Connect with us
Friday,27-June-2025
Breaking News

Business

India Cements to monetise land, increase price by Rs 55 per bag

Published

on

Cement major India Cements Ltd will monetise some of its land to settle its debt and for capital expenditure, said a top company official.

He also said, in order to recover production costs that went up owing to drastic increase in coal prices, the company will be increasing the cement prices by Rs 55 per bag in three phases between June and July.

Speaking to reporters here on Friday N. Srinivasan, Vice Chairman and Managing Director said the company would monetise surplus land for repayment of loan and for some capital expenditure.

“We are not in distress sale mode. We have about 26,000 acres of land in Andhra Pradesh and Tamil Nadu. The lands are of different categories,” Srinivasan said.

According to him, the company has to repay about Rs 500 crore of its debt and to that extent land monetisation would happen.

India Cements total debt at the end of last fiscal was about Rs 3,000 crore.

The capital expenditure is not much except for some balancing equipment and waste recovery plant in Chilamkur in Andhra Pradesh.

Srinivasan said the company would increase the cement prices by Rs 55 per bag in three parts — Rs 20 on June 1, Rs 15 on June 15 and Rs 20 on July 1.

He said the company’s products are already premium priced.

According to Srinivasan, the consumer has a choice as cement bags are now available in the price points ranging between Rs 320-450.

When queried that other cement players had expressed their plans to reduce their selling prices Srinivasan remarked: “Don’t compare. All costs have gone up. If I don’t increase the prices, I will runup huge losses.”

With a slow recovery in the southern markets further affected by record rains and floods in the previous quarter, the selling price of cement was under constant pressure resulting in uncompensated increase in the cost of production.

This was further compounded by the reduction in volume as the company as a prudent policy withdrew from the far off markets to focus on home markets.

Meanwhile, the company closed last fiscal with a total income of Rs 4,729.83 crore (FY21 Rs 4,460.12 crore) and a net profit of Rs 38.98 crore down from Rs 222.04 crore logged in FY21.

The company Board has recommended a dividend of Re.1 per share of Rs.10 each.

National

Hindi ‘imposition’ row: Raj Thackeray to organise morcha on July 6

Published

on

Mumbai, June 26: Maharashtra Navnirman Sena chief Raj Thackeray on Thursday announced to organise a morcha from Girgaum to Azad Maidan in Mumbai on July 6 to protest against the “imposition” of Hindi as the third language in Marathi and English schools.

He alleged that it was a conspiracy to destroy the Marathi language, which has recently been awarded Classical Status, saying that the party will not allow the “imposition” of the Hindi language in the state.

Raj Thackeray was speaking to the reporters after meeting School Education Minister Dadaji Bhuse.

“There will be no compulsion in the language, be it Hindi or any other. I am appealing to all the parties that on July 6, we have decided to take out a morcha from Girgaum. There will be no flags in this morcha. It will be a morcha of Marathi people; we are inviting everyone. I have chosen Sunday so that everyone can come,” said Raj Thackeray.

He added that all literary figures, Marathi lovers, film personalities and all political parties should participate in the morcha.

“We should come together for Maharashtra without any arguments,” he said.

Speaking about his meeting with Minister Bhuse, Raj Thackeray said that there is a shortage of teachers for the Hindi language. But the government is saying that it will recruit 10,000 teachers.

“Do you have the money to pay the salaries? There are many big issues before the state, so why is it coming to the language? Is there an attempt to hide something big?” he asked.

“Will you get work in films by learning Hindi? Maharashtra is big because of the education system. Then why this argument in favour of Hindi to make Maharashtra great,” Raj Thackeray said.

“If the government is going to promote arts and sports to increase the merits of students instead of a language, then we have no objection,” he said.

Raj Thackeray said that his party does not accept the government’s stand on Hindi at all.

“We will remain opposed to the imposition of Hindi,” he said.

