DALBHARAT
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EXCLUSIVE-Lucky numbers and collusion: how an Indian cement cartel came unstuck
India's ONGC complained secretly about three cement firms
Antitrust probe finds evidence of wrongdoing, bid rigging
Cement tenders showed same priced bids from Indian firms
Indian firms kept lobbying to oust foreign bidders, probe says
By Aditya Kalra
NEW DELHI, March 9 (Reuters) - When India's largest oil explorer opened a tender for a cement order in 2018, it sensed something was off by the competing bids coming in: all of them were exactly 7,000 rupees per tonne.
Oil and Natural Gas Corporation ONGC.NS queried the bids and got a wry reply from an executive at India Cements. Seven was his "lucky number", he explained.
Suspicious, ONGC quietly lodged an antitrust case against three Indian cement companies.
The details of the case were outlined in a confidential investigation report and evidence that were shared with the companies in January and reviewed by Reuters, following a five-year probe that found a decade of price collusion targeting state-run ONGC.
The Competition Commission of India (CCI) report said the "cartel period" ran 12 years between 2007 and 2018 for Dalmia Cement (Bharat), a unit of India's fourth-largest cement maker Dalmia Bharat DALB.NS, and rival Shree Digvijay SRDC.NS. India Cements ICMN.NS was part of the cartel for 2017-18.
The report identified thinly concealed attempts at collusion by Indian companies, signalling a growing willingness by the regulator to scrutinise domestic firms after months of high-profile investigations into foreign giants.
The Indian cement firms' bid rigging, discussions of supply patterns and efforts to oust foreign bidders were "substantiated from strong evidences in form of communication, meetings, emails, admission," said the 90-page report.
Local media outlet Zee Business reported the basic finding of wrongdoing last year, but Reuters is the first to report the detailed tactics and evidence which underpin CCI's investigation findings.
Dalmia Bharat declined to comment citing pendency of the matter before the CCI, but has previously said it is cooperating with the authorities. India Cements, which was acquired by No. 1 player UltraTech ULTC.NS in 2024, did not respond, and neither did Shree Digvijay, ONGC or the CCI.
The cement companies have been asked to respond to the report and the watchdog will then issue a final order within months. It has powers to drop any of the investigation findings, but fines can go as high as three times the companies' profit or 10% of their turnover for each year of wrongdoing.
In fiscal year 2024-25, Dalmia Bharat recorded annual revenues of $1.5 billion, Shree Digvijay $79 million and India Cements $444 million.
'SUPPORTED BY THE NUMEROLOGY FACTOR OF 7'
While Apple, Amazon and other foreign firms have faced intense antitrust scrutiny, the cement case highlights CCI's focus on big Indian firms from key economic sectors.
"Tech cases have been a growing focus for CCI but there is increased cognizance within the government to tackle breaches at state-run firms and in public procurement," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates.
In January, Reuters reported an antitrust investigation found four major Indian steelmakers, including Tata Steel and JSW Steel, colluded on prices.
Before filing the case in 2020, ONGC noticed bids had come in at the exact same or very similar pricing in four tenders for oil well cement.
For example, the 2018 tender for 170,000 tonnes of cement saw all three companies quoting a price of 7,000 rupees, or 7,350 rupees per tonne with taxes, for different states.
That prompted ONGC to issue a warning in late 2019, with a notice to India Cements, contained in the report, saying the identically priced bids suggested violation of competition law.
India Cements defended its bid in a written submission on its letterhead to ONGC that year, citing global trends as well as the "lucky number".
"The financial bid was also supported by the numerology factor of 7", the company letter stated.
SUBMITTING BIDS TOGETHER
The CCI's investigation puts the onus of breaches on eight top executives including former managing director of Shree Digvijay, Rajeev Nambiar; billionaire chairman of Dalmia Bharat, Y.H. Dalmia; and former managing director of India Cements, N. Srinivasan, who is also one of India's high-profile business figures. None of the executives responded to Reuters queries.
The CCI also cited Shree Digvijay senior vice president Prem R. Singh, whose testimony said "the prime objective for quoting the identical price was to allocate almost equal volumes and revenue amongst companies".
Singh visited rival Dalmia's office for "directly assisting" them in their tender filing in 2018, the CCI report said, citing messages sent by Singh to Nambiar, his then managing director. Singh did not respond to requests for comment.
