Displaying items by tag: Shree Cement

India: Shree Cement’s sale revenue fell by 5.8% year-on-year to US$807m in the six months to the end of September 2017 from US$761m in the same period in 2016. Its profit fell by 18.4% to US$100m from US$123m. However, its sales and profit rose for its cement business and fell its power business.

India: Shree Cement has won a coal linkage auction in Chhattisgarh. The coal will be used at the company's captive power plant at its Raipur cement plant.

India: Members of the Cement Manufacturers Association (CMA) have met with Nitin Gadkari, the Minister for Road, Transport and Highways, to discuss price concerns around the country’s road building campaign. Local producers stand accused of increasing prices despite no rise in input costs amidst a national plan to build more roads, according to the Hindu newspaper. Producers dismissed these concerns, saying that price were lower than they had been in 2015. Instead they bashed discrepancies in export taxes between India and Pakistan.

Delegates from the cement producers at the meeting included N Srinivasan, managing director of India Cements, HM Bangur, managing director of Shree Cement, KK Maheshwari, managing director of UltraTech Cement, Ajay Kapur, managing director of Ambuja Cement, Mahendra Singhi, Group chief executive officer and wholetime director of Dalmia Cement, Ujjwal Batria, country chief executive officer and managing director of Nuvoco Vistas Corp and Aparna Dutt Sharma, Secretary General of the CMA.

India: Shree Cement’s revenue rose by 4% year-on-year to US$442m for the quarter that ended on 31 March 2017 from US$424m in the same period in 2016. However, its profit fell by 54% to US$47.5m from US$103m. The fall in profit arose from the group’s power business and other income sources. The earnings before interest, depreciation, taxation and amortisation (EBITDA) after inter-segment transfers rose by 10% to US$76m from US$69m. The cement producer said that its results are not comparable as it adopted a change in its accounting year from the 2015 - 2016 period.

India: Shree Cement’s income has risen by 20% year-on-year to US$1bn for the first nine months to 31 December 2016 from US$834m in the same period in 2015. Its net profit nearly doubled to US$152m from US$86m. The cement producer also reported that its plans to build a 2.8Mt/yr cement plant at Kodla in Karnataka have received principal approval from its board. The plant will have a cement grinding capacity of 3Mt/yr. The project has been budgeted at US$265m and it is planned to be completed by the end of 2018.

India: The Competition Commission of India (CCI) has found seven cement companies guilty of bid rigging and cartelisation and imposed a total fine of nearly US$30m on them. The accused companies are Shree Cement, UltraTech Cement, Jaiprakash Associates, JK Cement, Ambuja Cements, ACC and JK Lakshmi Cement, according to the Times of India. The fines are based on 0.3% of each company’s average turnover for three financial years. Each company has also been ordered to cease and desist such behaviour.

The ruling relates to a tender floated by a Haryana state procurement agency in 2012 that the CCI started investigating in 2014. Evidence cited in the CCI’s order includes text messages and phone calls made between officials of the companies.

UltraTech Cement and Shree Cement have issued statements saying that they will appeal against the fine.

India: Petron Engineering Construction has received a letter of intent to build silos and other miscellaneous work at Shree Cement’s cement grinding plant near Cuttack in Orissa. The contract is valued at just under US$5m, according to Accord Fintech. In September 2016 Petron received letter of intent from Shree Cement for civil work at cement plants in Aurangabad, Bihar and Gulbarga, Karnataka with a contract value of just under US$7.5m.

India: Shree Cement has denied that it is in talks to buy a majority stake in Shiva Cement describing media reports as ‘purely speculative.’ Local media had reported that Shree was considering buying Shiva for around US$0.22/share.

Shiva Cement has a 0.2Mt/yr cement plant near Rourkela in Sundergarh district in Odisha with on-going plans to upgrade the site to 1Mt/yr. The company also has captive limestone reserves in the area and produces both Sumangal

Nepal: The Nepal Bureau of Standards and Metrology (NBSM) has temporarily banned several brands of cement following tests in which they failed to reach minimum standards set by the government. The bureau has required cement producers to recall the affected brands as ‘soon as possible,’ according to the República newspaper.

Ordinary Portland Cement (OPC) and Pozzolanic Portland Cement (PPC) Super Advance and Infratech cement produced by Shree Araniko Cement, Reliance Super Shakti and Reliance Cement produced by Reliance Cement and PPC Kalash Gold Cement produced by Shree Cement have been banned for failing to meet compressive strength level standards. In addition the PPC brand of Bajra Shakti, Tri Shakti Supper and JBC cement produced by Jaya Bageshwori Cements, PPC brand of Yeti, Rock Strong and Gaurav Cement produced by Jay Mangalmaya Cements have been banned for exceeded the 28% insoluble residue level set by the government.

India: Shree Cement has awarded KHD with new projects for three more kiln lines, each with a capacity of 6000t/day.

The first project is for line two at Shree’s Raipur plant. The second new line will be built in Karnataka using a three-string preheater with the following equipment from KHD: three-string, six-stage preheater, PRZ 9575; three-pier rotary kiln Ø 5.4/5.0m x 75m long; and a Pyrojet burner; Pyrostep clinker cooler, PSC 3-154.16T. The project commencement date was 2 September 2016. The third project, at a location to be announced, will also be built using the equipment mentioned above.

Shree Cement has implemented 11 KHD high-efficiency kiln lines and many grinding stations, including 10 KHD roller presses.