Cement News tagged under: Indian subcontinent

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Bestway Cement in profit slides during FY21-22

07 September 2022, Published under Cement News

Pakistan-based Bestway Cement Ltd has reported a 11.6 per cent decline in company profit to PKR10.239bn (US$45.9m) in FY21-22 (July 2021-June 2022) from PKR11.577bn in FY20-21. Net sales in FY21-22 increased 21 per cent YoY to PKR103.1bn from PKR85.197bn in FY20-21. The fall in profits was due to increased sales tax, excise duty, high cost of sales and income tax expenses. Selling and distribution costs rose from PKR611m in FY20-21 to PKR972m in FY21-22. Administrative expenses also incre...

Bangladesh sees imports of raw materials rise

07 September 2022, Published under Cement News

The import of raw materials used in cement production has increased in recent months despite raw material prices increasing. In the July-August 2022 period a total of 5.12Mt of clinker, granulated slag, limestone, gypsum and fly ash were imported. The imports represent a value of BDT23.038bn (US$242.4m), up 34 per cent YoY. Clinker prices have increased 17.5 per cent YoY to US$62.14 on average. To safeguard profit margins cement producers have increased the price per bag on the back of a U...

Cement capacity outpaces production in Pakistan

06 September 2022, Published under Cement News

Pakistan's cement industry saw a fall of 3.6 per cent to 48.011Mt in cement production between July 2021 to June 2022 from 49.79 Mt produced in the year-ago period, says data released by the Pakistan Bureau of Statistics (PBS). While analysts attribute the slide to a range of factors, particularly to blame were high inflation and interest rate, costly raw materials, high cost of doing business and political uncertainty during the production period of last year. FBS data indicates that Pak...

Pakistan cement market continues contraction in August

05 September 2022, Published under Cement News

Pakistan Cement Manufacturers Association (APCMA) estimated a decline in Pakistan cement dispatches in August and July-August 2022 (2MFY21-22) as the country experiences economic challenges, rising inflation, political unrest and heavy rains due to floods. Total cement dispatches (domestic deliveries plus exports) declined by 24 per cent in August 2022 to 3.296Mt when compared with 4.336Mt in August 2021. Of this total, domestic dispatches declined 23.8 per cent YoY to 2.9Mt from 3.81Mt i...

Morgan Stanley invests in ACC

05 September 2022, Published under Cement News

Morgan Stanley has bought a stake in Indian cement producer ACC Ltd. According to Mint, Morgan Stanley Asia (Singapore) has purchased 941,557 ACC shares at INR2290 each, marking an investment of INR2156m (US$26.9m). The deal was made through an open market transaction on 2 September 2022.

Adani Enterprises replaces Shree Cement in Nifty50 on NSE

02 September 2022, Published under Cement News

Adani Enterprises is to be included in the headline index Nifty50 on the National Stock Exchange of India (NSE) from 30 September 2022, replacing Shree Cement . According to The Economic Times, shares in Adani Enterprises have rallied over 88 per cent so far this year, taking its market capitalisation to INR3680bn (US$46,127m). After Adani Ports, this is the second stock from Gautam Adani to be included in the Nifty. Meanwhile, shares in Shree Cement have fallen by almost 21 per cent s...

Gujarat Sidhee Cement reports revenue fall

22 August 2022, Published under Cement News

Gujarat Sidhee Cement Ltd (GSCL) has recorded total income of INR1.89bn (US$23.69m) in the quarter ended 30 June 2022, compared to INR2.04bn in the quarter ended 31 March 2022. Net profit over the same period has advanced from INR32.2m to INR54.9m, according to Construction News. The India-based company runs one plant located in Sidheegram in Sutrapada Taluka, Gujarat State.  GSCL also announced the resignation of Dr Rahul Gupta as non-executive and non-independent director of the com...

Shiva Cement turnover down 88%

22 August 2022, Published under Cement News

India’s Shiva Cement has reported turnover for FY2021-22 of INR34.65m (US$433,491), down 88 per cent YoY, primarily due to the suspension of plant operations on the back of ongoing project activity. EBITDA over the same period fell four per cent to a loss of INR80.17m, while profit after tax fell 16 per cent to a loss of INR255.2m. This was due to lower sales volumes, which fell 89 per cent YoY in FY2021-22, along with an increase in the cost of production.    “Our main project, the 40...

JK Cement sees 33% increase in revenue

19 August 2022, Published under Cement News

India’s JK Cement has reported revenue from operations of INR21,664m (US$271.5m) in the quarter ended 30 June 2022. This compares to INR16,336m in the same period a year earlier.  Net profit over the same period has fallen from INR2082.6m to INR1811.4m. Total expenses in the quarter ended 30 June 2022 came in at INR19,179m, versus INR13,557m in the comparable period in 2021, with power and fuel expenses rising from INR2994m to INR4856m. The company’s operating margin in the quarter e...

Indian producers turn to Venezuela for petcoke supplies

17 August 2022, Published under Cement News

The surge in global coal prices has prompted Indian cement producers to turn to petcoke instead with the country importing significant volumes from Venezuela for the first time. According to Live Mint, trade data shows that India imported at least four shipments of 160,000t of petcoke from Venezuela, arriving in India between April-June 2022. A further 50,000t cargo is due to reach Mangalore, India, over the coming days and a 30,000t shipment is expected to depart Venezuela for India later t...