Cement News tagged under: indian subcontinent
UltraTech Cement eyes up Kesoram Industries27 November 2023, Published under Cement NewsUltraTech Cement has reportedly expressed an interest in acquiring Kesoram Industries and is already carrying out due diligence on the company. According to CNBC, UltraTech is exploring two options: buying out the existing promoter or just acquiring the cement business of Kesoram. Kesoram currently operates in two markets, cement and rayon, with a cement production capacity of close to 10Mta across Karnataka and Telangana . Current shareholders in Kesoram Industries are the existi... |
Sarbottam Cement issues IPOs in Nepali first24 November 2023, Published under Cement NewsSarbottam Cement has become the first Nepali company to float its initial public offerings (IPOs) at the book building price. According to myRepublica, the cement producer has opened its IPOs for institutional investors with a deadline of 26 November 2023, imposing a cut-off price of NPR401/unit (US$3.00/unit) and a ceiling price of NPR601.50/unit. The Securities Board of Nepal (Sebon) has given its approval for Sarbottam to float 12.9033 per cent of its issued capital of NPR4.65bn. Of ... |
Suitors line up for Vadraj Cement22 November 2023, Published under Cement NewsJSW Cement , the Adani Group , and the ArcelorMittal Group are among the entities expressing an interest in acquiring India’s Vadraj Cement , according to Construction World. Vadraj Cement, which is owned by the ABG Shipyard group, is being sold under the Insolvency and Bankruptcy Code (IBC) process. After the cement company was sued by trade creditor Beumer Technology India in August 2018 to recover unpaid debts, the Bombay High Court ordered the company to be wound up. Following lon... |
India: riding the growth wave21 November 2023, Published under Cement NewsIndia, the world’s second-largest cement market, has demonstrated strong resilience and recovery since the COVID-19 pandemic. The country is now on course for a higher, sustainable demand trajectory and the cement sector is adding fresh capacity as it prepares to ride this new, long-awaited growth wave. The Indian cement industry is at the start of a new chapter as all the key factors align for higher, sustainable growth prospects (© Ganeshkumar Durai) India is set to retain ... |
Shree Cement pledges to boost share of premium products16 November 2023, Published under Cement NewsShree Cement plans to expand the share of premium products as part of its total sales to 12 per cent over the next six months. This compares to just 9.5 per cent in the 2QFY23-24. According to the company, this will be achieved through the “right pricing”, reports The Hindu Business Line. In the 2QFY22-23, premium products accounted for 7.5 per cent of trade sales. “Regarding premiumisation, our focus is on the right pricing. The volumes will come later,” says Hari Mohan Bangur, chai... |
JK Cement announces passing of Jitendra Singh14 November 2023, Published under Cement NewsIndia’s JK Cement has announced the sudden passing of Jitendra Singh, its former chief information officer (CIO). Mr Singh suffered a heart attack on 12 November 2023, aged 56. “We are deeply saddened in sharing the news of the sad demise of our former Chief Digital Officer Mr Jitendra Singh who took his last breath at Meerut on November 12, 2023. He had a cardiac arrest. May God give him eternal rest and family the strength to bear the great pain. His last rites shall be performed in... |
Birla Corp reports 14% revenue growth in 2QFY2413 November 2023, Published under Cement NewsBirla Corp has reported revenue of INR22,858.3m (US$274.5m) in the 2QFY24 ended 30 September 2023. This marks a 14.3 per cent YoY increase. Net profit in the 2QFY24 came in at INR583.7m, compared to a loss of INR564.6m in the same period a year earlier. The rise in profit has been attributed to a number of factors, including cost initiatives and optimisation of the power and fuel mix, according to the company. Cement sales over the same three-month period advanced by 14.8 per cent YoY to 4... |
Ramco Cements reports YoY profit advance13 November 2023, Published under Cement NewsThe Ramco Cements Ltd recorded total income of INR23,427.9m (US$281.3m) in the quarter ended 30 September 2023. This compares to INR22,489.m in the previous quarter and INR17,932m in the same period a year earlier. Net profit after tax has advanced from INR114.7m in the quarter ended 30 September 2022 to INR1013m in the corresponding period in 2023, while earnings per share improved from INR0.48 to INR4.28 over the same timeframe. Total expenses also increased, up from INR17,771.8m in t... |
Anjani Portland Cement reports revenue fall YoY13 November 2023, Published under Cement NewsAnjani Portland Cement Ltd , a subsidiary of Chettinad Cement Corp Pvt Ltd , has reported total income of INR1011.5m (US$12.14m) in the quarter ended 30 September 2023. This compares to INR1109.5m in the previous quarter and INR1069.7m in the same quarter in the previous year. The company has posted a loss of -INR64.2m in the September 2023 quarter, up from the loss of -INR106.6m in the quarter ended 30 September 2022. Total expenses over the same period fell from INR1081.6m to INR1180.... |
Orient Cement sees revenue expand 17% YoY13 November 2023, Published under Cement NewsOrient Cement, part of the CK Birla Group , has reported total income of INR7222.4m (US$86.6m) in the 2QFY24, ended 30 September 2023. This marks a 16.5 per cent increase on the same period a year earlier. Net profit in the September 2023 quarter came in at INR246.2m, compared to a net loss of INR94.9m in the 2QFY23. The quarter also saw the company approve a reduction in the solar power plant capacity for its Jalgaon plant from 5.5MWdc to 3.7MWdc to help maximise return on investme... |