Cement News tagged under: India
Demerger of Century Textiles to UltraTech Cement24 May 2018, Published under Cement NewsThe Board of Directors of UltraTech Cement Ltd confirmed that Century Textiles will demerge its 'Cement Business' into UltraTech, in a company statement. "The transaction provides UltraTech the opportunity for further strengthening its presence in the highly fragmented, competitive and fast growing east and central markets and extending its footprint in the western and southern markets in the country," said UltraTech's statement. The transaction is expected to be consummated within 6-... |
L&T Construction wins order for cement plants22 May 2018, Published under Cement NewsThe Building and Factories sector of L&T Construction has won orders worth a total of INR40.33bn (US$592.74m) in the Indian domestic market, according to a BSE filing. This includes an order from a leading cement manufacturer for the construction of plants in Odisha and Andhra Pradesh. The projects are based on a design and build model. |
UltraTech set to acquire Century Textiles' cement business21 May 2018, Published under Cement NewsUltraTech has announced plans to acquire the cement sector of Century Textiles through a share swap deal, which will further strengthen its presence in the eastern and central markets of India. The deal is expected to be completed within 6-9 months following regulatory approval and will increase the efficiency of the company. "The operations will be bolstered by economies of scale arising out of synergies in procurement and logistics costs; creation of efficiencies by reducing time to mar... |
UltraTech Cement secures Madhya Pradesh limestone reserves21 May 2018, Published under Cement NewsAditya Birla group firm UltraTech Cement said it has acquired the Deora-Sitapuri-Udipyapura limestone mining block in Madhya Pradesh (MP). UltraTech Cement said the land is in close proximity to its existing limestone mines of the company's recently-commissioned unit Dhar Cement plant. The company has won the Deora-Sitapuri-Udipyapura limestone mining site in the State of Madhya Pradesh, UltraTech Cement said in a Bombay Stock Exchange filing. "This mining block is spread over 344.783ha of... |
The CMA calls on the government to lower tax on cement18 May 2018, Published under Cement NewsIndia's Cement Manufacturers' Association (CMA) has argued that cement should be brought under the lowest Goods and Services Tax (GST) slab. It currently attracts 28 per cent, the highest slab on a par with luxury goods in India. Speaking at the 14th Green Cementech 2018, the CMA claims that by lowering the GST, it will lower costs and aid cement demand. Philip Mathew, co-chairman of Green Cementech 2018 and chief manufacturing officer of ACC Ltd, said various cement manufacturers have... |
JK Lakshmi reports 62% rise in standalone net profit17 May 2018, Published under Cement NewsJK Lakshmi Cement reported a 62.3 per cent YoY rise in standalone net profit to INR338.4m (US$4.99m) in the 4Q18. The company’s total income saw a slight decrease of 0.8 per cent to INR9.23bn, compared with INR9.31bn seen in the year-ago period. However, the company has stated the results in the two periods are not comparable. "With introduction of GST, revenue from operations for current quarter and year are not comparable with corresponding quarter and year, since sales in current ye... |
Mangalam Cement records 8% sales increase in FY1816 May 2018, Published under Cement NewsIndia’s Mangalam Cement Ltd has reported a one per cent YoY increase in net sales for the quarter ending 31 March 2018, rising to INR3.102bn (US$45.76m) from INR3.072bn. Net profit advanced 29.7 per cent to INR45m, compared with INR34.7m of the year-ago period. In the FY18, the company’s net sales surged 7.9 per cent YoY to INR11.49bn (FY17: INR10.66m). However, net profit saw a significant fall of 68.9 per cent to INR113.8m (FY17: INR360.6m). |
JK Cement doubles net profit to INR964.5m15 May 2018, Published under Cement NewsJK Cement's net profit more than doubled to INR964.5m (US$14.2m) for the fourth quarter ended March 2018. The company had posted a net profit of INR425.7m in the same quarter of the previous fiscal. The cement producer's total revenue during the quarter under review stood at INR13.69bn, up from INR12.55bn in the year-ago period. In the quarter under review, JK Cement reported tax expenses of INR265.3m as against INR745.8m in the corresponding quarter a year ago. For the fiscal year... |
LafargeHolcim replaces 17km-long conveyor15 May 2018, Published under Cement NewsLafargeHolcim Bangladesh Ltd has completed the replacement of its 17km-long conveyor belt in an effort to reduce noise emissions. The belt was originally installed in 2004 and connects its limestone mine in India to its plant in Surma, Bangladesh. The replacement project was completed in two phases and finished on 18 April, according to Harpal Singh, project head of operations at the Surma plant. "We have finished the replacement work one day ahead of the schedule," said Mr Singh. ... |
Star Cement receives government subsidies to reduce debt10 May 2018, Published under Cement NewsStar Cement has received INR2bn (US$29.7m) towards a subsidies claim from the central government. The company intends to use the amount to further reduce its debt. Earlier in April company had received IN800m (US$11.8m) of subsidies and also used it for debt reduction. The total debt for the company following the payment of INR800m is expected at INR3200m, including long-term and short-term loans. The debt will further come down significantly as the company intends to utilise the entire am... |