Displaying items by tag: India Cements

India: The India Cements has launched Concrete Super King, a general application cement, and Halo Super King, a cement exclusively developed for use in the production of precast hollow dense concrete blocks.

Vice chair and managing director Narayanaswami Srinivasan said that many of the company’s customers already rely on its products in their precast hollow dense concrete block production. With the launch of Halo Super King, it hopes to further increase the ease of application.

India: Two pipe bombs have been found by police at India Cements plant at Sankarnagar, Tirunelveli in Tamil Nadu. The explosives were discovered after the plant manager was asked for a ransom of around US$70,000, according to the Indo-Asian News Service. Police suspect that the bombs were left at the site by former employees whose contracts were terminated due to coronavirus-related restrictions. However, terrorist activity is also being considered. The cement producer said that no one was hurt in the incident and production at the site continues uninterrupted.

India: The state government of Telangana has renewed The India Cements’ mining licence for two sites in Guntur district until 2037. These are the Pondugula and Pulipadu mines, which supply the company’s Vishnupuram cement plant in Nalgonda district. The Times of India has reported that the producer first received its licence for the mines in 2000 and applied for the recent extension a decade later.

India: The India Cements recorded full-year consolidated net sales of US$619m in the 2021 financial year, down by 13% year-on-year from US$712m. Cement sales volumes fell by 19% to 8.9Mt from 11Mt, which it blamed on production overcapacity in the south of the country. Its profit after taxes, minority interests and share of profit of associates was US$28.6m, more than triple the figure for the 2020 financial year of US$7.34m. The cement producer warned that, despite an economic recovery following the first wave of coronavirus, it expected an uncertain outlook with the current second wave of the epidemic.

India: Prism Johnson’s full-year consolidated net sales fell by 7% year-on-year to US$752m in the 2021 financial year from US$806m in the 2020 financial year. The group’s profit before tax increased more than doubled to US$21.4m from US$8.5m. Cement sales revenue grew slightly to US$354m.

India: The India Cement’s consolidated nine-month net sales for the period which ended on 31 December 2020 were US$416m, down by 24% year-on-year from US$550m, in the corresponding period of 2019. Its sales volumes of cement fell by 29% to 5.9Mt from 8.4Mt. However, its net profit more than doubled to US$21.5m from US$8.3m. The cement producer said that the construction industry started to recover from September 2020 following coronavirus-related lockdowns earlier in the year. Earnings and profits grew in the reporting period in part due to reduced production costs.

India: Cement producers in southern India have joined together to form the South Indian Cement Manufacturers’ Association (SICMA). United News of India has reported that the association aims to serve as an intermediary between producers and federal and state governments. In this, it says that it will help to realise Prime Minister Narendra Modi’s vision of ‘affordable housing for all’ and ‘infrastructure for future.’ The India Cements vice-chair and managing director Narayanaswami Srinivasan will head the new organisation, supported by Barathi Cement’s director Ravinder Reddy as vice-president and Penna Cement’s director Krishna Srivastava as secretary.

SICMA alleges that the construction industry has exaggerated the effects of rising cement prices on its costs. In so doing, the association says, it has deprived the public of the housing the government had planned. It added that, with around 30% of India’s limestone reserves situated in Andhra Pradesh, Karnataka and Telangana alone, the South has the potential to become a cement hub for development across India, as well as for export.

India: The India Cements recorded a profit of US$2.27m in the three months to 30 June 2020, down by 77% year-on-year from US$9.66m in the corresponding quarter of 2019. Its sales fell by 48% to US$102m from US$197m, due to the effects of the coronavirus lockdown during the quarter. It noted that direct cement sales to consumers (non-trade sales) rose to 67% from 52%, and said that it would extend its successful “cash and carry” business model developed for non-trade sales during the partial coronavirus lockdown to all cement sales. The India Cements predicts a rise in cement demand in Andhra Pradesh and Telangana of 75% to 3.5Mt in the second half of 2020 from 2.0Mt in the first half.

India: The India Cements recorded a profit of US$4.70m in the fiscal year ending 31 March 2020, down by 49% year-on-year from US$9.18m in the 2019 fiscal year. Sales fell by 10% to US$669m from US$744m. The company attributed the fall in revenue partly to the suspension of operations in the fourth quarter following the beginning of the nationwide coronavirus lockdown in late March 2020.

India: Retail investor Radhakishan Damani has announced plans to acquire a majority stake in The India Cements. The deal is subject to the approval of competition authorities.