Displaying items by tag: India
KCP starts up two new lines
18 February 2019India: KCP has commenced commercial cement at the new 1.7Mt/yr line at its Muktyala plant in Andhra Pradesh. With this expansion, the total capacity of the plant has reached 4.3Mt/yr. The company has also started up its 0.5Mt/yr grinding plant project in Naidupeta, Nellore District, Andhra Pradesh.
India: The Builders Association of India has urged that the state government of Tamil Nadu take measures to reduce the price of cement following a 37% rise in the cost of the commodity. Chairman S Ayyanathan said cement prices had witnessed ‘sharp’ increase in the last 10 days, despite the cost of raw materials, labour and transportation remaining static, according to the Hindu newspaper. He also cited falling demand for cement due to a slowdown in construction activity in the state.
KKR considering investing US$284m in Emami Group
15 February 2019India: US private equity company KKR is reportedly discussing investing up to US$284m in Emami Group. Sources quoted by the Economic Times newspaper said that Emami Group was looking to reduce its debts and raise funds for an expansion strategy.
Ashwani Kumar appointed as director of Gujarat Sidhee Cement
13 February 2019India: Gujarat Sidhee Cement has appointed Ashwani Kumar as an independent non-executive director. Kumar, aged 60 years, has worked for over 37 years in the banking sector for Allahabad Bank, Corporation Bank and Dena Bank. He holds post graduation qualifications in chemistry and is a certified associate of the Indian Institute of Bankers.
HeidelbergCement India’s sales grow
13 February 2019India: HeidelbergCement India’s sales rose by 11.9% year-on-year to US$222m in the nine months to 31 December 2018 from US$202m in the same period in 2017. Its expense increased by 3.5% to US$193m from US$186m. Its net profit nearly doubled to US$22.6m. The cement producer reported a strong third quarter of its 2017 – 2018 financial year due to improved construction activity in central India.
Gujarat Sidhee Cement makes loss so far in 2018
13 February 2019India: Gujarat Sidhee Cement’s revenue grew by 2.3% year-on-year to US$57.5m in the nine months to 31 December 2018 from US$56.2m in the same period in 2017. It made a loss of US$1.66m compared to a profit of US$1.87m previously. Its costs rose by 13% to US$62m from US$55m, in part due to the cost of raw materials.
JSW Cement completes upgrade at Dolvi plant
12 February 2019India: JSW Cement has completed a 1.2Mt/yr upgrade to its Dolvi plant in Maharashtra. The unit now has a cement production capacity of 2.2Mt/yr, according to the Hindu newspaper. The plant produces Portland Slag Cement (PSC) and Concreel HD, a high early strength cement product. The company is aiming to increase its production capacity to 20Mt/yr with a number of on-going expansion projects.
India Cements blames poor quarter on competition in south
12 February 2019India: India Cement has blamed poor quarterly results on ‘severe’ competition in the south of the country and bad weather. For the year to date, its revenue grew by 3% year-on-year to US$576m in the nine months to 31 December 2018 from US$561m in the same period in 2017. Its profit more than halved to US$3.62m from US$9.24m.
JK Lakshmi improves power consumption as costs rises
11 February 2019India: JK Lakshmi improved its fuel consumption to 702kCal/kg of clinker in the October – December 2018 quarter from 705kCal/kg of clinker in the same period in 2017. Its revenue rose by 3.5% year-on-year to US$380m in the nine months to 31 December 2018 from US$368m in the same period in 2017. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 8% to US$45.4m from US$49.4m. The company said that it had been ‘facing pressure’ from increased petcoke and diesel prices. It also said that a 20MW thermal power plant and its Orissa grinding plant project were on schedule and are expected to be commissioned by March 2019.
Anjani Portland Cement’s profit falls as fuels costs grow
08 February 2019India: Anjani Portland Cement’s revenue grew by 16% year-on-year to US$44.5m in the nine months to 31 December 2018 from US$39.1m in the same period in 2017. However, its expenses rose by 20% to US$42.1m from US$35m due to fuel and logistic cost increases. Its profit before tax fell by 31% to US$2.54m from US$3.68m.