Concrete

Shree Cement increases its S&P Global ESG Score

Published

3 weeks ago

November 12, 2024

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The company ranks best on S&P Global ESG Score within Indian construction materials sector; reinforcing its commitment to Environmental and Social Responsibility (ESR)

Gurugram (Haryana); 12 November 2024

Shree Cement, a leading cement manufacturer and power generation company in India, has achieved a notable ESG (Environmental, Social, and Governance) score of 73 out of 100 in the 2024 S&P Global Corporate Sustainability Assessment (CSA). This score reflects a significant 11-point increase from the previous year, underscoring Shree Cement’s strengthened commitment to sustainable practices and corporate governance. With this score, Shree Cement ranks best within India’s construction materials sector.

The S&P Global ESG score is an industry-specific assessment that focuses on the quality of company disclosures as well as past and current performance on ESG issues. Shree Cement has achieved an industry-high disclosure rate of 96% in both required and additional disclosures, with “Very High” data availability. The company’s proactive approach has also bolstered its reputation, with no recent controversies affecting its ESG score.

“Achieving this ESG score underlines Shree Cement’s deep commitment to sustainable and ethical operations. Our priorities lie in strengthening environmental stewardship, championing social responsibility, and maintaining rigorous governance standards to deliver lasting value to our stakeholders and positively impact the communities we serve,” said Neeraj Akhoury, Managing Director, Shree Cement.

The score of 73 is most heavily weighted to the Environmental Dimension, followed by Social Dimension and finally Governance & Economic Dimension.

In the Environmental Dimension, Shree Cement scored 76 out of 100, showcasing strong performance in key areas. The company excelled with a Waste & Pollutants score of 78, emphasizing effective waste management practices, and a Water Management score of 78, reflecting optimized water use, particularly in water-scarce regions. Additionally, Shree Cement achieved a Biodiversity score of 77, demonstrating its dedication to preserving natural ecosystems. These scores underscore Shree Cement’s robust commitment to sustainability.

On the Social Dimension, Shree Cement upholds high standards in labor practices, human rights, safety, and community/customer relations, demonstrated by a score of 75. This is further complemented by a strong emphasis on transparency and ethical governance.

With its comprehensive ESG strategy, Shree Cement has emerged as a leader in the Indian Construction Materials sector, setting a high standard for sustainable and responsible operations. Through continuous innovation and a focused commitment to ESG principles, Shree Cement is well-positioned to create meaningful, long-term impacts within its business and the communities it supports.

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Concrete

Steelmakers’ Debt Rises 25% Amid Capex Drive

The debt levels of steelmakers will rise by more than Rs 40,000 crore this fiscal year

Published

10 hours ago

December 3, 2024

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Domestic steelmakers are expected to see a significant rise in their net leverage to over 3x this fiscal year, driven by a 25% increase in debt due to ongoing capital expenditure (capex) projects. According to a report by Crisil Ratings, the debt levels of major steelmakers will rise by more than Rs 40,000 crore this fiscal year, marking a return to levels seen in fiscal 2020. This increase in debt is largely due to the ongoing capex cycle, with Rs 70,000 crore planned for the current and next fiscal years, aimed at expanding steelmaking capacity by 30 million tonnes per annum (mtpa) by fiscal 2027.

While the rise in debt may strain financial metrics, steelmakers are expected to improve efficiency and increase capacity, boosting long-term growth. However, profitability has come under pressure due to falling steel prices and rising imports. Steel prices are expected to fall by 10% this fiscal year, driven by increasing imports, especially from China. Despite an increase in demand and volume, lower realizations are expected to reduce operating profit margins.

Concrete

NCB Signs MoUs for Decarbonisation in Cement Industry

One MoU was signed between NCB and GCCA India

Published

10 hours ago

December 3, 2024

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The National Council for Cement and Building Materials (NCB), under the Ministry of Commerce & Industry, has signed two landmark Memorandums of Understanding (MoUs) to advance decarbonisation and technological innovation in the Indian cement industry. The MoUs were signed during the 18th NCB International Conference and Exhibition on Cement and Concrete, held at Yashobhoomi, IICC Dwarka.

One MoU was signed between NCB and the Global Cement and Concrete Association (GCCA) India to promote research on decarbonization efforts within India’s cement sector, aiming for a “Net Zero” industry by 2070.

The second MoU, signed with AIC-Plasmatech Innovation Foundation, focuses on exploring the application of Thermal Plasma Torch Technology in cement production, which could enhance the sustainability and efficiency of the manufacturing process.

Concrete

MPCB Bans New Ready-Mix Concrete Plants in MMR

Existing plants are required to implement anti-dust measures

Published

10 hours ago

December 3, 2024

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In response to worsening air quality, the Maharashtra Pollution Control Board (MPCB) has announced a ban on the establishment of new ready-mix concrete (RMC) plants within the municipal corporation limits of the Mumbai Metropolitan Region (MMR). Existing plants are required to implement anti-dust measures and conduct water sprinkling on vehicle tyres over the next three months.

Failure to comply with these new regulations could result in the seizure of bank guarantee deposits and potential plant closures, MPCB officials warned.

MPCB’s directives also stipulate that new captive RMC plants outside municipal areas must allocate at least 10% of their land for plant construction and enclose the site with tin or similar materials. Non-compliance will be met with a bank guarantee of Rs 10 lakh.

New commercial RMC plants must maintain a 500-meter buffer zone from populated areas and ensure compliance with environmental standards. All plants must also monitor air quality at their boundaries.

MPCB has stressed the importance of collaborating with civic authorities in MMR to curb pollution and maintain air quality standards.