Shree Digvijay and Dalmia were "actively involved" in calculating the rail freight distance of their factories from ONGC cement delivery destinations. They then bid accordingly to avoid competition and divided territories amongst themselves.
Excel sheets were also made comparing distances to decide "volume sharing" among rivals, the report showed.
TARGETING FOREIGN FIRMS
Shree Digvijay and Dalmia also targeted foreign firms who bid by flagging "prickly issues", said the report.
They repeatedly filed complaints with the Indian government about foreign bidders' lack of certification and how New Delhi should promote domestic firms over foreign ones.
Foreign bidders included Texas-based Schlumberger, the world's largest oilfield services provider now known as SLB SLB.N, UAE-based Classic Oil Field Chemicals, and Bell Weather, the report showed. The three companies did not respond to queries.
The investigators concluded that the companies tried at least once to pressure ONGC to cancel foreign bids by deciding to "restrict supply" of cement to the oil explorer, which breaches antitrust laws.
In 2019, one executive wrote to another: "Need your support in making them (ONGC) understand that they cannot throw Indian parties in bath tub."
The companies could "not digest the fact that a foreign bidder" can be awarded a tender, the CCI said.
ONGC 2018 Oil Well Cement Tender: Same Bids From Three Companies https://reut.rs/3OVHD1g
(Reporting by Aditya Kalra; Editing by Sam Holmes)
((Email: aditya.kalra@tr.com; X: @adityakalra;))
India's ONGC complained secretly about three cement firms
Antitrust probe finds evidence of wrongdoing, bid rigging
Cement tenders showed same priced bids from Indian firms
Indian firms kept lobbying to oust foreign bidders, probe says
By Aditya Kalra
NEW DELHI, March 9 (Reuters) - When India's largest oil explorer opened a tender for a cement order in 2018, it sensed something was off by the competing bids coming in: all of them were exactly 7,000 rupees per tonne.
Oil and Natural Gas Corporation ONGC.NS queried the bids and got a wry reply from an executive at India Cements. Seven was his "lucky number", he explained.
Suspicious, ONGC quietly lodged an antitrust case against three Indian cement companies.
The details of the case were outlined in a confidential investigation report and evidence that were shared with the companies in January and reviewed by Reuters, following a five-year probe that found a decade of price collusion targeting state-run ONGC.
The Competition Commission of India (CCI) report said the "cartel period" ran 12 years between 2007 and 2018 for Dalmia Cement (Bharat), a unit of India's fourth-largest cement maker Dalmia Bharat DALB.NS, and rival Shree Digvijay SRDC.NS. India Cements ICMN.NS was part of the cartel for 2017-18.
The report identified thinly concealed attempts at collusion by Indian companies, signalling a growing willingness by the regulator to scrutinise domestic firms after months of high-profile investigations into foreign giants.
The Indian cement firms' bid rigging, discussions of supply patterns and efforts to oust foreign bidders were "substantiated from strong evidences in form of communication, meetings, emails, admission," said the 90-page report.
Local media outlet Zee Business reported the basic finding of wrongdoing last year, but Reuters is the first to report the detailed tactics and evidence which underpin CCI's investigation findings.
Dalmia Bharat declined to comment citing pendency of the matter before the CCI, but has previously said it is cooperating with the authorities. India Cements, which was acquired by No. 1 player UltraTech ULTC.NS in 2024, did not respond, and neither did Shree Digvijay, ONGC or the CCI.
The cement companies have been asked to respond to the report and the watchdog will then issue a final order within months. It has powers to drop any of the investigation findings, but fines can go as high as three times the companies' profit or 10% of their turnover for each year of wrongdoing.
In fiscal year 2024-25, Dalmia Bharat recorded annual revenues of $1.5 billion, Shree Digvijay $79 million and India Cements $444 million.
'SUPPORTED BY THE NUMEROLOGY FACTOR OF 7'
While Apple, Amazon and other foreign firms have faced intense antitrust scrutiny, the cement case highlights CCI's focus on big Indian firms from key economic sectors.
"Tech cases have been a growing focus for CCI but there is increased cognizance within the government to tackle breaches at state-run firms and in public procurement," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates.
In January, Reuters reported an antitrust investigation found four major Indian steelmakers, including Tata Steel and JSW Steel, colluded on prices.
Before filing the case in 2020, ONGC noticed bids had come in at the exact same or very similar pricing in four tenders for oil well cement.
