Cement News tagged under: india
Indian demand expected to fall 25% in FY2124 July 2020, Published under Cement NewsCement demand in India is forecast to contract by up to 25 per cent in FY20-21 due to the coronavirus lockdown and subsequent specific restriction on construction activities, according to ratings agency ICRA. The downturn would be mainly felt in cities while rural housing and infrastructure projects in remote areas are expected to continue to support cement demand. "ICRA expects cement demand to de-grow by 22-25 per cent in FY2021 given the prolonged nationwide lockdown and subsequent stat... |
ACC reports 40% fall in net profit21 July 2020, Published under Cement NewsIndia’s ACC (LafargeHolcim) has reported a 40 per cent YoY decline in consolidated net profit to INR2.71bn (US$36.2m) in the first quarter of FY20-21, compared to INR4.55bn in the year-ago period. Total sales also fell 38 per cent YoY to INR25.2bn from INR40.59bn in the 1QFY19-20. Standalone revenue was down 37.3 per cent YoY in the June 2020 quarter, decreasing to INR26bn from INR41.49bn last year. The company’s cement business saw revenue slip 33 per cent YoY to INR25.5bn, while sales ... |
Orient Cement evaluates COVID-19 impact on operations20 July 2020, Published under Cement NewsIndia's Orient Cement Ltd estimates that it lost around 225,000t of cement sales towards the end of the FY19-20 due to the COVID-19 pandemic, which may have an impact of up to INR300m (US$4m) on its EBITDA. However, the company also noted that it doesn't anticipate any challenges in meeting its financial obligations going forwards. |
Indian cement prices struggle in July20 July 2020, Published under Cement NewsAll-India cement prices declined by one per cent to INR366/50kg bag (US$4.88/50kg bag) in July, according to Kotak Institutional Equities. Prices in southern India also declined one per cent MoM in July. In the northern and eastern markets prices fell by two per cent and one per cent, respectively, while prices in the west and central India remained resilient. The price difficulty has been attributed to a range of reasons, with northern dealers reporting a lack of new construction acti... |
India's capacity utilisation falls in the 2Q16 July 2020, Published under Cement NewsThe capacity utilisation of India’s top 10 cement producers fell to 52 per cent in the quarter ending 30 June, compared to 76 per cent in the year-ago period, according to The Hindu BusinessLine. The decline has been attributed to weak demand and logistics restrictions amid the COVID-19 pandemic. The lower capacity utilisation reportedly increased operational costs despite a dip in fuel and raw material costs. With the onset of the monsoon season and housing projects facing labour issues, d... |
Emami Cement sale is completed by Nuvoco Corp15 July 2020, Published under Cement NewsEmami Ltd said on Tuesday that the group has completed sale of Emami Cement to Nuvoco Corp Ltd for an enterprise value of INR55bn (US$724.83m). “The deal was completed with the transfer of 100 per cent shares of Emami Cement shares to Nuvoco Corporation Ltd (NVCL) by Emami Group today,” it said in a stock market notification. Emami Cement has a production capacity of 6.8Mta as well as a 2.5Mta plant under construction in Kalinganagar, India. |
Ambuja Cements reports 12% increase in net profit13 July 2020, Published under Cement NewsIndia’s Ambuja Cements reported a 12 per cent YoY rise in consolidated net profit to INR5.54bn (US$73.73m) for the quarter ending 31 March, with sales volumes falling 10 per cent to 5.77Mt. The company also noted that its greenfield expansion project at Marwar Mundwa, Rajasthan, is on schedule and expected to commence operations by next year. Elsewhere, Ambuja Cements is set to digitise its entire supply chain to improve visibility and optimise cost going forward, announced Martin Kriegne... |
Bureau of Indian Standards issues first licence for microfine OPC production09 July 2020, Published under Cement NewsThe Bureau of Indian Standards (BIS) has granted the country’s first licence for the manufacture of microfine ordinary Portland cement and ultrafine ground granulated blastfurnace slag (GGBS) to Counto Microfine Products. The company is a joint venture between Ambuja Cements and Alcon group and has one of the largest manufacturing facilities for microfine materials in Goa. The Goan firm will now be able to produce and sell the products with an assurance on the quality and reliability of th... |
UltraTech Cement's subsidiary to sell entire stake in Shandong Binani Rongan Cement08 July 2020, Published under Cement NewsIndia’s UltraTech Cement has announced that its Krishna Holdings subsidiary will sell its entire stake in Shandong Binani Rongan Cement Co for a value of US$120m. "Krishna Holdings Pte Ltd, incorporated in Singapore and a subsidiary of the company’s wholly-owned subsidiary UltraTech Nathdwara Cement Ltd, has informed that it has entered into a binding agreement for divesting its entire equity shareholding of 92.5 per cent in Shandong Binani Rongan Cement Co Ltd," stated the company. Shan... |
ACC Ltd's net sales rise 6%08 July 2020, Published under Cement NewsACC Ltd (LafargeHolcim) held its 84th AGM on 6 July via video conference and reporting its net sales in 2019 increased by six per cent to INR153.43bn (US$2.04bn) and its premium range of cement products delivered strong double-digit volume growth. ACC's ready-mix concrete business with a total of 90 plants continued to record strong growth of 12 per cent in volume terms and 13 per cent revenue growth over previous year. Focussed cost reduction initiatives resulted in operating EBITDA impro... |