Cement News tagged under: India
Prices expected to fall after excise duty cut on fuel24 May 2022, Published under Cement NewsThe cut in excise duty on fuel by India’s government is expected to lead to price reduction for cement users as the cement industry saves on transport and freight costs, according to companies and analysts, reports Business Standard. In April most cement companies increased prices by 8.3 per cent to INR390 (US$5.02)/50kg bag with expectations for May indicating a further price increase. However, according to analysts, there could be a reduction of the price by as much as INR15/bag although s... |
Nuvoco Vistas Corp sees 24% increase in revenue in FY21-2223 May 2022, Published under Cement NewsIndia-based Nuvoco Vistas Corp has announced its audited financial results for the financial year ended 31 March 2022. Consolidated revenue from operations improved by 24 per cent to INR93.18bn (US$1.2bn) for FY21-22 while consolidated EBITDA reached INR15.39bn and profit after tax at INR320m. Consolidated net debt declined by INR16.66bn to INR50.64bn in the FY21-22. Commenting on the financial results, Nuvoco Vistas Corp MD, Jayakumar Krishnaswamy, said: "FY22 was an exceptionally c... |
JK Cement 4Q net profit advances 36%23 May 2022, Published under Cement NewsIndian cement producer JK Cement reported a standalone net profit of INR862.6m (US$11.1m) for the quarter ended 31 March 2022, representing an increase of 36.2 per cent when compared with the 1Q21 when net profit reached INR633.4m. Net revenue increased 10.6 per cent to INR22.689bn in January-March 2022 ffrom INR20.525bn in the year-ago period. However, operating expenses were up 16.9 per cent tYOY to INR18.863bn from INR16.338bn in the 4Q21. The company’s operating profit slipped by... |
What to make of Holcim's Indian exit?20 May 2022, Published under Cement NewsHolcim Group agreed to sell its Indian cement businesses this week for US$10.5bn in cash to the Adani Group. ICR reports on the deal and what this means for the Indian cement sector and Holcim going forward. The Adani Group is a coal, power, ports and renewable energy conglomerate that had only a small footprint (Adani Enterprises Ltd) in the cement sector before its interest in Holcim companies, ACC Ltd and Ambuja Cements. The latest acquisition will make Adani the second-largest player ... |
UltraTech Cement opens second clinker line at Hirmi18 May 2022, Published under Cement NewsUltraTech Cement , the country’s largest cement producer, has added 2.7Mta of capacity by commissioning a second clinker line at Hirmi Cement plant in Chhattisgarh. The company will add another 1.3Mta of capacity at the same plant by the June quarter. The commissioning of the clinker unit was completed well ahead of schedule and is a unique achievement considering the slowdown faced in project work earlier during the year due to COVID, said the company in a statement. UltraTech has ... |
Star Cement posts net profit rise18 May 2022, Published under Cement NewsStar Cement Ltd saw a 24.2 per cent advance in revenues to INR7.49bn (US$96.6m) in the January-March 2022 quarter from INR6.03bn in the corresponding period of the previous year. The company’s net profit increased 3.6 per cent to INR884.2m in the 1Q22 from INR853m in the 1Q21. |
Government looks to dispose of Adilabad cement plant18 May 2022, Published under Cement NewsIt may soon be the end for the Cement Corporation of India ’s Adilabad plant as the government has taken initial steps for its disposal. Online electronic bids are being invited for the appointment of valuers for the valuation of assets required for the disposal of the plant, machinery along with plant’s structure, store and scrap and dismantling at its cement factories in Akaltara and Mandhar (both in Chhattisgarh), Kurkunta (Karnataka), Nayagaon (Madhya Pradesh) and Adilabad in Telanga... |
Adani Group acquires Holcim India16 May 2022, Published under Cement NewsAdani Group has agreed to purchase Holcim India for CHF6.4bn (US$6.37bn). The deal includes Holcim’s 63.11 per cent stake in Ambuja Cement, which owns a 50.05 per cent interest in ACC, as well as its 4.48 per cent direct stake in ACC. The combined footprint of Ambuja Cement and ACC includes 31 cement production sites with a total cement production capacity of 66Mta and 78 ready-mixed concrete plants across India. The transaction is expected to complete in the second half of 2022. “Wit... |
Dalmia Cement (Bharat) Ltd will expand Belagavi cement plant12 May 2022, Published under Cement NewsDalmia Cement (Bharat) Ltd is expanding its existing manufacturing plant at Belagavi in north Karnataka by investing INR3000m (US$38.3m). The company expects the investment to create up to 700 new jobs by March 2024. “We plan to invest INR2000m to INR3000m in the next two years towards manufacturing expansion, in terms of enhanced production capabilities, and renewing our energy commitment by planning a solar power capacity installation of 9MW to reduce electricity consumption by half... |
JSW Group to submit bid for Holcim India11 May 2022, Published under Cement NewsJSW Group has revealed plans to submit a US$7bn bid for a controlling stake in Holcim’s India assets. Holcim currently holds a 63.1 per cent share in Ambuja Cements and a 4.48 per cent share in ACC , with Ambuja controlling a 50.05 per cent stake in ACC. Speaking to Financial Times, Sajjan Jindal, chairman and managing director of JSW Group, said that the company would fund US$4.5bn of the bid while private equity players would provide the remaining US$2.5bn. JSW Group currently ... |