India’s cement demand is expected to grow at a slower pace of 6-8% in FY24, down from the estimated growth of 12-13% in FY23, said Centrum Broking, as it downgraded stocks of Heidelberg Cement, Sagar Cements, JK Lakshmi Cement and Ultratech Cements. Of these, the last two stocks are still at ‘Add’ ratings. The moderation […]
Cement companies across India have announced significant price hikes for September 2023 following a decline seen in cement prices in August compared to July levels, said IIFL Securities after talking to dealers. According to the broker, cement manufacturers have indicated price increases of around Rs 35 per bag in the Eastern markets. Other regions like […]
The 102-year-old Birla Corporation, one of the oldest companies in India and one of its largest cement and jute producers, said the sharp rise seen in commodity prices in recent months and an extended monsoon hurt its margins during the Jul-Sep period. The company’s operating profit or EBITDA — a measure of profit that excludes […]
ACC, one of India’s largest cement makers, said it maintains a ‘cautious yet positive’ outlook on the market for the coming months despite the sudden surge of COVID-19 cases in the country. “The Company believes that the Government is taking all possible steps to intensify the vaccination program and control the spread of Covid. With […]
Ramco Cements, one of India’s biggest cement manufacturers, reported poor demand for cement during the three months ended December. The Chennai-based company, which gets most of its revenues from South India and Eastern India, reported a revenue growth of just 6% for the third quarter, compared to a growth of 12.6% for the first half […]
Visaka Industries announced that its new fibre cement board factory at Jhanswa village near Jhajjar, Haryana with an annual capacity of 50,000 tonnes has started commercial production from Monday. Visaka Industries is one of the biggest producers of cement-fiber sheets, used in a variety of applications, including false-ceilings, roofing, partitioning and interior work. Its ‘V […]
Cement maker UltraTech said it has commissioned a greenfield clinker capacity of 2.5 million tons per year at Manawar in Madhya Pradesh. Clinker is raw cement made by heating ground limestone and clay at a temperature of about 1400 °C – 1500 °C. Cement is made by grinding the clinker and adding gypsum to control […]
Cement maker ACC reported a 14% increase in its sales for the March quarter, boosted by an 8% increase in cement volumes and a 16% jump in ready mix volumes. Lifted by the top line growth, margins improved across the board, lifting net profit by 18.5% to Rs 250 cr for the Jan-Mar period. Sales […]
Cement manufacturer ACC Ltd reported a 46% jump in profit before tax to Rs 482 Cr, while sales increased 18% in the first quarter to 3,329 Cr. Net profit rose 33% to 326 cr. Cement volume rose 10% on year. “The Company delivered strong volume growth amidst challenging market Conditions,” it said. “The speedy ramp […]
ACC Ltd and Ambuja Cements said they will challenge the fine imposed by the Competition Commission of India yesterday, and that a similar order passed by the CCI four years ago had been set aside by the Competition Appellate Tribunal in December last year. “We await receipt of a certified copy of the CCI Order. The […]
The Competition Commission of India (CCI) has imposed fine of Rs 6,320.6 cr upon ten cement manufacturers for forming independent organization to limit competition by controlling the production and distribution of cement, said the Ministry of corporate affairs. The list of companies included ACC Cements, Ambuja Cements, Binani Cements, Century Cements, India Cements, J K […]
Birla Corporation said it has completed the acquisition of Reliance Cement company (RCCPL) through purchase of 100% shares in the company. The previously Reliance Infrastructure owned company is now a wholly owned subsidiary of Birla Corporation added the company. Early in February this year Birla Corporation had informed regarding the signing of agreement with RCCPL […]
Grasim has reported a 64% growth in profit for April-June quarter on strong performance of their Viscose Staple Fibre (VSF) subsidiary. Increase VSF demand and low inventory in China were the major reason for growth, said the company. Cement subsidiary UltraTech’s profit rose to 29% from Rs. 604 crores for the same period the previous […]
Birla Corporation Limited said it agreed to buy the entire cement business of Reliance Infrastructure Ltd for a valuation of Rs 4800 crores including debt. The debt portion of the valuation will not go to Reliance Infrastructure. The equity value of Reliance Cement was not disclosed. The two companies have agreed that Birla Corp shall […]