For example, the 2018 tender for 170,000 tonnes of cement saw all three companies quoting a price of 7,000 rupees, or 7,350 rupees per tonne with taxes, for different states.
That prompted ONGC to issue a warning in late 2019, with a notice to India Cements, contained in the report, saying the identically priced bids suggested violation of competition law.
India Cements defended its bid in a written submission on its letterhead to ONGC that year, citing global trends as well as the "lucky number".
"The financial bid was also supported by the numerology factor of 7", the company letter stated.
SUBMITTING BIDS TOGETHER
The CCI's investigation puts the onus of breaches on eight top executives including former managing director of Shree Digvijay, Rajeev Nambiar; billionaire chairman of Dalmia Bharat, Y.H. Dalmia; and former managing director of India Cements, N. Srinivasan, who is also one of India's high-profile business figures. None of the executives responded to Reuters queries.
The CCI also cited Shree Digvijay senior vice president Prem R. Singh, whose testimony said "the prime objective for quoting the identical price was to allocate almost equal volumes and revenue amongst companies".
Singh visited rival Dalmia's office for "directly assisting" them in their tender filing in 2018, the CCI report said, citing messages sent by Singh to Nambiar, his then managing director. Singh did not respond to requests for comment.
Shree Digvijay and Dalmia were "actively involved" in calculating the rail freight distance of their factories from ONGC cement delivery destinations. They then bid accordingly to avoid competition and divided territories amongst themselves.
Excel sheets were also made comparing distances to decide "volume sharing" among rivals, the report showed.
TARGETING FOREIGN FIRMS
Shree Digvijay and Dalmia also targeted foreign firms who bid by flagging "prickly issues", said the report.
They repeatedly filed complaints with the Indian government about foreign bidders' lack of certification and how New Delhi should promote domestic firms over foreign ones.
Foreign bidders included Texas-based Schlumberger, the world's largest oilfield services provider now known as SLB SLB.N, UAE-based Classic Oil Field Chemicals, and Bell Weather, the report showed. The three companies did not respond to queries.
The investigators concluded that the companies tried at least once to pressure ONGC to cancel foreign bids by deciding to "restrict supply" of cement to the oil explorer, which breaches antitrust laws.
In 2019, one executive wrote to another: "Need your support in making them (ONGC) understand that they cannot throw Indian parties in bath tub."
The companies could "not digest the fact that a foreign bidder" can be awarded a tender, the CCI said.
ONGC 2018 Oil Well Cement Tender: Same Bids From Three Companies https://reut.rs/3OVHD1g
(Reporting by Aditya Kalra; Editing by Sam Holmes)
((Email: aditya.kalra@tr.com; X: @adityakalra;))
Dalmia Bharat Dec-Qtr Consol Net Profit 1.22 Bln Rupees
Jan 21 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DEC-QUARTER CONSOL NET PROFIT 1.22 BILLION RUPEES
DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 35.06 BILLION RUPEES
Further company coverage: DALB.NS
Jan 21 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DEC-QUARTER CONSOL NET PROFIT 1.22 BILLION RUPEES
DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 35.06 BILLION RUPEES
Further company coverage: DALB.NS
Dalmia Bharat Says Unit Commences Production At 3.6 MTPA Clinkerisation Capacity
Jan 20 (Reuters) - Dalmia Bharat Ltd DALB.NS:
UNIT COMMENCES PRODUCTION AT 3.6 MTPA CLINKERISATION CAPACITY
Source text: ID:nNSE87HjHS
Further company coverage: DALB.NS
Jan 20 (Reuters) - Dalmia Bharat Ltd DALB.NS:
UNIT COMMENCES PRODUCTION AT 3.6 MTPA CLINKERISATION CAPACITY
Source text: ID:nNSE87HjHS
Further company coverage: DALB.NS
India plans 1.5 mln ton sugar export quota on higher domestic surplus
Adds details, dealer's quote in paragraphs 11-12
By Mayank Bhardwaj and Rajendra Jadhav
NEW DELHI Nov 10 (Reuters) - India plans to allow sugar exports of 1.5 million metric tons in the new season, as a decline in the diversion of sugar for ethanol production is expected to leave a larger domestic surplus, government and trade sources told Reuters on Monday.
Higher exports from the world's second-largest sugar producer could pressure benchmark New York and London futures SBc1, LSUc1, which are hovering near five-year lows.
