Page 3 - Shree Cement

Shree Cement Q3 resuls: Net profit rises two-fold to Rs 701.85 crore

Bangur family-promoted Shree Cement Ltd on Wednesday reported an over two-fold jump in its consolidated net profit to Rs 701.85 crore for the third quarter ended December 2023. The company had posted a net profit of Rs 281.83 crore in the October-December period a year ago, according to a regulatory filing. Its revenue from operations grew 21.5 per cent to Rs 5,223.18 crore during the quarter under review. It was at Rs 4,299.26 crore in the corresponding period of the preceding fiscal. In the December quarter, it had a "strong & all-round performance led by improved realisation & cost reduction amidst robust demand growth," the company said in a quarterly earnings statement. The total sale volume of Shree Cement Ltd (SCL) increased Year-on-Year (YoY) by 11 per cent from 8.03 million tonnes to 8.89 million tonnes. Its capacity utilisation improved from 72 per cent to 77 per cent on YoY basis. Total expenses of SCL grew 9.12 per cent to Rs 4,458.01 crore in the December ...

Shree Cement commissions high capacity kiln for Rs 3,500 cr Rajasthan plant

Shree Cement Limited on Thursday announced the commissioning of a kiln at its new integrated production facility in Nawalgarh, Rajasthan, with a rated capacity of 11,500 tonnes per day. This kiln stands among one of the highest capacity units in the world, and is empowered by cutting-edge technology, allowing utilisation of alternative fuels and ensuring optimal energy efficiency, the company said. The Rs 3,500 crore new cement plant has an annual production capacity of 3.5 million tonnes of cement annually. The plant also features a 33 MW waste heat recovery-based power plant, contributing to electricity generation without relying on fossil fuels. This innovative approach utilises waste gases from the clinkerisation process, aligning with the company's dedication to environmental responsibility. "In our pursuit to become an 80 million tonnes company by the year 2028, we are thrilled to announce the commissioning of the kiln at our new integrated facility in Nawalgarh, Rajasthan. T

Shree Cement plans to bid for lithium mining rights in Jammu-Kashmir

Shree Cement, India's second biggest cement company by market capitalisation, will also bid for blocks in the eastern state of Chhattisgarh, said a source

Shree Cement beats profit view in Jul-Sep quarter on strong infra demand

According to a Jefferies' pre-earning note, cement prices during the quarter increased ~0.5-1% at the all-India level, with the rates rising the most in the country's eastern region

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Shree Cement to raise up to Rs 700 cr via NCDs on private placement basis

The fundraising plan is expected to be part of the company's Rs 7,000-crore capex plan in the next phase of growth, during which it aims to add an additional 12 million tonnes of capacity

Shree Cement to issue NCDs worth Rs 700 cr on pvt placement basis

Leading cement company Shree Cement said on Tuesday that it is planning to issue Non-Convertible Debentures (NCDs) worth Rs 700 crore on a private placement basis. The company's board of directors will consider approving the issuance of NCDs on September 25. The fundraising plan is expected to be part of the company's Rs 7,000-crore capex plan in the next phase of growth, during which it aims to add additional 12 million tonne of capacity. The company has said it is planning to expand in Rajasthan and Maharashtra. Recently, the company announced commercial production at Purulia in West Bengal with a three million-tonne capacity clinker cement plant at a cost of Rs 600 crore. The company aims to cross 50 million tonne per annum capacity by 2025 and over 70 million tonne in the next few years. The current installed capacity is around 45 million tonne per annum.

With infrastructure boom, cement companies build strategies to tap demand

Ready-mix concrete is another segment, which cement companies are expanding into to tap the infrastructure demand growth

CM Mamata Banerjee inaugrates Rs 550 cr grinding unit of Shree Cement

West Bengal Chief Minister Mamata Banerjee Monday inaugurated a Rs 550 crore maiden grinding unit of Shree Cement in West Bengal's Purulia district. The state-of-the-art facility has a production capacity of three million metric tonne per annum (MTPA) and is strategically positioned to meet the surging demand for cement in West Bengal and neighbouring Jharkhand and to bolster the company's market share in eastern India, which is among the country's fastest growing markets, a company official said. It is entirely funded through the group's internal accruals and has already commenced commerical production on schedule, the official said. "I congratulate Shree Cement Limited on this achievement and the commencement of production at the new facility. This substantial investment strengthens our state's industrial prowess and underscores the growth potential of West Bengal's cement sector. We look forward to witnessing the positive impact it will have on our region's economy and employmen

