Cement News tagged under: India
How has Binani Cement ended up facing insolvency?24 November 2017, Published under Cement NewsThe interest in the insolvency-stricken Binani Cement has been mounting since the summer and large investors are now lining up to bid for the portfolio of cement plants in India, China and UAE. But what went wrong for Binani Cement and who is set to gain? Debt burden catches up with Binani Cement In July 2017 the Kolkota branch of the National Company Law Tribunal (NCTL) admitted a petition against Binani Cement, a subsidiary of Binani Industries, for insolvency proceedings to start aft... |
Pakistan sees 31% YoY rise in exports in October 201724 November 2017, Published under Cement NewsThe export revenue of the cement industry in Pakistan fell 18.57 per cent YoY throughout the July-October 2017 period, to PKR9.05bn (US$85.97m) from PKR11.12bn. The volume of cement exported also decreased by 16.6 per cent in the same period, to 1.7Mt from 2.03Mt of the year-ago period. Exports to Afghanistan recorded an increase of 15.41 per cent YoY to 885,967t. However, exports to India saw a drop of 22.9 per cent YoY to 377,761t for the four-month period. Likewise, cement exports to th... |
Sanghi Industries sees fall in fuel cost22 November 2017, Published under Cement NewsSanghi 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 heights21 November 2017, Published under Cement NewsFears 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 interest21 November 2017, Published under Cement NewsBinani 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 prices20 November 2017, Published under Cement NewsIndian 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 bag20 November 2017, Published under Cement NewsCement 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 EBITDA16 November 2017, Published under Cement NewsPrism 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 increase16 November 2017, Published under Cement NewsStar 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 INR930m13 November 2017, Published under Cement NewsJK 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. |