Exports will help reduce sugar stocks in the country and support local prices, benefiting producers such as Balrampur Chini Mills BACH.NS, EID Parry EIDP.NS, Dalmia Bharat DALB.NS, and Shree Renuka Sugars SRES.NS, whose shares rose up to 5% in early trade on Monday.
"We have agreed to allow sugar exports this year, keeping in mind surplus stocks and farmers' interests," said a government source who did not wish to be quoted ahead of the final order.
The government is likely to allow sugar exports of 1.5 million tons in the 2025/26 season, which began on October 1, with a final order expected soon, said another government official, who did not wish to be named as he was not authorised to speak to the media.
The Ministry of Consumer Affairs, Food and Public Distribution did not immediately respond to a Reuters’ request for comment.
India was the world's second-largest sugar exporter in the five years to 2022/23, with shipments averaging 6.8 million tons annually. But a drought led the government to ban sugar exports in 2023/24, and it allowed only 1 million tons to be shipped overseas last year.
India's net sugar output for the 2025/26 season is estimated at 30.95 million tons after diverting about 3.4 million tons for ethanol production, up 18.5% from last year, according to the Indian Sugar & Bio-Energy Manufacturers Association (ISMA).
ISMA last week demanded New Delhi allow exports of 2 million tons of sugar in the new season.
The industry body had earlier expected a diversion of 4.5 million to 5 million tons of sugar for ethanol this year, but only 28% of the total allocation for the biofuel went to sugar-based ethanol, with the remainder allocated to feed-based ethanol plants.
Exporting 1.5 million tons could prove difficult for Indian industry, given that local prices are trading at a premium to global levels, said a Mumbai-based dealer with a global trade house.
"A few mills in Maharashtra may begin producing raw sugar for sale to refineries in Asia and Dubai," he said.
India is also planning to remove its 50% duty on the export of molasses, the government official said.
(Reporting by Mayank Bhardwaj and Rajendra Jadhav; Editing by Mrigank Dhaniwala and Kate Mayberry)
Adds details, dealer's quote in paragraphs 11-12
By Mayank Bhardwaj and Rajendra Jadhav
NEW DELHI Nov 10 (Reuters) - India plans to allow sugar exports of 1.5 million metric tons in the new season, as a decline in the diversion of sugar for ethanol production is expected to leave a larger domestic surplus, government and trade sources told Reuters on Monday.
Higher exports from the world's second-largest sugar producer could pressure benchmark New York and London futures SBc1, LSUc1, which are hovering near five-year lows.
Exports will help reduce sugar stocks in the country and support local prices, benefiting producers such as Balrampur Chini Mills BACH.NS, EID Parry EIDP.NS, Dalmia Bharat DALB.NS, and Shree Renuka Sugars SRES.NS, whose shares rose up to 5% in early trade on Monday.
"We have agreed to allow sugar exports this year, keeping in mind surplus stocks and farmers' interests," said a government source who did not wish to be quoted ahead of the final order.
The government is likely to allow sugar exports of 1.5 million tons in the 2025/26 season, which began on October 1, with a final order expected soon, said another government official, who did not wish to be named as he was not authorised to speak to the media.
The Ministry of Consumer Affairs, Food and Public Distribution did not immediately respond to a Reuters’ request for comment.
India was the world's second-largest sugar exporter in the five years to 2022/23, with shipments averaging 6.8 million tons annually. But a drought led the government to ban sugar exports in 2023/24, and it allowed only 1 million tons to be shipped overseas last year.
India's net sugar output for the 2025/26 season is estimated at 30.95 million tons after diverting about 3.4 million tons for ethanol production, up 18.5% from last year, according to the Indian Sugar & Bio-Energy Manufacturers Association (ISMA).
ISMA last week demanded New Delhi allow exports of 2 million tons of sugar in the new season.
The industry body had earlier expected a diversion of 4.5 million to 5 million tons of sugar for ethanol this year, but only 28% of the total allocation for the biofuel went to sugar-based ethanol, with the remainder allocated to feed-based ethanol plants.
Exporting 1.5 million tons could prove difficult for Indian industry, given that local prices are trading at a premium to global levels, said a Mumbai-based dealer with a global trade house.
"A few mills in Maharashtra may begin producing raw sugar for sale to refineries in Asia and Dubai," he said.
India is also planning to remove its 50% duty on the export of molasses, the government official said.