Will explore acquisition possibilities at the right price: Shree Cement V-C

The cement sector is seeing heightened activity with top players such as UltraTech, Ambuja-ACC, Dalmia, and JSW looking to increase their share

Shree Cement's West Bengal plant starts commercial production at Purulia

Shree Cement Ltd on Friday said it has commenced commercial production at its clinker grinding unit in Purulia district of West Bengal having an annual cement capacity of 3 million tonnes. The Kolkata-based company said this factory is its first one in the state which will help meet the growing demand for cement in West Bengal. Shree Cement operates about 10 integrated cement plants and 11 grinding units across India. The Purulia plant is expected to create direct and indirect employment opportunities for over 1,000 people. With this, the company's total cement capacity has risen to 49.90 MTPA. The company had announced the next phase of capacity expansion projects in various units will take the group's cement capacity to 72.4 million tonnes. Shree Cement will invest Rs 7,000 crore in the next phase of capacity augmentation, the company said. Meanwhile, the Ministry of Corporate Affairs (MCA) has recently ordered an inspection of Shree Cement after taking note of concerns raised

Shree Cement Q1 profit doubles to Rs 572.3 crore on a higher revenue

Shree Cement lines up Rs 7,000 cr capex push

Shree Cement to invest Rs 7,000 cr on capacity expansion projects

Bangur family promoted Shree Cement on Wednesday announced to invest Rs 7,000 crore for capacity expansion in the next phase of capacity augmentation. The board of Shree Cement in its meeting held on Wednesday approved "clinker & cement capacity expansion projects with a total capital expenditure of around Rs 7,000 crore", said regulatory updates by the company. Shree Cement, the third largest cement manufacturer, will invest in setting up a clinker capacity of 3.65 million tonnes in Pali, Rajasthan. Besides, it will also invest in a cement capacity of 6 million tonnes at Pali, Rajasthan and Etah, Uttar Pradesh. Similarly, it will also invest in two Karnataka-based units in Kodla and Bangalore. "We are also happy to announce our next phase of capacity expansion projects of 12 million tonnes that will take the group's cement capacity to 72.4 million tonnes, it said. According to the information available, Shree Cement is among India's top three cement producers, with an installed

Sensex snaps 3-day losing streak, ends 351 pts up; L&T, RIL, ITC shine

CLOSING BELL ON JULY 26, 2023: The NSE Nifty rallied 98 points to 19,778; IT and bank stocks gained ground, while M&M and Bajaj twins slipped on Wednesday.

Shree Cement to invest Rs 7,000 crore to add 12 million tonnes of capacity

The company has also decided to diversify into ready mix concrete business and will start setting up five RMC units in the country by the end of this financial year

Shree Cement exits the race to acquire Ahmedabad-based Sanghi Cement

Shree Cement has set target of reaching 80 million tonnes capacity by 2030. This would be achieved through brownfield and greenfield expansion

Shree Cement completes Rs 550-cr cement plant in Bengal's Purulia

Shree Cement on Friday said it has completed the Rs 550-crore greenfield cement plant in the Purulia district, Bengal. The company said this is its first production facility in Bengal and has begun trial production from Friday. With this plant, the total cement production capacity of the group has increased to around 50 mt per annum across 15 plants. The 3-million-tonne per annum plant set up at an investment of around Rs 550 crore was entirely funded through internal accruals. This new plant will serve the growing cement demand in fast-growing Bengal and Jharkhand markets, helping faster supplies to its customers, Neeraj Akhoury, the managing director, said. He also said the company is determined to reach over 80 mt capacity at an accelerated pace over the next few years.

Shares of Shree Cement decline nearly 6% amid tax survey reports

The development happened after some news reports alleged that the Kolkata-based cement manufacturer could have evaded taxes worth Rs 23,000 crore

Shree Cement plunges 10%; hits 5-month low amid ongoing Income Tax survey

Last week the Income Tax department initiated a survey action at five locations of the cement manufacturer.

Income tax dept raids five Shree Cement locations in Rajasthan: Report

The Kolkata-headquartered cement firm and IT department did not immediately respond to Reuters' requests for comment