Latest Sectors News
Former BP Chairman Albert Manifold has pushed back against accusations over his conduct following his shock departure from the British energy major. View More
In this articleBPCRHWDSFollow your favorite stocksCREATE FREE ACCOUNT A customer fills up a vehicle with fuel at a BP Plc petrol station in London, UK, on Monday, Aug. 4, 2025.Bloomberg | Bloomberg | Getty Images Former BP Chairman Albert Manifold has pushed back against accusations over his conduct following his shock departure from the British energy major.In an emailed statement to CNBC, Manifold said he'd been removed from his post "without warning and without explanation" and that he disputes "entirely the characterisation" of his conduct.His comments come after BP's board on Tuesday announced the removal of Manifold due to "serious concerns" relating to governance standards, oversight and conduct. Amanda Blanc, senior independent director at BP, thanked Manifold's contribution to BP's ongoing transformation but said the board had been "surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable." Multiple media outlets reported Manifold had acted aggressively with different colleagues during his brief tenure at the company, citing anonymous sources. Manifold, the former boss of Irish building materials giant CRH, had only been in post for around seven months, and his dismissal has once again raised questions about BP's corporate governance. Stock Chart IconStock chart iconLondon-listed shares of BP over the last six months. "During my time as chairman I worked to drive genuine change at BP - cutting costs, challenging excess, and holding the organisation to higher standards," Manifold said."I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged," he added.A BP spokesperson referred CNBC to its statement published Tuesday when asked to respond to Manifold's comments.London-listed shares of BP traded 1.4% lower on Wednesday morning, extending losses after having closed off by 4% in the previous session. Surprise departure Just last month, Manifold suffered a major rebellion from shareholders at BP's annual general meeting.A majority of 81.8% of shareholders voted in favor of electing Manifold as BP chair following a contentious decision to block a proposal put forward by Dutch activist group Follow This.Board members require 50% of the vote to be elected, and they typically receive close to 100% support.Some activist investors had said that even a 5% vote against Manifold would have marked a severe reprimand, particularly after a historic 24% vote against outgoing chair Helge Lund last year."All of the board's decisions relating to the resolutions at this year's AGM were made in good conscience, made with an aim to build a more valuable BP for our shareholders," Manifold said in a statement at the time. watch nowVIDEO2:4402:44BP board suffers investor rebellion over climate and governance issues at AGMSquawk Box Europe The announcement of Manifold's departure from BP came as a surprise to many analysts and investors, with the company currently in the midst of a fundamental strategic reset. BP is pivoting back to oil and gas and away from renewables. Former Woodside Energy boss Meg O'Neill is leading this transformation, having taken the reins as CEO at the start of April. O'Neill described assuming the role as "a privilege and an honour" when the oil major reported that first-quarter profits more than doubled from a year ago, following a surge in oil and gas prices driven by the Middle East conflict.Climate group ACCR has called on BP's board to provide "a full and transparent account" of exactly what led to Manifold's dismissal, while Follow This said the new chair must bring "real expertise" in governance, climate risk and transition risk. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
JK Cement has showcased remarkable growth with a 13% year-on-year increase in grey cement volumes for Q4FY26, surpassing the industry average. The company's expansion in central and eastern India is a key driver for its success. However, rising costs pose challenges ahead. View More
At the industry level, Bahety expects growth to remain moderate at around 5-5.5 per cent amid concerns over inflation and a weak monsoon View More
Geopolitical volatility poses near-term risks to housing demand and profitability, while cost headwinds from petcoke and packaging are set to pressure margins into Q2FY27 View More
Dalmia Bharat is acquiring Jaiprakash Associates' cement business from Adani Group for ?2,850 crore. This deal adds 5.2 million tonnes of cement capacity. The company is also expanding existing facilities. By FY28, Dalmia Bharat's total production capacity will reach 66.7 million tonnes. The transaction is expected to complete soon. This acquisition strengthens Dalmia Bharat's position as a pan-India player. View More
Mumbai: Dalmia Bharat said on Friday it is acquiring the cement business of Jaiprakash Associates from the Adani Group for an enterprise value of ₹2,850 crore. The cement-maker will acquire 5.2 million tonnes of cement capacity and 3.3 million tonnes of clinker capacity based in Madhya Pradesh and Uttar Pradesh, adding to its 49.5-million tonnes production capacity as the fourth-largest producer of cement in the country. Also Read: Adani Power inks deals to buy Jaiprakash Power stake, Churk assets for over Rs 4,193 crore total The company is also in the midst of capacity expansion at Belgaum, Pune and Kadapa, and along with the acquired units at Rewa, Churk, Chunar and Sadwa, will have a total production capacity of 66.7 million tonnes by the December quarter of FY28. As a part of the deal, Dalmia Bharat will also get 99 MW of thermal power capacity, railway siding at Rewa and Chunar, along with a common railway siding at Churk. Live Events The transaction is likely to be completed within two weeks. "This serves as a great strategic fit for Dalmia," Puneet Dalmia, managing director of Dalmia Bharat said. "It helps us move forward in our journey to be a pan-India player and provide a strong head start to serve the high potential markets in central region. I am optimistic that the expansion potential of these assets, along with close proximity with Dalmia's captive mines, will help us create a capacity hub for the future." In 2022, Dalmia Bharat was in an agreement with Jaiprakash Associates for its cement assets, but Jaiprakash Associates was admitted to insolvency before the deal could be completed. After the Adani Group won Jaiprakash Associates under the insolvency route, Dalmia Bharat executed a fresh business transfer agreement for the cement business. "Considering newer markets, relatively better prices and Dalmia's proven cost leadership, these assets would augment Ebitda delivery and enhance overall returns for the company," the company said in a statement. The Adani Group-one of the largest infrastructure-focused conglomerates in the country-has a cement business of its own. Also Read: Adani Ports to acquire indirect control of Kanpur Fertilizers for Rs 1,500 crore under Jaiprakash Associates resolution plan Adani Cement, which is the second-largest producer of cement in the country, recently toned down its growth ambitions and said it will instead focus on ramping up utilisation and rationalising its existing capacities, while calibrating its capital expenditure. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
With this acquisition, Dalmia Bharat’s total cement capacity will increase from 49.5 MTPA to 54.7 MTPA View More
On May 22, markets showed mixed results with the Nifty 50 gaining 0.40% and Sensex rising 0.36%. While Nifty Private Bank and Nifty Metal saw gains, Nifty Media and Nifty Pharma lagged. The Indian rupee strengthened to 95.9 per dollar amid RBI interventions. View More