Cement News tagged under: India
India’s SEBI puts temporary stop on JSW Cement IPO03 September 2024, Published under Cement NewsIndia’s Securities and Exchange Board (SEBI) has put a temporary halt on the initial public offering (IPO) of JSW Cement. The IPO included a new equity issuance and an offer for sales from existing shareholders. The cement company had filed its draft prospectus in August 2024 and aimed to raise ~INR40bn. JSW cement had planned to use the proceeds to partially finance the construction of a new cement plant in Nagaur, Rajasthan, as well as to repay existing debt and fund other general corpor... |
Adani Group to set up new cement grinding unit29 August 2024, Published under Cement NewsAdani Group has announced plans to set up a 2Mta cement grinding unit in Guna, Madhya Pradesh, India. At the same time, the group is going to develop a state-of-the-art propellant production facility at Shivpuri, announced Karan Adani, CEO of Adani Ports and SEZ Ltd. The two projects for the construction of cement grinding and propellant production units, would result in an investment of INR35bn (US$417.2m), and create over 3500 direct and indirect jobs. These announcements were made in... |
UltraTech secures US$500m sustainably-linked financing for FY27 expansion goal27 August 2024, Published under Cement NewsUltraTech Cement , India's leading cement manufacturer, has unveiled an ambitious plan to expand its production capacity to over 200Mta by FY27. This strategic move is part of UltraTech's broader objective to maintain its leadership in the cement industry by meeting rising demand both domestically and internationally. Currently, the company operates at just over 130Mta but plans to significantly boost its production through the establishment of new greenfield facilities an... |
Adani Group holding company sells US$500m stake in Ambuja Cements Ltd23 August 2024, Published under Cement NewsHolderind Investments, an Adani Group -owned company, is selling US$500m worth of shares in Ambuja Cements Ltd , according to a Reuters report released on 22 August 2024. Holderind is selling the 2.84 per cent stake in the Indian cement giant on 23 August, at a floor price of INR600 (US$7.14) per share. As of 30 June 2024, Adani Group held a 70.33 per cent stake in Ambuja, according to market data. Holderind’s 50.9 per cent stake in the cement manufacturer represents the majority ... |
Dalmia Bharat Ltd shares 1H24 results22 August 2024, Published under Cement NewsDalmia Bharat Ltd has shared its financial results for the first half of 2024, ended 30 June 2024. The installed cement capacity on this date was 45.6Mta. Sales volume saw a 6.2 per cent increase from 7Mt in the 1H23 to 7.4Mt in the 1H24. EBITDA was recorded at INR6.69bn (US$79.7m), marking a 9.2 per cent increase from the corresponding period the year previous. Puneet Dalmia, Dalmia Bharat's managing director and chief operating officer, said, “The continuity of the incumbent gov... |
Indian Supreme Court ruling assigns duties to mining operations22 August 2024, Published under Cement NewsOn 14 August 2024, the Supreme Court of India issued a ruling allowing states to impose taxation and royalties on minerals separately from government duties. The ruling also allows states to recover historic duties, which may lead to substantial financial obligations for major industries such as cement, steel, and coal. The ruling decreed that royalties paid to states are not considered taxes under the Mines and Minerals (Development and Regulation) Act of 1957. This means that relevant c... |
JSW Cement to launch IPO as it plans capacity expansion21 August 2024, Published under Cement NewsOn 16 August 2024, JSW Cement filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). According to the DRHP, JSW Cement plans to increase grinding capacity to 40.85Mta from the current 20.6Mta and installed clinker capacity to 13.04Mta from current 6.44Mta. JSW Cement has a road map to double its cement capacity and also look for acquisitions, according to the company’s initial public offering (IPO) documents. In his interactions with the pr... |
Royalty issue on cement raw materials in Punjab landed in court19 August 2024, Published under Cement NewsAccording to Topline Research, Punjab-based cement manufacturers have obtained a stay order from the court against the imposition of six per cent of ex-factory cement/clinker price as royalty on limestone and argillaceous clay in a major development. However, the analyst remarked that this stay is subject to bank guarantees to be furnished by manufacturers. To avoid any unfavourable decision in the future, the Punjab manufacturers are increasing cement prices by up to INR75/bag (US$0.89/bag... |
UltraTech chairman outlines company's growth15 August 2024, Published under Cement NewsUltraTech 's Chairman, Kumar Mangalam Birla, summarised the progress of the company and its plans for future growth and development, at the company's 24th AGM. In April 2024 UltraTech marked a historic milestone of 150Mta + production capacity. This capacity surpasses 150 per cent of the capacity in the USA and constitutes 80 per cent of Europe's capacity. “With the completion of the ongoing expansion projects across India by FY27, and receipt of statutory approvals for the rec... |
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 ... |