Cement News tagged under: Shree Cement

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Shree Cement reports 31% increase in net profit

30 April 2018, Published under Cement News

India’s Shree Cement has reported a 31.1 per cent YoY rise in standalone net profit for the quarter ending 31 March 2018, increasing to INR3.99bn (US$60.14m) from INR3.04bn. Net revenue surged 18.1 per cent to INR28.11bn, compared to INR23.80bn of the year-ago period. The cement sector helped boost the revenue, with a six per cent uptick in cement sold. This has been attributed to an increased demand in the northern and central regions of the country, according to Live Mint. However, fue...

Shree Cement commissions New Bihar cement plant

20 February 2018, Published under Cement News

Shree Cement has commissioned a 2Mta grinding plant called the 'New Bihar cement plant', which is located at Aurangabad in the state of Bihar, India. The company has recently commissioned its Bangur cement grinding unit. The new plant has capacity of 3.6Mta and is located at Village Rohi Udaipur Udasar, Sriganganagar district, Rajasthan. Currently, Shree Cement's manufacturing operations are located in six north and eastern India states.

Shree Cement commissions grinding unit

15 February 2018, Published under Cement News

Shree Cement has commissioned a new grinding unit in Sri Ganganagar, Rajasthan. The new facility has a capacity of 3.6Mta. In the 3Q17 the company reported a net profit increase of 41.6 per cent YoY to INR3.33bn (US$52.1m) and 23.1 per cent growth in net sales to INR22.96bn.

Shree breaks into its first international market

19 January 2018, Published under Cement News

This week, Shree Cement made a bold move to buy a 93 per cent stake in Union Cement Co PSC (UCC) for an enterprise value of US$305.24m. It is a major transaction for the Indian company and sets it on a course for expansion overseas, which will give the cement producer additional revenue streams and room to grow outside its Indian heartland. Initial analyist comments on the acquisition have been mixed. The Economic Times notes the deal will give Shree Cement a financial lift: "Besides seve...

Shree Cement to acquire 93% stake in Union Cement

12 January 2018, Published under Cement News

Shree Cement Ltd announced on Thursday that it had agreed to acquire a 92.83 per cent stake in Union Cement Co PSC, for an enterprise value of US$305.24m, according to the Hindustan Times. The deal will increase Shree Cement’s capacity to 33.3Mta from 29.3Mta, and is expected to be concluded within nine months.  Shree Cement has the option to take full control of the company’s shares, said Subhash Jajoo, CFO, Shree Cement. Union Cement is based in the UAE and has a total capacity of 4...

Indian cement companies expected to raise prices

20 November 2017, Published under Cement News

Indian 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...

Shree Cement sees narrowing margins despite drop in fuel cost

09 November 2017, Published under Cement News

Shree Cement Ltd’s power and fuel cost per tonne has dropped, according to a report by Mint. However, the falling cost of fuel over the third quarter of 2017 has not had much of a positive impact on the company’s earnings. The company’s cement sales volume increased seven per cent YoY to 4.8Mt over 3Q17, whilst its stand-alone net profit decreased by 27 per cent in the same period. Operating margins narrowed to 26.2 per cent in September from 32.7 per cent a year ago as the company's powe...

MOU signed for Shree Cement to investigate potential new plant in Jharkhand

02 November 2017, Published under Cement News

The Jharkhand government has signed MoUs with Mineral Exploration Corporation Ltd (MECL) for undertaking mineral exploration to identify prospective mineral blocks with Shree Cement for setting up a cement plant in Jharkhand, a state government a press release said. The MOU was signed at a three-day Mining and Minerals summit in Jharkhand, India.

Shree Cement's eastern promise

22 May 2017, Published under Cement News

Shree Cement is looking to expand its presence in eastern India with the construction of two grinding facilities, according to local press. As part of its expansion plan in the east from its base in Bihar, Shree Cement is constructing one plant in Raghunathpur, West Bengal, and the other near Cuttack, Odisha, the report in Business Standard (India), stated. Managing Director, HM Bangur, told the daily that Shree had acquired 120-130 acres in Bengal and that a deal to acquire 150 acres i...

Shree profits fall sharply

18 May 2017, Published under Cement News

Shares of Shree Cement declined over five per cent on Wednesday after the company said its profits more than halved in March quarter. The company reported a standalone profit of INR304.5bn (US$4.73bn) for the fourth quarter ended 31 March, compared with INR663bn, reported for the same period last year, said the Economic Times. The company said total income during the quarter under review increased to INR2834bn from INR2724bn in the January-March quarter of 2015-16. The earnings are not co...