Displaying items by tag: India

India: Wonder Cement has completed a successful kiln ignition in its Chittorgarh cement plant's new Line 4. The three pre-existing lines gave the plant a former capacity of 8Mt/yr. Wonder Cement additionally operates grinding plants in Haryana, Madhya Pradesh and Maharashtra, with a total capacity of 5Mt/yr.

Vice chair Vimal Patni's technical assistant Lokesh Lohar congratulated the entire Chittorgarh cement plant team on its work on the latest expansion.

India: A court has dismissed Shraddha Binani's petition against summons by the Ministry of Corporate Affairs' Serious Fraud Investigation Office in its investigation of alleged related party transactions by the former Binani Cement. Mint News has reported that 'huge funds' from the company's related parties entered Binani's bank account, beginning in 2010.

Under corporate insolvency resolution proceedings, Binani Cement underwent acquisition by Aditya Birla subsidiary UltraTech Cement, becoming UltraTech Nathdwara Cement, in 2018.

India: Dalmia Cement (Bharat) is among buyers which will receive a supply of renewable energy from Sunsure Energy's new 74MW Tirunelveli open access solar power plant in Tamil Nadu. Press Trust of India News has reported that the solar power provider built the plant in three phases, with the first commencing in January 2022.

Project head Tarunveer Singh said "This is our largest single-site installation and one of the largest open access projects in the renewable energy-rich state of Tamil Nadu. Credit goes to our on-site team for completing this project in time, despite execution challenges posed by the weather and the daunting supply chain constraints plaguing the solar sector."

Sunsure Energy commands 250MW of solar power across 16 Indian states.

India: Dalmia Cement (Bharat) has won the Climate Orientated award at the Confederation of India Industry (CII)'s Third Climate Action Programme Awards. The awards aim to help companies to prepare scenario analyses, implement climate-related financial disclosures recommendations and calculate internal carbon pricing. This marks the second time that the producer has prevailed in the category. Dalmia Cement (Bharat)'s efforts along these lines include promoting and incorporating its own ‘Waste to Prosperity’ philosophy, through which it engages with waste generators, policy makers and stakeholders. Industrial waste streams constituted 40% of raw materials used in the company's cement production during the second quarter of the 2023 financial year. Municipal solid waste (MSW) provided 18% of heat in its kilns. Its CO₂ emissions per tonne of cement during the quarter were 467kg/t.

India: Grasim Industries recorded US$6.86bn in consolidated sales during the first half of the 2023 financial year, which ended on 30 September 2022. The figure corresponds to a 31% increase from US$5.25bn in the first half of the 2022 financial year. Cement and allied products contributed US$3.59bn in sales, up by 22% from US$2.95bn. 36% costs growth caused the producer's net profit to fall by 3.3% in the period, to US$527m from US$545m.

India: Star Cement generated US$156m in total income during the first half of the 2023 financial year, up by 36% year-on-year from US$114m during the first half of the 2022 financial year. The producer's net profit dropped by 16% year-on-year to US$8m from US$9.51m.

India: JK Cement recorded US$536m in standalone income during the first half of its 2023 financial year, up by 26% year-on-year from US$427m. Throughout the period, the producer's profit after tax declined by 19%, to US$37.7m from US$46.4m. Also on a standalone basis, the company reported total expenses of US$482m, up by 31% year-on-year from US$368m. JK Cement's consolidated income rose by 23% to US$558m, while the group's expenses rose by 30% to US$509m, resulting in a 20% consolidated net profit drop to US$33.5m.

India: Ramco Cements has approved plants to build a second production line at its Haridaspur grinding plant in Jajpur District, Odisha with a capacity of 0.9Mt/yr. Around US$16m has been earmarked for the project. Once commissioned the plant’s total capacity will be 1.8Mt/yr.

The cement producer’s revenue grew by 31% year-on-year to US$442m in the first half of its financial year to 30 September 2022. However, its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 35% to US$61.9m. It blamed the loss in earnings on falling cement prices and mounting fuel costs. The company currently has cement and clinker production capacities of 21Mt/yr and 14Mt/yr respectively. It also reported that a 6MW waste heat recovery unit at its Kurnool plant in Andhra Pradesh will be commissioned in November 2022. An additional 6MW at the same plant is scheduled to start operation in March 2023.

India: The board of directors of Birla Corporation has approved the appointment of Sandip Ghose as its managing director and chief executive officer, effective from 1 January 2023. He will be in post for a period of three years, subject to shareholder approval. The incumbent, Arvind Pathak, will step down owing to personal reasons.

India: India Cements Limited has posted a loss of US$16.9m during the quarter that ended on 30 September 2022 on account of increases in fuel and coal costs. The manufacturer had earlier reported a profit of US$9.3m in the three months to 30 June 2022. India Cements’ vice chair and managing director, N Srinivasan, “It was a difficult quarter because the coal price increase was quite sharp.”