(Reporting by Mayank Bhardwaj and Rajendra Jadhav; Editing by Mrigank Dhaniwala and Kate Mayberry)
Dalmia Bharat Denies Report Of 5 Billion Rupees Cement Factory Acquisition
Oct 14 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DENIES REPORT OF 5 BILLION RUPEES CEMENT FACTORY ACQUISITION
Source text: ID:nBSE2KTBbk
Further company coverage: DALB.NS
Oct 14 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DENIES REPORT OF 5 BILLION RUPEES CEMENT FACTORY ACQUISITION
Source text: ID:nBSE2KTBbk
Further company coverage: DALB.NS
India Competition Regulator Approves Proposed Acquisition Of Jaiprakash Associates By Dalmia Cement (Bharat)
Aug 5 (Reuters) - Dalmia Bharat Ltd DALB.NS:
INDIA COMPETITION REGULATOR - APPROVES PROPOSED ACQUISITION OF JAIPRAKASH ASSOCIATES BY DALMIA CEMENT (BHARAT)
Source text: [ID:]
Further company coverage: DALB.NS
Aug 5 (Reuters) - Dalmia Bharat Ltd DALB.NS:
INDIA COMPETITION REGULATOR - APPROVES PROPOSED ACQUISITION OF JAIPRAKASH ASSOCIATES BY DALMIA CEMENT (BHARAT)
Source text: [ID:]
Further company coverage: DALB.NS
India New Issue-Dalmia Cement (Bharat) accepts bids for bond issues, bankers say
MUMBAI, June 12 (Reuters) - India's Dalmia Cement (Bharat) has accepted bids worth 9.50 billion rupees ($111.2 million) for bonds maturing in seven years and in 10 years, three bankers said on Thursday.
The company had invited coupon and commitment bids for both the options on Wednesday, they said.
The firm did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 12:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Dalmia Cement (Bharat) | 7 years | 7.42 | 3.50 | June 11 | AA+ (Crisil) |
Dalmia Cement (Bharat) | 10 years | 7.49 | 6 | June 11 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.4350 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, June 12 (Reuters) - India's Dalmia Cement (Bharat) has accepted bids worth 9.50 billion rupees ($111.2 million) for bonds maturing in seven years and in 10 years, three bankers said on Thursday.
The company had invited coupon and commitment bids for both the options on Wednesday, they said.
The firm did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 12:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Dalmia Cement (Bharat) | 7 years | 7.42 | 3.50 | June 11 | AA+ (Crisil) |
Dalmia Cement (Bharat) | 10 years | 7.49 | 6 | June 11 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.4350 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
Dalmia Bharat Says Court Order For 2.36 Bln Rupees Incentives To Unit Likely To Be Affected
June 6 (Reuters) - Dalmia Bharat Ltd DALB.NS:
COURT ORDER FOR 2.36 BILLION RUPEES INCENTIVES TO UNIT LIKELY TO BE AFFECTED
Source text: ID:nBSEbv42qx
Further company coverage: DALB.NS
June 6 (Reuters) - Dalmia Bharat Ltd DALB.NS:
COURT ORDER FOR 2.36 BILLION RUPEES INCENTIVES TO UNIT LIKELY TO BE AFFECTED
Source text: ID:nBSEbv42qx
Further company coverage: DALB.NS
India New Issue-Dalmia Cement (Bharat) to issue multiple tenor bonds, bankers say
MUMBAI, June 5 (Reuters) - India's Dalmia Cement (Bharat) plans to raise 10.50 billion rupees ($122.41 million), which includes a greenshoe option of 3 billion rupees, through the sale of bonds maturing in seven years and in 10 years, three bankers said on Thursday.
The company has invited coupon and commitment bids for both options on June 11, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Dalmia Cement (Bharat) | 7 years | To be decided | 2+1.50 | June 11 | AA+ (Crisil) |
Dalmia Cement (Bharat) | 10 years | To be decided | 5.50+1.50 | June 11 | AA+ (Crisil) |
Highways Infra Trust | 16 year and 7 months | To be decided | 9 | June 6 | AAA (Crisil) |
PFC | 10 year and 1 month | To be decided | 5+15 | June 9 | AAA (Crisil, Care, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.7780 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
MUMBAI, June 5 (Reuters) - India's Dalmia Cement (Bharat) plans to raise 10.50 billion rupees ($122.41 million), which includes a greenshoe option of 3 billion rupees, through the sale of bonds maturing in seven years and in 10 years, three bankers said on Thursday.
