Cement News tagged under: Indian sub-continent
Adani Group refutes allegations of fraud21 November 2024, Published under Cement NewsAdani Group has strongly refuted the allegations made by the US Department of Justice and the US Securities and Exchange Commission against its chairman Gautam Adani, and other executives, in connection with a multibillion-dollar fraud scheme. US authorities allege that Gautam Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about US$265m in bribes to Indian government officials to obtain contracts expected to yield US$2bn of profit over 20 years, and deve... |
Pakistan's cement and clinker exports rise in 4MFY24-2521 November 2024, Published under Cement NewsPakistan's cement and clinker exports have increased by 12.39 per cent to a value of US$104.61m (2.857Mt) in the first four months of the FY24-25 (July-October 2024), compared to US$93.08m (2.4Mt) during the same period of the previous fiscal year, according to the Pakistan Bureau of Statistics (PBS). The export volume also saw a significant rise of 18.7 per cent YoY. In Pakistani rupee terms, export revenue grew by a modest 8.2 per cent to PKR29.09bn (US$104.6m). A particularly positive tr... |
Kohat Cement has yet to start importing equipment for greenfield plant20 November 2024, Published under Cement NewsKohat Cement (KOHC) held its corporate briefing session last week to review its operational and financial performance in FY24. The company reported an earnings per share (EPS) of PKR45.41 (US$0.16) for the year, up 21 per cent YoY. This was driven by lower fuel costs, higher retention prices, and elevated interest rates, which resulted in healthy other income due to the firm’s healthy cash balance, as observed by IMS Research. Total dispatches were 2.6Mt, reflecting a 13.8 per cent decl... |
UltraTech Cement scales up EV transport operations19 November 2024, Published under Cement NewsUltraTech Cement Ltd, India's largest cement and ready-mix concrete company, has announced that it is scaling up the use of Electric Vehicles (EV trucks) for movement of material and products in its logistics operations. The company has signed a new transport service contract for deployment of about 100 electric vehicles (EV Trucks) for the transportation of 75,000t of clinker per month from its integrated cement manufacturing unit Dhar Cement Works , located in Madhya Pradesh, to its gri... |
Crown Cements' profit plunged in July-September 202414 November 2024, Published under Cement NewsCrown Cement's profit dropped 89 per cent YoY in July-September 2024 to BDT37.7m (US$0.315m) from BDT345m in the same quarter a year ago. Total sales revenue during this period reduced to BDT7bn from BDT7.12bn, primarily due to the lower demand for cement in Bangladesh. According to the company’s public announcement, sales revenue decreased by 1.74 per cent due to a 2.5 per cent decrease in sales volume resulting from low market demand during the rainy season and political instability f... |
Pakistan International Bulk Terminal Ltd 1QFY24-25 and FY23-24 review11 November 2024, Published under Cement NewsThe directors of Pakistan International Bulk Terminal Ltd (PIBT) presented the financial statements for 30 September 2024, a copy of which was recently reported to the Pakistan Stock Exchange. The company handled 1.177Mt of lesser cargo compared to 1.98Mt in the same period last year, demonstrating the overall industry demand for imported coal. The company posted a net loss after tax during the period, primarily due to prevailing market conditions. A loss of PKR320m (US$1.15m) was incurre... |
Maple Leaf Cement is advancing to acquire a fertiliser plant in Pakistan11 November 2024, Published under Cement NewsMaple Leaf Cement Factory Ltd (MLCF) updated the Pakistan Stock Exchange (PSX) on 7 November about the hostile takeover of a fertiliser plant in Pakistan. A piece of material information from the company adds, “We would like to inform that Next Capital Limited (Manager to the Offer) has submitted a Public Announcement of Offer (PAO-CB) on behalf of Maple Leaf Cement Factory on 6 November 2024 to acquire 37.86 per cent shares (ie 160,762,209 shares) of Agritech Ltd by Maple Leaf Cement F... |
More cement firms on MSCI indexes08 November 2024, Published under Cement NewsAccording to Topline Pakistan Research, a few Pakistan stocks, including cement, will likely be added to the MSCI indexes. The analyst adds that MSCI is scheduled to announce its November 2024 Index review on 6 November 2024, effective 26 November 2024. Likely additions in November 2024 Review: In November 2024, it is expected that the likely addition of four stocks: Fauji Cement , Cherat Cement , Fauji Fertilizer Bin Qasim, and Kohat Cement . The free float market caps of these stoc... |
GCCA India and Xynteo sign MoU for decarbonisation06 November 2024, Published under Cement NewsThe Global Cement & Concrete Association (GCCA) India and Xynteo announced the signing of a Memorandum of Understanding (MoU), marking GCCA India's partnership with Xynteo's Build Ahead coalition. This landmark agreement aims to accelerate the decarbonisation of India's construction sector through increased use of low-carbon cement and concrete. The two-year partnership will leverage GCCA India's expertise in the cement and concrete industry alongside the collective efforts of the Build ... |
Pakistan's cement records home export revenue of US$65.19m in 3MFY2504 November 2024, Published under Cement NewsPakistan’s cement and clinker exports value declined by 2.2 per cent to US$65.19m (1.792Mt) in the 1QFy24-25 (July-September 2024) from US$66.68m (1.676Mt) in the same period of the previous financial year, as reported by the Pakistan Bureau of Statistics (PBS). However, the export volume rose by 6.9 per cent YoY. The same trend was noticed in Pakistani rupee terms when export revenue saw a single-digit fall of 6.9 per cent to PKR18.14bn. A positive trend was observed in September 2024 wh... |