Cement News tagged under: India
Nuvoco Vistas Corp posts 6% uptick in April-June revenue02 August 2024, Published under Cement NewsIndia-based Nuvoco Vistas Corp saw its consolidated revenue from operations for the April-June 2024 quarter decline by six per cent YoY to INR26.36bn (US$314.8m) as lower volumes and weaker prices affected the company's result. The group sold 4.8Mt of cement, down from 5Mt in the year-ago quarter. Consolidated EBITDA for the quarter stood at INR3.48bn, down more than 13 per cent from a year ago. The company's consolidated net profit fell by more than 80 per cent YoY to INR28.4m in the A... |
Indian cement production may need to expand quicker to meet demand01 August 2024, Published under Cement NewsIndian cement consumption is expected to remain robust this year. The rainy season will weigh on demand somewhat in the near term, but fundamentals are strong for a solid resumption in demand. According to ICR Research, consumption rose 7.9 per cent YoY in 2023, amounting to 418Mt, and demand growth of 6.2 per cent YoY is forecast for this year. The World Bank is projecting GDP growth of 6.6 per cent YoY this year and India’s government is forecasting economic growth of a steady seven ... |
Ambuja Cements posts profit growth in June 2024 quarter31 July 2024, Published under Cement NewsAmbuja Cements Ltd , part of Adani Cement , has reported total income of INR49,361m (US$589.4m) in the quarter ended 30 June 2024, down slightly from the INR49,571m seen in the previous quarter, but up marginally from the INR49,191m posted in the quarter ended 30 June 2023. Profit before tax fell from INR8665m in the June 2023 quarter to INR6810m in the quarter ended 31 March 2024, before recovering to INR7675m in the June 2024 quarter. Profit after tax over the same time frame fell fro... |
Sanghi Industries reports improved income YoY31 July 2024, Published under Cement NewsSanghi Industries Ltd has reported total income of INR2305.5m (US$27.5m) in the quarter ended 30 June 2024. This is up from INR1702m in the same period in the previous year but down from the INR2883.3m seen in the previous quarter. The loss before tax for the June 2024 quarter came in at -INR888.2m, marking an improvement on the -INR1894.3m reported in the same quarter in 2023, but down on the -INR190.2m loss seen in the quarter ending 31 March 2024. Basic earnings per share improved from ... |
ACC sees results dip YoY in June quarter30 July 2024, Published under Cement NewsIndia-based ACC Ltd has reported standalone total income of INR52,254m (US$623.9m) in the three months ended 30 June 2024. This compares to INR52,793m in the same period a year earlier. Profit before tax declined from INR6230m in the quarter ended 30 June 2023 to INR4925m in the same period in the following year, while profit after tax over the same time frame fell from INR4639m to INR3662m. Total expenses for the company stood at INR47,329m in the June 2024 quarter, up from INR46,56... |
Digvijay Cement reports financial results from 1H2430 July 2024, Published under Cement NewsDigvijay Cement has reported its revenue from ongoing operations for the period ended 30 June 2024 as INR1.76bn (US$21.1m). This represents an 8.3 per cent decrease from the corresponding period in the year previous where revenue was reported at INR1.9bn. The EBITDA of the company has also decreased in this period, from INR324m to INR237m, a 26.8 per cent decrease. “The performance during the quarter was sub-par due to severe heat, general elections led to a very subdued demand. P... |
Shiva Cement reveals plans for new 1Mta plant30 July 2024, Published under Cement NewsShiva Cement Ltd , part of JSW Cement , has announced plans to construct a 1Mta grinding plant in Odisha, India. The new facility will be set up with Bhushan Power and Steel Ltd (BPSL) on BPSL’s site at Sambalpur. According to Shiva, the plant is expected to be completed by the end of September 2025, subject to the relevant approvals, and represents a total investment of INR3800m (US$45.4m). |
UltraTech acquires additional stake in India Cements29 July 2024, Published under Cement NewsUltraTech Cement is acquiring a 32.72 per cent share in India Cements , marking an investment of INR39,540m (US$472.2m). According to The Hindu, the move enables Aditya Birla -owned UltraTech to expand its presence in the fast-growing southern India market, particularly Tamil Nadu. UltraTech has reportedly entered into a share purchase agreement for a 28.42 per cent stake from promoters – N Srinivasan, Chitra Srinivasan, Rupa Gurunath and S K Asokh Baalaje — and a 4.3 per cent share ... |
Ramco Cements sees 55% fall in net profit26 July 2024, Published under Cement NewsThe Ramco Cements Ltd reported a 55 per cent fall in net profit to INR355m (US$4.24m) during the quarter ended 30 June 2024, compared to INR793m in the same quarter of 2023. The company’s net revenue decreased by seven per cent in the first quarter of FY24-25 to INR20.97bn, down from INR22.49bn in the same period of FY23-24. During the first quarter of FY24-25, sales volume was 4.4Mt, compared to 4.3Mt in the April-June quarter of 2023. This was due to weak demand amid general electi... |
Cement Manufacturers' Association applauds 2024-25 budget26 July 2024, Published under Cement NewsThe Cement Manufacturers’ Association (CMA), the independent body of large cement producers in India that represents almost 75 per cent of the country’s total installed cement capacity, has applauded the Union Budget 2024-25. The budget, presented by the Finance Minister, Nirmala Sitharaman, on 23 July, set out a detailed plan for India’s economic growth with a strong emphasis on infrastructure development, employment generation and energy security. Speaking about the budget, Neeraj Akhou... |