Displaying items by tag: India
India: Jaiprakash Associates has missed interest payments on a non-convertible debentures (NCD) for more than three months. It reported similar defaults on NCDs in April 2017. The indebted cement producer is selling integrated cement plants with a production capacity of 17.2Mt/yr and grinding plants with a capacity of 4Mt/yr to UltraTech Cement.
India: Ambuja Cement has launched Ambuja Compocem, a composite cement made from fly ash and slag. The product is being produced at its Chhattisgarh plant and it has been introduced to markets in Bihar and Jharkland. It is being marketed to all market segments including individual house builders, real estate developers and infrastructure projects.
“With the launch of Ambuja Compocem, we have achieved a three pronged sustainability approach by conserving natural resources, creating a greener product and fulfilling customer needs for a superior performance product. We call this approach delivering true value,” said Ambuja Cement’s managing director and chief executive officer Ajay Kapur.
India: Dalmia Bharat Cement has been selected as the preferred bidder for the Kesla II limestone block in Raipur District, Chhattisgarh. The block, with reserves of 215Mt, has an estimated value of US$1.6bn, according to the Hindu newspaper.
India: Y V Ramana Rao, president of Confederation of Real Estate Developers’ Associations of India (CREDAI) Vijayawada chapter has said that the building associations have solicited quotes for cement from Chinese producers because local prices are too high. The government has asked local cement producers to cap their prices, according to the Economic Times. However the builders associations have rejected some of the fixed prices as being too high.
India: Ambuja Cement says it has ‘largely’ put demonetisation behind it as its net sales rose by 5% year-on-year to US$395m in the first quarter of 2017 from US$375m in the same period of 2016. Its cement sales volumes rose by 3% to 6.02Mt from 5.86Mt. However, the subsidiary of LafargeHolcim’s operating earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 13% to US$61m from US$70m due to higher petcoke and imported coal prices.
“Improving sales volumes, combined with favourable pricing, contributed to a positive quarter despite rising costs. With demonetisation largely behind us, we are well placed to serve both small and large customers,” said Ajay Kapir, managing director and chief executive officer of Ambuja Cement.
India: Prism Cement has received a letter of intent from the state government of Madhya Pradesh to grant it a lease to mine cement grade limestone at Chulhi and Majhiyar, Satna district for 50 years. The lease covers reserves of about 23.6Mt and it applies to the cement producer’s plants in the state.
Orient Cement joins Cement Sustainability Initiative
26 April 2017India: Orient Cement, part of CK Birla Group, has joined the Cement Sustainability Initiative (CSI). The CSI is a voluntary chief executive officer led business initiative operating under the umbrella of World Business Council for Sustainable Development (WBCSD) and a global effort by major cement producers towards sustainable development. Orient Cement expects membership of this initiative to give it impetus in its efforts to create a safe and ecologically favourable environment where it operates.
“We are delighted to be a part of the global mission to make our industry shoulder the responsibility for global sustainability. We thank the WBCSD and the CSI for partnering with us in our journey. We expect to contribute to and benefit from our participation in the various working groups of this initiative and look forward to a very engaging and fulfilling journey ahead,” said Deepak Khetrapal, the managing director and chief executive officer of Orient Cement.
UltraTech profit falls 12% in first quarter of 2017
25 April 2017India: Ultratech Cement has reported a fall of 11.84% in its net profit to US$107.1m for the quarter ending 31 March 2017, compared to 121.5m in the first quarter of 2016. However its total revenue rose by 4.25% to US1.21bn compared to US$1.16m a year ago.
For the year ending 31 March 2017, the company posted a rise of 10.87% in its net profit, which rose to US$409.1m. Revenue increased marginally by 1.44% to US$4.33bn.
ACC’s net profit falls in first quarter of 2017
24 April 2017India: ACC’s net profit after tax has fallen by 9% year-on-year to US$32.7m in the first quarter of 2017 from US$36m in the same period in 2016. Its sales revenue grew by 8% to US$482m and its cement sales volumes grew by 4% to 6.6Mt. The cement producer blamed the fall in profit on higher costs of petcoke, coal, packing materials and freight, as well as a shortage of fly ash. ACC also reported that it launched two new products in 2017, including ACC High Performance Cement (HPC), a slag cement.
India: The Confederation of Real Estate Developers’ Association of India (CREDAI) says that rising cement prices threaten Prime Minister Narendra Modi’s affordable residential construction scheme 'Housing for All.’ Nandu Belani, president of the Bengal chapter of CREDAI, said that his organisation had no choice but to pass rising prices on to consumers, according to the Times of India. CREDAI has also accused cement producers of ‘profiteering’ and alleged that they have formed a cartel. The developers argue that the cost of cement production has fallen following the introduction of various government subsidies.