This is important news for you if you are thinking of building your own home. Amid rising inflation, the cement company has now hiked cement prices. Due to which the construction company will also have to suffer huge losses. Cement company India Cement Limited is going to sell its lands to repay the loan and increase capital expenditure. Along with this, the company has also increased the price of cement by Rs. 55 has been increased. Informing about this, a senior official of the company said that due to the increase in the price of coal, the cost has gone up, which has forced the company to take this decision.
How much will the price go up?
According to the information provided by India Cement Company, the company will increase the price of cement by Rs 55 per bag in three phases between June and July. That means the price of cement will go up by Rs 20 per sack on June 1, Rs 15 on June 15 and Rs 20 on July 1. Accordingly, the overall price of cement has gone up by Rs. 55 will be increased.
Information provided by the company
N Srinivasan, managing director and vice-president of the company, said the company would sell some land along with raising the price of cement to settle the debt and capital expenditure. “We are not selling land in panic,” he said. We have about 26,000 acres of land in Andhra Pradesh and Tamil Nadu. These lands belong to different categories. “If we do not increase the price, the company will have to bear huge losses,” Srinivasan said.
History of India Cement
Now let’s talk about the history of India Cement. 4,729.83 crore, while its total revenue in FY21 was Rs. 4,460.12 crore. The company’s net profit declined sharply during the period. At that time, the company’s net profit was Rs. 38.98 crore, up from Rs. 222.04 crore.