Cement News tagged under: Indian subcontinent
Dalmia agrees to acquire 26% stake in Truere Surya04 September 2024, Published under Cement NewsIndia-based Dalmia Bharat Group said that its subsidiary Dalmia Cement (Bharat) has entered into a share subscription and share holders agreement (SSSHA) to acquire a 26 per cent stake in the equity share capital of Truere Surya. The transaction value is INR448m for 44,800,000 shares. Truere Surya will enable Dalmia Cement (Bharat) to set up a captive solar power project with a capacity of up to 128MW in Tamil Nadu. This is expected to improve the company’s renewable power supply, sup... |
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... |
Cement sales continue to contract in Pakistan14 August 2024, Published under Cement NewsTotal cement dispatches in Pakistan dropped 6.8 per cent YoY to 3.01Mt in July from 3.23Mt a year earlier, according to the All Pakistan Cement Manufacturers Association (APCMA). Local dispatches contracted 11.4 per cent YoY to 2.46Mt from 2.776Mt in July 2023. Meanwhile, exports expanded 21.6 per cent YoY fell in July, coming in at 449,792t down from 547,162t in the equivalent period of the previous year. North-south dispatches Domestic dispatches from cement plants in the north of Paki... |
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 ... |
Mangalam Cement reports 16% net profit rise in 1QFY24-2508 August 2024, Published under Cement NewsMangalam Cement Ltd , part of the BK Birla Group of Companies , posted unaudited revenues of INR3805.73m (US$45.32m) in the f posted unaudited revenues of INR3805.73m (US$45.32m) in the first quarter of FY24-25 ended 30 June 2024 (1QFY24-25), representing a 9.5 per cent drop from INR4205.31m in the 1QFY23-24. Other income amounted to INR317.83m, up from INR56.96m in the 1QFY23-24. The company’s total income of INR4123.56m saw a 3.3 per cent decline YoY from INR4262.27m. Profit before tax ... |
Punjab increases limestone royalty rate06 August 2024, Published under Cement NewsTo increase revenue from the mining sector, the government of Punjab, Pakistan, has announced an increase in the royalty rate on limestone to six per cent of the ex-factory sales price of cement or clinker. This represents a change from the previous fixed rate of PKR250 (US$0.90)/t. As a result, the cost of limestone per bag of cement is expected to increase to PKR55 from PKR19/bag currently. Research house AKD Securities anticipates that the cost increase will be passed onto consumers, ... |
JK Lakshmi Cement sees surge in 1Q net profit05 August 2024, Published under Cement NewsJK Lakshmi Cement Ltd has reported consolidated busines results for the period ended 30 June 2024. The company posted a net profit of INR1.5bn (US$18.6m) for the quarter, up from the INR748m profit in the equivalent period of the previous year, marking an increase of 108.7 per cent YoY. During the April-June 2024 period, net revenue declined by 11.6 per cent YoY to INR14.4bn from INR16.3bn, while operating expenses dropped by 14 per cent YoY from INR14.6bn to INR12.5bn. Interest de... |
JK Lakshmi Cement to merge three subsidiaries02 August 2024, Published under Cement NewsJK Lakshmi Cement's board has approved the merger of three of the company's subsidiaries: Udaipur Cement Works (UCWL), Hansdeep Industries and Trading Co, and Hiddrive Developers and Industries. The appointed date for the merger is set for 1 April 2024. The Scheme of Arrangement is expected to become effective in the 2H24. Key details of the merger include the merger of Udaipur Cement Works, where shareholders of UCWL will receive four shares of JK Lakshmi Cement for every 100 shares held i... |
Nuvoco Vistas Corp posts 6% uptick in April-June revenue02 August 2024, Published under Cement NewsIndia-based Nuvoco Vistas Corp saw its consolidated revenue from operations for the April-June 2024 quarter decline by six per cent YoY to INR26.36bn (US$314.8m) as lower volumes and weaker prices affected the company's result. The group sold 4.8Mt of cement, down from 5Mt in the year-ago quarter. Consolidated EBITDA for the quarter stood at INR3.48bn, down more than 13 per cent from a year ago. The company's consolidated net profit fell by more than 80 per cent YoY to INR28.4m in the A... |
Indian cement production may need to expand quicker to meet demand01 August 2024, Published under Cement NewsIndian cement consumption is expected to remain robust this year. The rainy season will weigh on demand somewhat in the near term, but fundamentals are strong for a solid resumption in demand. According to ICR Research, consumption rose 7.9 per cent YoY in 2023, amounting to 418Mt, and demand growth of 6.2 per cent YoY is forecast for this year. The World Bank is projecting GDP growth of 6.6 per cent YoY this year and India’s government is forecasting economic growth of a steady seven ... |