Cement News tagged under: Indian sub-continent
JSW Cement delays expansion and listing plans16 June 2020, Published under Cement NewsIndia’s JSW Cement has deferred its expansion plans by around 6-12 months and further delayed its listing on the bourses. The company’s plans would have seen it reach 25Mta of capacity by 2023. "As a result of the current economic situation, our expansion plans are being deferred by six to 12 months. But these will happen for sure," said Nilesh Narwekar, CEO of JSW Cement. "As of now, we do not need to raise capital and the current economic situation is also not conducive. We want to h... |
Telangana producers asked to cut prices15 June 2020, Published under Cement NewsTelangana’s Minister of Municipal Administration, KT Rama Rao, and Prashanth Reddy held a meeting with cement industry leaders to ask them to reduce prices to INR230/bag so that the real estate sector in the Indian state could be stimulated faster. Cement companies have reportedly been providing cement at this price since 2016 and the government has requested that the same price be maintained for next three years, according to The Hans India. The cement representatives are expected to ... |
Saurashtra Cement shuts down kiln for maintenance08 June 2020, Published under Cement NewsIndia's Saurashtra Cement has shut down its kiln and all the relevant downstream equipment situated at its Ranavav plant, Gujarat, for maintenance operations. The maintenance programme is expected to last for around 35-40 days, but this will depend on the condition of the equipment. However, the cement grinding and packing operations at the plant will continue to operate to meet the cement dispatch requirements. Therefore, no impact on the sales volume is anticipated. |
UltraTech Cement reduces capex plans to INR10bn in FY20-2105 June 2020, Published under Cement NewsIndia’s UltraTech Cement has announced that it will be restricting its capital expenditure plans to INR10bn (US$132.42m) during the current fiscal year, following the disruptions caused by the COVID-19 pandemic. "The company's capital and financial resources remain entirely protected in spite of the adverse impact on its sales during the first two phases of the lockdown. The company's liquidity position remains adequately covered," said the company in a regulatory filing. "Conserving cash ... |
Sagar Cements sees 17% fall in revenue03 June 2020, Published under Cement NewsIndia’s Sagar Cements has reported a 94 per cent decline in consolidated net profit to INR11.8m (US$156,598) in the final quarter of FY19-20, compared to INR187.5m in the corresponding period of the previous fiscal. Revenue from operations fell 17 per cent to INR3.04bn from INR3.66bn in the 4QFY18-19. The results have been attributed to the impacts of the COVID-19 pandemic, which also affected logistics and labour movement, according to the company. |
Flying Cement reports 96% fall in sales02 June 2020, Published under Cement NewsPakistan’s Flying Cement Co saw a 95.9 per cent fall in sales to PKR35.62m (US$217,705) in the January-March period of 2020, compared to PKR858.47m in the year-ago period. The company also reported a net loss of PKR110.7m against a net profit of PKR64m in the corresponding period of the previous fiscal. In the first nine months of FY19-20, sales declined 63.6 per cent YoY to PKR964.6m from PKR2.65bn. The company’s net loss also widened to PKR14.87m from PKR48.68m in the FY18-19. |
Prism Johnson sees 61% fall in net profit29 May 2020, Published under Cement NewsIndia’s Prism Johnson Ltd, formerly known as Prism Cement, has reported a 61 per cent fall in standalone net profit to INR564.5m (US$7.47m) in the FY19-20, compared with INR1.46bn in the previous fiscal year. EBITDA was also down six per cent YoY to INR5.22bn from INR5.55bn. Cement volumes contracted by three per cent during the FY19-20, due to the country entering lockdown in March. Otherwise, cement volumes were expected to increase since they were up a modest one per cent YoY for the fi... |
Birla Corp posts 52% rise in net profit26 May 2020, Published under Cement NewsIndia’s Birla Corp has posted a 52 per cent YoY surge in net profit to INR1.95bn (US$25.76m) in the quarter ending 31 March 2020, while total income was down 9.4 per cent to INR17.18bn. Capacity utilisation during the 4QFY19-20 declined to 93 per cent from 98 per cent, on the back of a 13 per cent YoY drop in sales volumes to 3.3Mt. In the FY19-20 net profit advanced 98 per cent YoY to INR5.05bn. Orient Cement Birla Corp subsidiary, Orient Cement, recorded a 29 per cent YoY decline in... |
CCI approves acquisition of Emami Cement22 May 2020, Published under Cement NewsThe Competition Commission of India has approved the 100 per cent acquisition of the total issued and paid-up share capital of Emami Cement Ltd by Nuvoco Vistas Corp. Emami had entered into an agreement for the divestment of its 100 per cent equity stake in Emami Cement for an enterprise value of INR55bn (US$724.83m) in February. The acquisition will bring Nuvoco's total cement capacity in India to 23.5Mta, including an ongoing capacity expansion project in Jojobera, Jharkhand, and over ... |
JK Lakshmi Cement sees 151% increase in net profit22 May 2020, Published under Cement NewsIndia’s JK Lakshmi Cement has reported a 150.5 per cent YoY increase in net profit to INR986.3m (US$13.04m) in the final quarter of FY19-20, against INR393.8m in the corresponding quarter of the previous fiscal. However, the company’s revenue from operations was down 11.1 per cent YoY to INR11.37bn from INR12.79bn in the 4QFY18-19. The company has attributed the results to an improved product mix, market optimisation, alongside a reduction in logistic costs and improvements in plant effic... |