Cement News tagged under: India Cements
India Cements returns to black in 1QFY24-2513 August 2024, Published under Cement NewsIndia Cements reported a standalone 1QFY24-25 revenue from operations of INR9.72bn (US$115.8m), down 30 per cent YoY. Cement and clinker volumes decreased to 1,961,000t in the first quarter when compared with 2,666,000t in the 1QFY23-24. Overall blended cement sales accounted for 61 per cent of volumes, up from 59 per cent in the previous year’s equivalent period. The company’s posted a stand-alone 1QFY24-25 net profit of INR570m, an improvement when compared with the net loss of INR-750m ... |
UltraTech acquires additional stake in India Cements29 July 2024, Published under Cement NewsUltraTech Cement is acquiring a 32.72 per cent share in India Cements , marking an investment of INR39,540m (US$472.2m). According to The Hindu, the move enables Aditya Birla -owned UltraTech to expand its presence in the fast-growing southern India market, particularly Tamil Nadu. UltraTech has reportedly entered into a share purchase agreement for a 28.42 per cent stake from promoters – N Srinivasan, Chitra Srinivasan, Rupa Gurunath and S K Asokh Baalaje — and a 4.3 per cent share ... |
UltraTech Cement poised to buy 23% stake in India Cements28 June 2024, Published under Cement NewsUltraTech Cement says it will buy a 23 per cent stake in Chennai-based rival The India Cements for up to INR18.85bn (US$226m), closing the gap on India's Adani Group. The decision was approved by UltraTech's Board of Directors during a meeting held on 27 June 2024. The investment, which is purely financial and not a related party transaction, is expected to help UltraTech retain a strong presence in the southern part of the country, as Adani firms are attempting to boost its hold in the r... |
India Cements announces capex plans30 May 2024, Published under Cement NewsIndia Cements plans to spend around INR7000m (US$84m) on capex over the next two years, primarily to improve operational efficiency, according to BusinessLine Online. Among its improvement initiatives, the company is installing a new 8MW waste heat recovery system at its Chilamkuru plant in the Kadapa district of Andhra Pradesh. Its Sankarnagar works at Tirunelveli in Tamil Nadu will receive a crusher, while its Dalavoi facility at Ariyalur in Tamil Nadu and the Banswara plant in ... |
Shares in India Cements fall due to CCI investigation28 December 2022, Published under Cement NewsShares in India Cements fell by almost five per cent to INR208 (US$2.51) on 23 December 2022 after officials from the Competition Commission of India (CCI) visited the company's office in Chennai to conduct a search. According to India Cements, “Certain officials of Competition Commission of India visited our office in Chennai at around 11:30am and are conducting a search to find out if any irregularities concerning Competition Commission have occurred.” “We clarify that we have not in... |
JSW Cement announces 5Mta of new capacity12 October 2022, Published under Cement NewsJust hours after acquiring a 100 per cent stake in Springway Mining from India Cements , JSW Cement has announced plans to invest over INR32,000m (US$388.8m) in an integrated greenfield plant in Madhya Pradesh and a split grinding unit in Uttar Pradesh. According to The Hindu Business Line, the combined cement production capacity of the two units will be 5Mta. The plant in Madhya Pradesh will have a 2.5Mta clinker capacity, 2.5Mta grinding capacity, and a 15MW waste heat recovery syste... |
India Cements in talks to sell Madhya Pradesh project04 October 2022, Published under Cement NewsIndia Cements is reportedly in talks with a number of companies over the sale of its project in Madhya Pradesh. India Cements had planned to set up a 3Mta integrated cement plant on the site but is now looking to sell the site to reduce its long-term debt, reports The Hindu. The project with its limestone mine is valued at around INR8000m (US$97.8m). Among the companies vying for the project are UltraTech Cement , JSW Cement , Birla Group and Adani Group . May 2022 saw India Ceme... |
Cement demand getting back on track, says India Cements30 September 2022, Published under Cement NewsDespite the ongoing ressures from rising fuel, power and logistics costs, growing construction activity is expected to put cement demand in India back on track, according to Mr N Srinivasan, vice chairman and managing director of The India Cements Ltd . India is forecast to be the fastest-growing economy going forward with GDP predicted to improve by 7.2-7.4 per cent in 2022-23, reports the Financial Express Online. India has seen a revival in its construction sector in 2021-22 due to p... |
No stopping India's cement capacity rise20 August 2021, Published under Cement NewsIndia is the second-largest cement market in the world with an increasing population and high development needs. Consequently, the prospects for long-term cement demand growth are good. While many cement companies have delayed investment plans due to the ongoing pandemic, in India there is a surge of activity for CAPEX projects. The Cement Manufacturing Association (CMA) currently estimates that India has an installed cement capacity of 545Mta. A report by Crisil Ratings claims that as mu... |
India Cements reports 35% increase in revenue13 August 2021, Published under Cement NewsIndia Cements has seen its standalone profit more than double to INR374m (US$5.034m) in the first quarter of FY21-22. Revenue from operations also advanced 35.1 per cent YoY to INR10.23bn from INR7.57bn in the year-ago period. Cement production climbed 40 per cent YoY to 1.88Mt, while overall sales including clinker increased 37 per cent. |