Displaying items by tag: Shree Cement

India: Suman Mukherjee, CEO and Managing Director of Shree Digvijay Cement Company, has resigned from the cement producer due to personal reasons. His resignation takes effect from 31 October 2013. He will also leave the board of directors at this time.

Nepal: The Nepal Bureau of Standards & Metrology (NBSM) has closed two cement plants, Butwal Cement Mills and Shubha Shree Jagadamba, for manufacturing and selling substandard products. It has also threatened to remove 16 other cement plants from the market for not acquiring the Nepal Standard (NS) mark.

"We initiated action against these factories after their products failed to meet the standard," said NBSM Director General Ram Aadhar Sah. The NBSM standard requires that cement should have a strength of 16MPa within three days of setting, 22MPa within seven days and 33MPa within 28 days. Products from Butwal Cement Mills and Shubha Shree Jagadamba were found to have strengths below these levels.

The 16 factories facing the threat of a ban include CG Cement, Rolpa Cement, Arniko Cement, Ghorahi Cement, MJP Cement, Maruti Cement, Kailash Cement, Star Cement, Krishna Cement, KP Cement, Shree Cement, Om Cement, Eastern Cosmos Cement, International Cement and others.

India: Shree Cement started clinker production at its Bangur City, Ras unit in Pali District in state of Rajasthan on 20 June 2013. The plant has a production capacity of 6000t/day. Shree Cement has eight cement plants in Rajasthan and one grinding unit in Uttrakhand, with a production capacity of 9Mt/yr.

India: Shree Cements' net profit rose by 140% to US$51m for the quarter ending 31 March 2013, from US$21.3m in the same period in 2012. Its revenue rose by 7% to US$274m from US$256m. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 9% to US$75.4m from US$69.4m.

India: UltraTech Cement, one of India's largest cement producers, made 3.33Mt of cement in February 2013. Its cement dispatches stood at 3.31Mt for the same month.

Meanwhile, Shree Cement has reported that its production stood at 98,300t for the month, while its cement dispatches stood at 96,700t. Sales were down 16% year-on-year compared to February 2012.

Elsewhere, JK Lakshmi Cement has reported that its production (including clinker) for the month of February 2013 was 44,700t, while dispatches (including clinker) for the same period stood at 44,600t.

In the north, Mangalam Cement cement production of 153,793t during February 2013, while its cement dispatch stood at 163,034t.

India: Shree Cements appointed Dr Leena Srivastava as an additional Director of the company. The announcement was made to the Bombay Stock Exchange following a meeting held on 21 January 2013. With induction of Srivastava to the board of the company, the board now holds 10 members, with the number of independent directors in the board has increased to six.

India: Shree Cement has reported a fall in profit for its cement business of 24% to US$34m in the last three months of 2012 from US$45m in the same period in 2011. Total income for the company's cement business fell by 6% to US$207m from US$221m.

Since Shree Cement's previous financial year ending on 30 June 2012 lasted 15 months, figures for the six month period to 31 December 2012 were derived by aggregating the quarters ending 30 September 2011 and 31 December 2012. For the half year to 31 December 2012, Shree Cement reported a gain in income for its cement business of 19% to US$428m in 2012 from US$359m. Profits for the cement business for the half year rose by 24% to US$77m from US$62m.

Overall the Indian cement producer's financial results were bolstered by the company's power business. It reported a rise in net profit of 267% to US$40.5m in the last three months of 2012 from US$11m in the same period in 2011. Its total income increase by 20% to US$271m from US$226m.

India: Gebr. Pfeiffer SE has secured an order from Shree Cement to provide a MPS 5000 B vertical roller mill for its RAS works in Rajasthan. The order follows a similar order from earlier in 2012 for production line seven at the RAS works.

The mill will feature a 3400kW drive designed to grind 420t/hr of raw material to a product fineness of 2% R212µm. Petcoke which is used as fuel at the works, will be ground to a fineness of 1-2% R 90µm in an MPS 2800 BK coal mill, which will come equipped with a 720-kW drive and an integrated high-efficiency classifier of the type SLS-BK.

Core components of the mills and the gear units will be supplied from Europe by Gebr. Pfeiffer SE. Gebr. Pfeiffer (India), the Indian subsidiary of Gebr. Pfeiffer SE, will source components such as the housing of the mills and the classifiers, the foundation parts as well as the internal parts of the classifiers. Additionally, the Indian subsidiary will design the layout of the grinding plants at its Noida-based offices and will advise Shree Cement on equipment procurement.

India: Shree Cement, one of the top-five Indian cement producers, has reported an incredible 539% jump in its net profit for the first quarter of the 2013 fiscal year. Its net profit rose to US$63.6m for the quarter ending 30 June 2012, whereas the net profit of the company stood at US$10.0m during the same period in 2011. Shree's total income rose by 43.8% to US$269m during the quarter, from US$187m.

The company did not explain the massive increase in net profit, but it is likely that the year-ago period saw a large non-operating payment.

India: After setting a precedent by fining 11 cement companies a combined US$1.13bn in June 2012, the Competition Commission of India (CCI) has now imposed a penalty of US$71.5m on Shree Cement for indulging in restrictive trade practices.

The CCI has imposed the penalty on Shree Cement while issuing final order in the case against cement manufacturers and their trade body, the Cement Manufacturers Association (CMA). "The commission has also imposed a penalty on Shree Cement at the rate of 0.5 times its profits for the years 2009-2010 and 2010-2011 aggregating to US$71.5m," said the CCI in a statement.

"We have not seen the CCI order. Let us first go through the order and then we will decide on the future course of action in consultation with our lawyers, " commented H M Bangur, the managing director of Shree Cement.

The CCI found 11 cement manufacturers, including Shree Cement Limited and CMA, in contravention of the provisions of the Competition Act, 2002 which deal with anti-competitive agreements including cartels. As the cement companies (except Shree Cement) were already found to be in cartel in Case No. 29 of 2010 and penalised by the CCI via its order dated on 20 June 2012, the CCI decided not to order remedies including imposition of penalty on such companies again for the same period of contravention.

It has been reported by local media that since the fine in June 2011 Indian cement prices have continued to rise, with Rayalaseema Rashtra Samiti president Kuncham Venkatasubba Reddy threatening an indefinite hunger-strike over high prices.