Cement News tagged under: India

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Sanghi Industries sees fall in fuel cost

22 November 2017, Published under Cement News

Sanghi Industries Ltd has seen a fall in fuel and power cost in the September quarter, contradicting the trend of rising fuel prices across India. Sanghi Industries has benefitted from its close position to limestone mines and the increased use of lignite for fuel and power, according to Mint. The Indian government recently reduced the Goods Sales Tax (GST) on lignite to five per cent from eight per cent. Due to this reduction the company has increased its usage and now meets 75 per cent o...

Petcoke ban drives India’s North American coal imports to new heights

21 November 2017, Published under Cement News

Fears that the Indian government may extend the current ban on petcoke use in the New Delhi Capital Region to the entire country has led to a surge in coal imports from North America, reports Reuters. In October India’s coal imports from North America quadrupled to 2.1Mt when compared with the year-ago period, hitting new heights since January 2015. Moreover, ship tracking data on Thomson Reuters Eikon showed that between 1-20 November such imports are already 70 per cent of last month’s ...

Binani Cement sale attracts multinationals and local producer interest

21 November 2017, Published under Cement News

Binani Cement has attracted interest of as many as 15 bidders, say senior officials at the comapny, including CRH, Lafarge and Heidelberg Cement as well as local players India Cement, Orient Cement, Ramco Cement, Shree Cement, UltraTech and Piramals. The Bank of Baroda  referred the Binani Cement, a subsidiary of Binani Industries, to the National Company Law Tribunal in July after it failed to repay a INR970m (US$14.9m) loan. Bidders for the company will provide a binding bid with a...

Indian cement companies expected to raise prices

20 November 2017, Published under Cement News

Indian cement companies are expected to raise cement prices in reaction to the recent ban on petcoke and furnace oil, which came into effect in Uttar Pradesh, Haryana and Rajasthan. The ban is expected to affect in particular Shree Cement, JK Cement, JK Lakshmi Cement, Ambuja Cement, India Cements and ACC, which operate in these states. The price hike is predicted to be around INR10 (US$0.15)/bag. Other parts of the country could be affected in the future as the Supreme Court has rec...

South India cement prices fall INR16 per bag

20 November 2017, Published under Cement News

Cement prices in South India have fallen for the second consecutive month, according to The Hindu. The price dropped by INR16 (US$0.24) per bag in October and is currently around INR332. Kerala and Tamil Nadu saw the steepest decline, with a MoM decrease of INR20 per bag in November. The decline in prices has been attributed to the sand mining ban and the poor monsoon season for the region. South India has a production capacity of 150Mta, but the lack of sand has kept the cement ...

Prism Cement sees rise in 2Q17 EBITDA

16 November 2017, Published under Cement News

Prism Cement has posted a 50.4 per cent YoY rise in EBITDA for the 2Q17 period ended 30 September 2017 to INR376m (US$5.78m). The resulting EBITDA margin for the second quarter was 3.2 per cent. The company’s revenue fell 7.7 per cent on a comparable basis to INR11.6bn 2Q17 from INR12.62bn in 2Q16. The first six months of the current financial year has seen Prism report EBITDA of INR1.14bn. In comparison to the same period of the previous year, this is a minor decrease of 5.3 per cent. Si...

Star Cement announces 90% net profit increase

16 November 2017, Published under Cement News

Star Cement reported a standalone net profit of INR219.9m (US$3.37m) for the 2Q17 period ended 30 September 2017, a 89.9 per cent increase from the INR108m seen in the year-ago period. The revenue for the company fell to INR2.57bn from INR2.89bn in 2Q16. Star Cement reported EBITDA of INR530m for the second quarter of 2017, according to The Economic Times. The cost of expenses decreased to INR2.32bn from INR2.78bn of the corresponding quarter in 2016. In 1H17 the company saw a net profit...

JK Cement 2Q net profit doubles to INR930m

13 November 2017, Published under Cement News

JK Cement reported a jump in standalone profit to INR931.4m (US$14.22m) for the second quarter, ended 30 September 2017. In the equivalent period of FY17, the company’s profit reached INR409.1m, said the company in a regulatory filing. Total revenue rose to INR11.421bn in the July-September 2017 quarter, a 5.5 per cent advance when compared with the INR10.822bn reported during the year-ago period.

Mangalam Cement 2Q net profit falls 77%

13 November 2017, Published under Cement News

India-based Mangalam Cement reported a standalone net profit of INR10.7m (US$163,424) for the quarter ended 30 September 2017, representing a 77 per cent decrease when compared with 2QFY16, when net profit reached INR47.2m. The company’s net revenue advanced by 25 per cent to INR2.373bn in the July-September quarter from INR1.895bn reported in 2QFY16. Operating expenses increased by 25.67 per cent to RINR2.1bn from INR670.9m in the year-ago period. Mangalam’s operating profit rose by ...

India Cements net profit falls 62% in 2Q17

10 November 2017, Published under Cement News

India Cements have reported a net profit of INR236.7m (US$3.5m) for the 2Q17 ended 30 September, reflecting a 62 per cent YoY drop, according to the New Indian Express. The company also saw a decrease in total revenue to INR12.7bn from INR13.1bn of the corresponding period in the previous financial year. EBITDA decreased to INR1.88bn for the same period. The volume of cement sold during 2Q17 amounted to 2.7Mt, including exports. The “second quarter proved more tough than we thought prev...