Indonesia based Sumber Mitra Jaya.

The top mining and construction equipment manufacturing company signed the deal to bid for forthcoming contract mining business.

The consortium approach consists of agreement for investments in contract mining in which BEML will make 30% investment, while the remaining 70% will be made by the Indonesian company.

The big news doing the rounds is that cement companies has decided to hike the cement prices by Rs 2-4 per bag.

While confirming the development, H.M.Bangur (MD, Shree Cements) said, “There is no price rise due to shortage but it is done as an effort to cover up cost.”

Bangur added that the company has passed on the benefit of excise duty cut on bulk cement to its customers, however prices of cement bags have risen as there was no relief for those products.

At present, the industry capacity utilisation stands at 85% versus 95%.

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JSW Steel Ltd is believed to have placed orders to import 4,00,000 tonnes of coal at renegotiated lower prices by the end of this fiscal.

Real estate developer DLF Ltd, which has paid large advance payments to various governments for townships and commercial projects, is now looking for refunds as the projects are not moving at the expected pace.

The refunds, which could run into thousands of crores of rupees, could help the developer pay off its outstanding debt and execute existing and new projects.

In February, the Haryana government refunded over Rs 200 crore of license fees to DLF as its commercial projects were road blocked due to slow execution by the government authorities.