The company has invited coupon and commitment bids for both options on June 11, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Dalmia Cement (Bharat) | 7 years | To be decided | 2+1.50 | June 11 | AA+ (Crisil) |
Dalmia Cement (Bharat) | 10 years | To be decided | 5.50+1.50 | June 11 | AA+ (Crisil) |
Highways Infra Trust | 16 year and 7 months | To be decided | 9 | June 6 | AAA (Crisil) |
PFC | 10 year and 1 month | To be decided | 5+15 | June 9 | AAA (Crisil, Care, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.7780 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
India's Dalmia Bharat hits near 7-month high on Q4 profit rise
** Shares of Dalmia Bharat DALB.NS rise as much as 4.8% to 1,980 rupees, highest level since October 4
** The cement maker on Wednesday reported 38.1% Y/Y rise in Q4 consol net profit
** Rev from ops fell 5% Y/Y, total expenses down nearly 9%
** Co adds, EBITDA grew by 21% YoY in Q4 due to co's various cost-cutting measures like increase in renewable energy (RE) capacity
** Jefferies ("buy", PT: 2,050 rupees) says co's share of RE increased to 39% in Q4 FY25 from 34% in Q4 FY24
** More than 1 mln shares change hands, 3.5x of 30-day avg
** Avg rating of 28 analysts equivalent of "hold", median PT is 1,925 rupees - data compiled by LSEG
** Stock last up 3.7%, taking YTD gains to 10.8%
(Reporting by Ashish Chandra in Bengaluru)
((ashish.chandra@thomsonreuters.com (+91 7982114624))
** Shares of Dalmia Bharat DALB.NS rise as much as 4.8% to 1,980 rupees, highest level since October 4
** The cement maker on Wednesday reported 38.1% Y/Y rise in Q4 consol net profit
** Rev from ops fell 5% Y/Y, total expenses down nearly 9%
** Co adds, EBITDA grew by 21% YoY in Q4 due to co's various cost-cutting measures like increase in renewable energy (RE) capacity
** Jefferies ("buy", PT: 2,050 rupees) says co's share of RE increased to 39% in Q4 FY25 from 34% in Q4 FY24
** More than 1 mln shares change hands, 3.5x of 30-day avg
** Avg rating of 28 analysts equivalent of "hold", median PT is 1,925 rupees - data compiled by LSEG
** Stock last up 3.7%, taking YTD gains to 10.8%
(Reporting by Ashish Chandra in Bengaluru)
((ashish.chandra@thomsonreuters.com (+91 7982114624))
Dalmia Bharat March-Quarter Consol Net Profit 4.35 Bln Rupees
April 23 (Reuters) - Dalmia Bharat Ltd DALB.NS:
RECOMMENDS FINAL DIVIDEND OF 5 RUPEES PER EQUITY SHARE
MARCH-QUARTER CONSOL NET PROFIT 4.35 BILLION RUPEES
MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 40.91 BILLION RUPEES
Source text: ID:nBSE34gYtr
Further company coverage: DALB.NS
April 23 (Reuters) - Dalmia Bharat Ltd DALB.NS:
RECOMMENDS FINAL DIVIDEND OF 5 RUPEES PER EQUITY SHARE
MARCH-QUARTER CONSOL NET PROFIT 4.35 BILLION RUPEES
MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 40.91 BILLION RUPEES
Source text: ID:nBSE34gYtr
Further company coverage: DALB.NS
Dalmia Bharat Says DCBL Receives Provisional Attachment Order From Enforcement Directorate
April 16 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DCBL RECEIVES PROVISIONAL ATTACHMENT ORDER FROM ENFORCEMENT DIRECTORATE
ATTACHMENT ORDER FOR 7.93 BILLION RUPEES AGAINST DCBL LAND
Source text: ID:nBSE9tJ8cr
Further company coverage: DALB.NS
April 16 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DCBL RECEIVES PROVISIONAL ATTACHMENT ORDER FROM ENFORCEMENT DIRECTORATE
ATTACHMENT ORDER FOR 7.93 BILLION RUPEES AGAINST DCBL LAND
Source text: ID:nBSE9tJ8cr
Further company coverage: DALB.NS
Dalmia Bharat Unit Gets Tax Order Of 17.5 Million Rupees, Penalty 17.5 Million Rupees
April 3 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT - UNIT GETS TAX ORDER OF 17.5 MILLION RUPEES, PENALTY 17.5 MILLION RUPEES
Source text: [ID:]
Further company coverage: DALB.NS
April 3 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT - UNIT GETS TAX ORDER OF 17.5 MILLION RUPEES, PENALTY 17.5 MILLION RUPEES
Source text: [ID:]
Further company coverage: DALB.NS
UBS upgrades India's UltraTech Cement, Ambuja Cements, Dalmia Bharat citing demand rebound
