Displaying items by tag: India

India: JK Cement expressed its heartfelt condolences to the family of Jitendra Singh, who died in Meerut, Uttar Pradesh, on 12 November 2023. Singh was formerly chief information officer at the company. He served from August 2016 to August 2023.

JK Cement said that Singh made an ‘unerasable mark’ on the group. It added “The technology industry has been subjected to loss as it lost a respected leader. The sudden nature of Mr Singh’s demise has left a void that will be challenging to fill. The condolences pour in not only from colleagues and industry peers but from all those who had the privilege of interacting with him.”

India: Grasim Industries recorded sales of US$3.63bn during the three-month period up to 30 September 2023. This represents a 10% year-on-year rise from the corresponding quarter of the previous financial year. Its profit rose by 15% year-on-year, but fell by 26% quarter-on-quarter to US$140m.

India: Shree Cement has appointed Suresh Rathi as its Chief Logistics Officer and Sushrut Pant as its Head of Marketing.

Rathi is a mechanical engineer who holds a master of business administration (MBA) in finance. He holds over 30 years experience in supply chain, finance project management and information technology in the building materials, mining and metal sectors.

Pant holds a MBA from the Indian Institute of Management in Ahmedabad. He has worked in the fast-moving consumer goods and cement sectors.

UAE: India-based UltraTech Cement has issued a US$73.5m corporate guarantee in favour of Abu Dhabi Commercial Bank. Reuters has reported that the guarantee covers credit facilities availed by the group’s subsidiary UltraTech Middle East Investments.

India: JK Cement raised its second-quarter sales in the 2024 financial year by 23% year-on-year to US$331m. Over the same period, its profit grew by 62% to US$21.4m.

India: The Competition Commission of India (CCI) will carry out a pan-India market study into the cement industry. The Hitavada newspaper has reported that the study will cover supply structure, pricing dynamics and other aspects of the market. The CCI says that it is conducting the study in order to investigate potential collusion, ensure fair competition and protect consumers’ rights, as well as to obtain insights into the state of the cement market across different regions of India.

The CCI said “Cement is a critical input in crucial sectors of the economy, such as housing and infrastructure. These sectors have well-known forward and backward linkages with a range of other industries, thereby having the potential to influence the overall growth trajectory of the economy.”

India: JK Lakshmi Cement recorded sales of US$189m during the second quarter of the 2024 financial year (FY2024), up by 15% year-on-year. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 33% to US$26.1m, while its profit grew by 43% to US$5.4m.

India: Ambuja Cements’ sales were US$477m over the nine-month period up to 30 September 2023. This represents an 8% year-on-year rise from nine-month 2022 levels. The producer sold 7.6Mt of cement, up by 7% from 7.1Mt. It said that its electricity and fuel costs dropped by 32% year-on-year, which helped to grow its profit after tax by a factor of five to US$77.4m.

India: The India Cements’ earnings before interest, taxation, depreciation and amortisation (EBITDA) reached US$1.68m during the second quarter of the 2024 financial year. The producer recorded a negative EBITDA of US$10.5m during the second quarter of the previous financial year. It succeeded in reducing its net loss by 41% to US$9.73m from US$16.6m. The India Cements said that oversupply and competition placed its cement prices under pressure.

India: SRMPR Cements has launched its Portland pozzolana cement (PPC) for the first time, in Tamil Nadu. The Hindu BusinessLine newspaper has reported that the company controls 420,000t/yr of cement production capacity across three facilities in Tamil Nadu and neighbouring Andhra Pradesh. It invested a total US$27m in its production facilities and warehouses. SRMPR Cements will sell its PPC in 50kg bags. It also plans to launch ordinary Portland cement (OPC) in the future. It said that its products will help to meet ‘massive’ demand from public construction projects.

CEO Ohm Prakash said that the producer has already concluded deals with 100 different regional retailers of cement.