Cement News tagged under: indian subcontinent

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UltraTech sales advance 20% in 1QFY23-24

03 July 2023, Published under Cement News

UltraTech has announced 20 per cent YoY growth in sales volumes in India in the opening quarter of FY23-24 (March-June 2023). Volumes over the three-month period came in at 29.01Mt, compared to 24.2Mt in the same period a year earlier and 30.49Mt in the last quarter of FY22-23. In 1QFY23-24 grey cement volumes advanced by 20 per cent YoY to 28.6Mt, while white cement volumes improved by 12 per cent to 0.41Mt. QoQ growth in the 1QFY23-24 was down five per cent for grey cement and declin...

Shree Cement commissions Purulia plant

03 July 2023, Published under Cement News

Shree Cement announced the completion of its INR5.5bn greenfield cement plant in Purulia, Bengal, India. The 3Mta cement plant is its first production facility in Bengal and has started trial production on 30 June 2023. Entirely financed by internal acrruals, the Purulia works will serve the growing cement demand in Bengal and Jharkand markets, according to Neeraj Akhouri, Shree Cement’s MD. The project has increased the company’s cement capacity to approximately 50Mta across 15 plants...

Sika continues Indian expansion

03 July 2023, Published under Cement News

Sika is opening a new plant in Kharagpur, eastern India, as it continues to expand its production capacity in the Indian market. The plant will manufacture mortar products, concrete admixtures, and shotcrete accelerators for customers in the West Bengal region, which has more than 100m inhabitants. Alongside state-of-the-art manufacturing lines, the new factory includes office space, laboratories, and warehousing and logistics. Sika now has twelve manufacturing facilities in India and h...

Birla Corp targets 15% sales volume growth in FY23-24

30 June 2023, Published under Cement News

India’s Birla Corp Ltd (BCL) has forecast sales volume growth of 15 per cent in FY24, on the back of infrastructure investment and ongoing government projects. The company reported 11 per cent growth in sales volumes in FY22-23 to 15.73Mt, reports BusinessLine Online. Further expansion in FY23-24 will be driven by projects, such as the Indian government's affordable housing initiative, Pradhan Mantri Awas Yojana, which is perfectly placed for BCL, which primarily operates in the rural m...

ACC reports revenue of US$2706m

29 June 2023, Published under Cement News

Indian cement producer ACC Ltd has reported revenue from operations of INR222,100m (US$2706m) in FY22-23. EBITDA came in at INR22,560m, while profit after tax stood at INR8700m. The company has changed its financial year end so these latest results cover 1 January 2022 to 31 March 2023, a total of 15 months, so are therefore not comparable with the figures for the 12 months ended 31 December 2021. Profit before tax was reported as INR11,820m while earnings per share were INR46 over the sam...

Adani Group rebuilds investor confidence

27 June 2023, Published under Cement News

The Adani Group, which owns Ambuja Cements and ACC Ltd , is reportedly targeting 20 per cent YoY growth in pretax profits to INR900,000m (US$10,971m) within the next 2-3 years. According to Live Mint, the growth is expected to come from various sectors, including cement, airports, energy, logistics and power. The group has recently repaid loans amounting to US$2.65bn as part of a prepayment programme to reduce overall leverage and regain investor confidence following a negative report by ...

Ambuja Cements and ACC scoop sustainability awards

26 June 2023, Published under Cement News

Ambuja Cements and ACC , part of the Adani Group , have been recognised among ‘India's Top 50 Most Sustainable Companies’ by BW Businessworld. Ambuja Cements has also been named among ‘India’s Top 3 Most Sustainable Companies in the Infrastructure and Engineering Sector’ on the back of its “dedication to sustainability and outstanding success”, according to the company. Ajay Kapur, CEO, cement business, said, “We are immensely proud that both Ambuja and ACC have been recognised among...

Adani Group in talks with more lenders over acquisition loan

21 June 2023, Published under Cement News

The Adani Group is reportedly in talks with at least five new international banks regarding its refinancing of US$3.8bn of loans taken for its acquisition of ACC Limited and Ambuja Cement in 2022. According to The Economic Times, the majority of the group’s existing lenders, including Standard Chartered, Barclays and Deutsche Bank, will also participate in the refinancing round. The group has reportedly begun discussions with two Taiwanese banks and a Malaysian bank among others to exp...

Sri Lanka raises import tax on cement

20 June 2023, Published under Cement News

The Sri Lankan government has increased the import tax (CESS) on imported cement. With effect from 17 June 2023, the import tax on 1kg of artificially coloured or uncoloured cement has risen from LKR3.00 to LKR5.00 (US$0.01-0.02). The import tax on 1kg of Portland cement in bags of 50kg or less has increased to LKR8.00. Meanwhile, the import tax on other Portland cement in bags over 50kg has advanced from LKR3.00 to LKR5.00, according to Colombo Page. 

Shree Cement announces further expansion plans

19 June 2023, Published under Cement News

Shree Cement has announced a new round of capacity expansions, which will take the company’s total cement production capacity to 55.9Mta. The cement producer currently runs 46.4Mta of capacity with the new plans in line with the company’s vision to reach 80Mta by 2030, according to The Telegraph India.  The expansion plans includes four new projects, costing approximately INR55,000m-60,000m (US$671m-732m). The new plants will be located in Uttar Pradesh, Punjab, Karnataka and Bengal. Th...