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Displaying items by tag: India
India: Holcim India subsidiary ACC has announced that industrial conglomerate Adani Group's open offer for Holcim's Indian business will open on 6 July 2022 and conclude on 19 July 2022. Live Mint News has reported that the parties expect the deal to subsequently close within 2022.
India: India Cements has signed a strategic collaboration agreement with 3D printing equipment supplier company Tvasta Manufacturing. The agreement establishes mutual strategic support between the partners in their efforts to develop new raw materials for use in 3D printing.
India Cements director Rupa Gurunath said "We are excited that Tvasta Manufacturing's technology delivers a cost-effective construction method that offers quicker turn-arounds as compared to conventional methods. But what we are particularly enthusiastic about is that this methodology is more eco-friendly, with lower consumption of water and sand."
MF Farooqui appointed as chair of Ramco Cements
25 May 2022India: Ramco Cements has appointed MF Farooqui as its chair. Previously PR Venketrama Raj had served as both the company’s managing director and chair. However, the company has decided to split the positions. Venketrama Raj will continue as managing director until mid-2027.
Farooqui, aged 67 years, has worked for over 35 years as a civil servant in the Indian government with roles including Secretary for the Department of Telecom and Heavy Industries, Special Secretary & Additional Secretary for the Ministry of Environment and Joint Secretary for the Department of Economic Affairs.
For the government of Tamil Nadu, he has worked as Principal Secretary for the Industries Department, Member Secretary for the Chennai Metropolitan Development Authority and Deputy Secretary in the Finance Department. He had also served as chair of Repco Bank, Titan Company and Tamilnadu Newsprint & Papers Limited. He holds a master’s degree in physics and business administration. He has been on the board of the Ramco Cements as an independent director since 2017.
India: Grasim Industries' full-year consolidated sales were US$12.3bn in the 2022 financial year, up by 25% year-on-year from US$9.85bn. Its net profit rose by 60% to US$1.44bn from US$901m.
India: Cement producers and analysts say that a government cut to fuel duty may reduce the price of cement. The reduction may be minimal but it will stand out amongst inflation on other input costs for cement production, according to sources quoted by the Business Standard newspaper. Shree Cement hopes to pass on any reduction in costs from transportation to consumers but UltraTech Cement and JSW Cement are yet to announce a price cut. Most cement producers raised their prices by 8% month-on-month in April 2022 with a similar increase expected in May 2022.
India: Dedicated Freight Corridor Corporation of India Limited (DFCCIL) says that it will inaugurate the 82km Punjab section of the upcoming Eastern Freight Corridor railway before the end of 2022. The line will form part of the 175km Punjab - Uttar Pradesh section and connect Western Indian cement plants and other industries by high-speed link with Central markets. Workers will divert the existing railway between Mandi Gobindgarh and Sirhind to make way for the line.
DFCCIL previously inaugurated the corridor's central Bhaupur - Khurja section in Uttar Pradesh in January 2021.
India: Ramco Cements’ earnings before interest, taxation, depreciation and amortisation (EBITDA) in the 2022 financial year were US$169m, down by 17% year-on-year from US$204m in the 2021 financial year. The producer’s profit after tax also rose by 17%, to US$115m from US$98m.
The Hindu Business Line newspaper has reported that the company attributed its full-year earnings decline to increased fuel costs and reduced cement prices. In the fourth quarter of the 2022 financial year, power and fuel costs rose by 88% year-on-year to US$60.1m from US$31.9m.
India: Shree Cement recorded standalone sales of US$1.84bn in its 2022 financial year, corresponding to a rise of 13% year-on-year from US$1.63bn in the 2021 financial year. Profit after tax for the year was US$306m, up by 2.8% from 298m.
In the fourth quarter of the 2022 financial year, Shree Cement’s energy costs rose by 10% year-on-year and equalled 26% of its sales, while transport costs fell by 1.1% to 23% of sales. Raw materials costs equalled 6.6% of the quarter’s sales.
India: Nuvoco Vistas recorded full-year consolidated sales of US$1.2bn in its 2022 financial year, up by 24% year-on-year. The group’s earnings before interest, taxation, depreciation and amortisation (EBITDA) remained level year-on-year at US$198m. Its profit after tax also remained level at US$4.12m.
The Pioneer newspaper has reported that Nuvoco Vistas’ Chittor cement plant achieved an alternative fuel (AF) substitution capacity of 23% during the 2022 financial year. The group says that it remains focused on increasing its proportion of blended cement products, in addition to AF and waste heat recovery (WHR) projects.
JK Cement to raise US$64.4m
23 May 2022India: The board of JK Cement has recommended a proposal for the company to seek to raise US$64.4m via non-convertible debentures (NCDs). Under the proposal, the cement producer would issue the NCDs on a private placement basis in one or more tranches.