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Indian Cement Review: Person of the Year 2023

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Parth Jindal, the dynamic Managing Director of JSW Cement, has rightfully received the Indian Cement Review – Person of the Year Award. JSW Cement, currently a
$600 million organisation with a capacity of 17 MTPA is slated to reach 25 MTPA by 2024, under Jindal’s stewardship. An MBA from Harvard Business School (2016) and a Bachelor of Arts in Economics and Political Science from Brown University (2012), he worked abroad for two years – first with a hedge fund in New York, and then with JFE Steel in Japan (JSW Steel’s JV Partners), before he joined the $23 billion JSW Group in 2012.
He is also Managing Director-JSW Paints (established in May 2019), Director-JSW Energy, and Director-JSW Ventures and JSW USA.
Passionate about sports, he founded JSW Sports, that owns and manages ISL 2018-19 Champions Bengaluru FC and Pro-Kabaddi League team Haryana Steelers; and he is Chairman and Co-Owner of Delhi Capitals. He is also the Founder of the Inspire Institute of Sport, a visionary project aimed at enhancing India’s Olympic calibre. Under his leadership, JSW Sports received the ‘Rashtriya Khel Protsahan Puruskar 2018’ from the President of India for its contribution to sports through corporate social responsibility.
Parth Jindal has been recognised as the youngest business leader on the ‘2019 Economic Times 40 under Forty’ list, one of GQ’s ‘50 Most Influential Young Indians for 2018’, and was honoured by News24 as the 2018 Youth Icon for his contribution to the nation. As Director of Bengaluru FC, Parth was elected unopposed as Vice-President of the Western India Football Association.
Under his visionary leadership, JSW Cement is poised to soar to greater heights, showcasing Jindal’s remarkable stewardship and strategic acumen.

Concrete

NCLT approves Burnpur Cement’s capital reduction scheme

The move aims to optimise the capital structure of the company.

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The National Company Law Tribunal (NCLT), Kolkata, has approved Burnpur Cement Limited’s scheme for the reduction of capital, as outlined in an exchange filing by the company. The petition was filed under Section 66 of the Companies Act, 2013, in accordance with the National Company Law Tribunal (Procedure for Reduction of Share Capital of Companies) Rules, 2016.

The approved scheme involves reducing the company’s issued, subscribed, and paid-up equity share capital from Rs 86.12 crore, divided into 8,61,24,363 equity shares of Rs 10 each, to Rs 17.22 crore, divided into 1,72,24,873 equity shares of Rs 10 each, fully paid-up. The move aims to optimise the capital structure of the company.

The NCLT order specifies that the capital reduction will not affect any ongoing actions by government or regulatory authorities related to violations of any laws in force. Burnpur Cement is expected to file the certified copy of the order with the Registrar of Companies (RoC) in e-form INC-28.

The bench hearing the matter included D. Arvind (Technical Member) and Bidisha Banerjee (Judicial Member).

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Concrete

Cement manufacturers report margin decline in September quarter amid lower prices

The all-India average cement price saw a year-on-year decline of 11%

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Cement manufacturers have reported a decline in margins during the September quarter, primarily due to lower prices, which led to reduced sales realization. Smaller companies such as Nuvoco Vistas Corp, JK Cement, Birla Corporation, and Heidelberg Cement experienced a drop in both topline and sales volume. However, leading players like UltraTech Cement, Ambuja Cement, and Dalmia Bharat performed better, primarily due to several recent acquisitions that have bolstered their market position.

The industry faced challenges, including an extended monsoon, floods, and slow government demand, all of which contributed to weak market conditions. Despite these challenges, power, fuel, and other operational costs remained stable.

In terms of pricing, the all-India average cement price saw a year-on-year decline of 11% from ₹348 per 50 kg bag in June 2024 to ₹330 per bag in September, although it rose by 2% month-on-month. In FY25, the average cement price saw a 10% year-on-year reduction, down from ₹365 per bag in FY24.

UltraTech Cement reported a 68% capacity utilization and a 3% growth in sales volume, despite an 8.4% year-on-year decline in sales realization for grey cement. Similarly, Ambuja Cements saw a 9% increase in sales volume, reaching 14.2 million tonnes, but its EBITDA was 15% lower year-on-year at ₹1,074 crore due to lower price realizations.

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JK Lakshmi Cement Posts Loss

JK Lakshmi Cement records ?19.24 crore loss.

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JK Lakshmi Cement reported a net loss of ?19.24 crore for the second quarter of FY25, reversing the previous year’s profits. The cement giant faced a challenging period, with rising input costs and subdued demand in certain markets impacting its financial performance. The company also noted a decline in sales volumes during the quarter, which further contributed to the loss.

Despite the tough quarter, the company remains optimistic about its long-term prospects, citing the ongoing demand for infrastructure development and the potential for recovery in key regions. The management is focusing on cost optimization strategies and exploring new markets to overcome the current challenges.

The net loss marks a significant deviation from the company’s usual profit trajectory, raising questions about the impact of macroeconomic factors and inflationary pressures on the cement sector as a whole. With raw material costs and transportation expenses climbing, the company is grappling with maintaining margins while trying to sustain its market position.

JK Lakshmi Cement’s management is working to boost operational efficiency and improve financial health in the coming quarters. Analysts are keenly observing whether the company will rebound in the second half of the fiscal year, as infrastructure projects and government spending are expected to provide support to the industry.

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