Cement News tagged under: India
India Cements reports fifth consecutive quarterly drop in net profit14 August 2013, Published under Cement NewsIndia Cement has reported its fifth consecutive quarterly drop due to forex losses and a lower pricing environment. Net profit for the first quarter of the current fiscal declined by 72 per cent to INR16.82 crore. N Srinivasan, vice chairman and managing director, India Cements Ltd said: “The exchange translation charges due to unprecedented rupee depreciation impacted to the tune of INR27 crore resulting in net profit before tax of INR26 crore.” The company also saw a drop in prices duri... |
Bids for Cement Corp of India units invited13 August 2013, Published under Cement NewsSBI Capital Markets has invited global bids to sell state-run Cement Corp of India Ltd's four non-operating units through an e-auction process. The company has put its 400,000tpa works in Akaltara (state of Chhattisgarh), and 198,000tpa plant at Kurkunta, (Karnataka), up for sale at a reserve price of INR1.83bn and INR2.6bn, respectively. Its 380,000tpa Mandhar unit in Chhattisgarh and 400,000tpa Nayagaon unit in Madhya Pradesh have also been put up for sale, according to an a... |
Dalmia in advanced stage of new plant commissioning, India13 August 2013, Published under Cement NewsDalmia Cement is in advanced stages of commissioning its new cement plant at in north Karnataka, as the company plans to lift capacity to 19Mta. The new 2.5Mta cement works in Yadawad, near Belgaum, will be commissioned by February next year and forms part of the Damia Bharat Group’s plan to expand its presence in the north. "Three years ago, we were considered as predominantly south-based cement maker. But, we have added a plant in northeast and eastern India in the last couple of years. W... |
India: industry targets 25% TSR by 203012 August 2013, Published under Cement NewsThe Indian cement industry is failing to realise the potential for alternative fuels and raw material utilisation (AFR), but resolves to raise the thermal substitution rate (TSR) to 25 per cent by 2030, from the current level of less than one per cent. This was the conclusion of a two-day conference on co-processing in cement plants, convened by the Washington-based Institute for Industrial Productivity (IIP) and the Cement Manufacturers’ Association (CMA) of India. In his introductory... |
CRH to acquire Sree Jayajothi Cements, India12 August 2013, Published under Cement NewsCRH has announced that its 50:50 joint venture in India, My Home Industries Limited (MHIL) has reached an agreement to acquire 100 per cent of the shares of Sree Jayajothi Cements Limited (SJCL), a 3.2Mta cement company based in south India for INR14,000m (EUR175m). The investment will be financed from MHIL’s existing debt capacity and by equity inputs from the joint shareholders (EUR70m). CRH’s equity interest will amount to approximately EUR35m. With the addition of SJCL, MHIL b... |
Star Cement exports clinker to Bangladesh via river route12 August 2013, Published under Cement NewsIndia-based Star Cement said it has dispatched its first barge of clinker to Bangladesh via river. The company is aiming to export over 50,000t of clinker to Bangladesh every month using the riverine route, the Meghalaya Times reported its President (Sales & Marketing), Jyoti Swaroop Agarwal, as saying. In a pilot project Star Cement had started clinker export to Bangladesh last year by road and now it has started to export by river. "We believe that this mode of logistics will definitely b... |
Ramco eyes Myanmar plant construction09 August 2013, Published under Cement NewsIndia-based Ramco is planning to set up a cement factory in Myanmar. “Our company has been jointly working with Agro Coro International Pte Ltd to import cements from Ramco for six months. We are now in discussions with respective officials to establish the factory,” a source told local press. Interest in Myamnar’s cement industry has been increasing as the country opens up to the world after 50 years of military rule into a newly-born democracy. Currently there are 14 cement plants and 25... |
Kesoram Industries to construct 3Mta plant in Maharashtra, India05 August 2013, Published under Cement NewsKesoram Industries, part of the BK Birla Group, is to establish a 3Mta cement plant in Solapur in the state of Maharashtra. “The Solapur cement plant is a two-stage project. In phase 1, we are setting up a 1.5Mta grinding capacity,” Arvind Kumar Singh, CEO (business operations) of Kesoram Industries told the Telegraph of India. This phase is expected to begin operations within 18-20 months. Kesoram currently operates two plants in the states of Karnataka and Andhra Pradesh with a combined... |
Jaiprakash Associates downgraded, India31 July 2013, Published under Cement NewsTwo brokerages have downgraded Jaiprakash Associates Ltd, days after Deutsche Bank also cut its ratings and earnings estimates for the India-based cement producer. Morgan Stanley has downgraded Jaiprakash to "equal-weight" from "overweight", citing worsening headwinds for cement profitability, a reduced likelihood of the Reserve Bank of India (RBI) cutting interest rates and a lack of asset sales so far to meaningfully reduce debt levels. Citigroup, meanwhile, has cuts the company to "... |
UltraTech first quarter hit by building slowdown30 July 2013, Published under Cement NewsUltraTech Cement, India's largest cement producer, posted a 13.5 per cent YoY decline in its first quarter (April-June 2013), due to slowdown in home building and infrastructure projects. The Aditya Birla group company reported standalone profit of INR6.73bn (US$112.3m) for the April-June quarter. Net sales also declined 2.2 per cent to INR49.58bn. Going forward, Kumar Mangalam Birla, chairman of the group, said the business outlook remained challenging and the company has downwardly re... |