Cement News tagged under: indian subcontinent
Cherat Cement greenfield project likely to be delayed09 September 2022, Published under Cement NewsThe management of Cherat Cement Ltd informed that a letter of credit for the 8000-9000tpd greenfield project at Dera Ismail Khan in Khyber Pakhtunkhwa, Pakistan, has not been opened yet and may be delayed. It added that new letters of credit cannot be opened currently due to State Bank of Pakistan restrictions and economic instability. The cost of the project will be decided once the PKR-US$ partity stabilises, but it is estimated at US$40m. To date, the project has seen ground works s... |
The Ramco Cements Ltd scoops award for Alathiyur plant08 September 2022, Published under Cement NewsThe Ramco Cements Ltd has announced that its Alathiyur plant has been awarded “Gold Medal” in the India Green Manufacturing Challenge 2021-22 by The International Research Institute for Manufacturing (IRIM), India. The award recognises manufacturing firms that have shown consistent progress in improving sustainability factors at a given production facility. Established in 1997, the Alathiyur plant is located in Ariyalur District, Tamil Nadu. It began operations with 0.9Mta capacity b... |
Adani Group scouts for M&A chief08 September 2022, Published under Cement NewsThe Adani Group is looking to recruit a new chief of mergers and acquisitions, replacing Vinod Bahety, who is moving to a new role within the company. According to Financial Express Online, so far this year the Adani Group has agreed to buy Holcim’s cement business in India in a US$10.5bn deal, has promised to invest US$70bn in green energy, and recently launched a hostile takeover of New Delhi Television Ltd. Owner Gautam Adani has been named as the world’s third-richest person, beh... |
Bestway Cement in profit slides during FY21-2207 September 2022, Published under Cement NewsPakistan-based Bestway Cement Ltd has reported a 11.6 per cent decline in company profit to PKR10.239bn (US$45.9m) in FY21-22 (July 2021-June 2022) from PKR11.577bn in FY20-21. Net sales in FY21-22 increased 21 per cent YoY to PKR103.1bn from PKR85.197bn in FY20-21. The fall in profits was due to increased sales tax, excise duty, high cost of sales and income tax expenses. Selling and distribution costs rose from PKR611m in FY20-21 to PKR972m in FY21-22. Administrative expenses also incre... |
Bangladesh sees imports of raw materials rise07 September 2022, Published under Cement NewsThe import of raw materials used in cement production has increased in recent months despite raw material prices increasing. In the July-August 2022 period a total of 5.12Mt of clinker, granulated slag, limestone, gypsum and fly ash were imported. The imports represent a value of BDT23.038bn (US$242.4m), up 34 per cent YoY. Clinker prices have increased 17.5 per cent YoY to US$62.14 on average. To safeguard profit margins cement producers have increased the price per bag on the back of a U... |
Cement capacity outpaces production in Pakistan06 September 2022, Published under Cement NewsPakistan's cement industry saw a fall of 3.6 per cent to 48.011Mt in cement production between July 2021 to June 2022 from 49.79 Mt produced in the year-ago period, says data released by the Pakistan Bureau of Statistics (PBS). While analysts attribute the slide to a range of factors, particularly to blame were high inflation and interest rate, costly raw materials, high cost of doing business and political uncertainty during the production period of last year. FBS data indicates that Pak... |
Pakistan cement market continues contraction in August05 September 2022, Published under Cement NewsPakistan Cement Manufacturers Association (APCMA) estimated a decline in Pakistan cement dispatches in August and July-August 2022 (2MFY21-22) as the country experiences economic challenges, rising inflation, political unrest and heavy rains due to floods. Total cement dispatches (domestic deliveries plus exports) declined by 24 per cent in August 2022 to 3.296Mt when compared with 4.336Mt in August 2021. Of this total, domestic dispatches declined 23.8 per cent YoY to 2.9Mt from 3.81Mt i... |
Morgan Stanley invests in ACC05 September 2022, Published under Cement NewsMorgan Stanley has bought a stake in Indian cement producer ACC Ltd. According to Mint, Morgan Stanley Asia (Singapore) has purchased 941,557 ACC shares at INR2290 each, marking an investment of INR2156m (US$26.9m). The deal was made through an open market transaction on 2 September 2022. |
Adani Enterprises replaces Shree Cement in Nifty50 on NSE02 September 2022, Published under Cement NewsAdani Enterprises is to be included in the headline index Nifty50 on the National Stock Exchange of India (NSE) from 30 September 2022, replacing Shree Cement . According to The Economic Times, shares in Adani Enterprises have rallied over 88 per cent so far this year, taking its market capitalisation to INR3680bn (US$46,127m). After Adani Ports, this is the second stock from Gautam Adani to be included in the Nifty. Meanwhile, shares in Shree Cement have fallen by almost 21 per cent s... |
Gujarat Sidhee Cement reports revenue fall22 August 2022, Published under Cement NewsGujarat Sidhee Cement Ltd (GSCL) has recorded total income of INR1.89bn (US$23.69m) in the quarter ended 30 June 2022, compared to INR2.04bn in the quarter ended 31 March 2022. Net profit over the same period has advanced from INR32.2m to INR54.9m, according to Construction News. The India-based company runs one plant located in Sidheegram in Sutrapada Taluka, Gujarat State. GSCL also announced the resignation of Dr Rahul Gupta as non-executive and non-independent director of the com... |