Continue Reading

Business

No toll proposed for 2-wheelers, says Nitin Gadkari amid viral reports

Published

on

New Delhi, June 26: Union Minister for Road Transport and Highways, Nitin Gadkari, on Thursday dismissed media reports suggesting that two-wheelers will be required to pay tolls on National Highways from July 15.

He called the reports misleading and clarified that no such proposal is under consideration.

Taking to social media platform X, the Union Minister said: “Some media houses are spreading misleading news about toll tax being levied on two-wheelers. No such decision has been proposed.”

“Two-wheelers will continue to be exempt from tolls. Spreading such baseless news without verifying the facts is not responsible journalism. I strongly condemn it,” the Union Minister stated.

The clarification comes after a report claimed that toll payment would soon be made mandatory for two-wheelers at all national highway toll plazas, and that riders would need to equip their vehicles with FASTag.

The report also claimed that violators could face penalties of up to Rs 2,000. This comes just days after Gadkari announced a new annual FASTag pass worth Rs 3,000 for private four-wheelers, aimed at simplifying toll payments and reducing congestion.

Set to launch on August 15, the pass will be valid for one year or 200 trips — whichever comes first — and can be activated via the Rajmarg Yatra app or official websites of the NHAI and the MoRTH.

The government has significantly expanded its highway infrastructure in the last decade, with the total length of national highways increasing from 91,287 km in 2014 to 1,46,204 km in 2024 — a rise of over 60 per cent.

The pace of highway construction has also tripled from 11.6 km/day in 2014 to 34 km/day in 2024.

As of now, 1,366 highway projects covering 32,366 km are under construction across the country, many of which are expected to be completed in phases by FY 2028.

With a 570 per cent increase in the road transport and highways budget over the last decade, the Centre continues to prioritise infrastructure development — but for now, two-wheeler riders can rest assured that tolls are not on the horizon.

Continue Reading

National

SC agrees to hear plea against Maratha quota law in July

Published

on

New Delhi, June 26: The Supreme Court on Thursday agreed to hear, in July, a plea challenging the decision of the Bombay High Court, which had directed that the interim order passed last year, allowing the Maratha community to avail 10 per cent reservation in educational institutions and public employment, will continue to remain in force.

After a lawyer mentioned the matter for urgent listing, a Bench of Justices K.V. Viswanathan and N.K. Singh assured of listing the plea on the re-opening of the top court (i.e. after July 14).

In an order passed on June 11 this year, the Bombay High Court allowed the Maratha community to provisionally avail the benefit of 10 per cent reservation, subject to the final outcome of the petitions challenging the validity of the contentious Maharashtra State Reservation for Socially and Educationally Backwards Classes (SEBC) Act, 2024.

The SEBC Act, allowing 10 per cent quota for the Maratha community, was passed by the previous Eknath Shinde-led government in February last year after the Justice (retd) Sunil Shukre-led Maharashtra State Backward Class Commission (MSBCC) opined that “exceptional circumstances and extraordinary situations exist” to grant benefit of quota to Maratha community beyond the 50 per cent threshold.

Notably, the Supreme Court had struck down a similar quota law enacted by the Maharashtra legislature in 2018 for having breached the 50 per cent cap fixed in the 1992 landmark Indra Sawhney case (Mandal Commission case).

A five-judge Constitution Bench, in its judgment passed in May 2021, had opined that it could not find any exceptional circumstances or extraordinary situation for allowing a 12-13 per cent quota for the Maratha community and struck down the Maharashtra Socially and Educationally Backward Classes (SEBC) Act, 2018.

Further, the Supreme Court had declared that states do not have the power to prepare lists for socially and educationally backward classes and ruled that the President had the sole power to identify a community as backward.

It had also declined to entertain the review plea moved by the Maharashtra government seeking a relook at the judgment. Before this, the apex court had dismissed a plea by the Union government seeking reconsideration of the May 5, 2021, judgment.

Continue Reading

Trending