** The rough patch for India's cement sector due to demand slowdown in fiscal year 2025 and rising competition after Adani's entry is coming to an end, says UBS
** Upgrades UltraTech Cement ULTC.NS to "buy" from "neutral" and hikes price target to 13,000 rupees from 9,000 rupees
** UBS also upgrades Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS to "buy" from "sell", while reiterating "buy" on ACC ACC.NS
** Forecasts demand to bounce back in fiscal year 2026 due to pick-up in government capex after an election-led slowdown in FY2025, housing upcycle, improving rural outlook and policy support
** Estimates core profit CAGR of 18%-43% over FY2025-27 for the four cement companies
** Expects market leaders ULTC and Adani group-owned ACC and ABUJ to have an upper hand as sectoral consolidation continues
** ULTC, ACC, Ambuja Cements shares are down 3.28%, 5.8% and 3.1%, respectively in 2025 so far; benchmark Nifty 50 .NSEI is little changed over the same period
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
** The rough patch for India's cement sector due to demand slowdown in fiscal year 2025 and rising competition after Adani's entry is coming to an end, says UBS
** Upgrades UltraTech Cement ULTC.NS to "buy" from "neutral" and hikes price target to 13,000 rupees from 9,000 rupees
** UBS also upgrades Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS to "buy" from "sell", while reiterating "buy" on ACC ACC.NS
** Forecasts demand to bounce back in fiscal year 2026 due to pick-up in government capex after an election-led slowdown in FY2025, housing upcycle, improving rural outlook and policy support
** Estimates core profit CAGR of 18%-43% over FY2025-27 for the four cement companies
** Expects market leaders ULTC and Adani group-owned ACC and ABUJ to have an upper hand as sectoral consolidation continues
** ULTC, ACC, Ambuja Cements shares are down 3.28%, 5.8% and 3.1%, respectively in 2025 so far; benchmark Nifty 50 .NSEI is little changed over the same period
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
India's Dalmia Bharat climbs as Assam plant boosts capacity
** Shares of Dalmia Bharat DALB.NS rise 3.5% to 1,662.9 rupees
** The cement maker commenced commercial production of its new grinding unit of 2.4 million tonnes per annum (MTPA) in Assam
** Co's cement manufacturing capacity now totals 8 MnT in the North-East and 49 MTPA pan-India
** More than 241,000 shares change hands, 1x its 30-day avg
** 28 analysts covering the stock on avg have a "hold" rating; median PT is 1,965 rupees - LSEG data
** Stock down 9% so far this year
(Reporting by Ashna Teresa Britto in Bengaluru)
((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))
** Shares of Dalmia Bharat DALB.NS rise 3.5% to 1,662.9 rupees
** The cement maker commenced commercial production of its new grinding unit of 2.4 million tonnes per annum (MTPA) in Assam
** Co's cement manufacturing capacity now totals 8 MnT in the North-East and 49 MTPA pan-India
** More than 241,000 shares change hands, 1x its 30-day avg
** 28 analysts covering the stock on avg have a "hold" rating; median PT is 1,965 rupees - LSEG data
** Stock down 9% so far this year
(Reporting by Ashna Teresa Britto in Bengaluru)
((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))
Dalmia Bharat Says NCLT Approves Arrangement Between Dalmia Cement (North East), Vinay Cement
March 13 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT - NCLT APPROVED ARRANGEMENT BETWEEN DALMIA CEMENT (NORTH EAST), VINAY CEMENT
DALMIA BHARAT - SCHEME INVOLVES DEMERGER, TRANSFER OF CEMENT, MINING BUSINESS OF VINAY CEMENT
Source text: [ID:]
Further company coverage: DALB.NS
March 13 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT - NCLT APPROVED ARRANGEMENT BETWEEN DALMIA CEMENT (NORTH EAST), VINAY CEMENT
DALMIA BHARAT - SCHEME INVOLVES DEMERGER, TRANSFER OF CEMENT, MINING BUSINESS OF VINAY CEMENT
Source text: [ID:]
Further company coverage: DALB.NS
Dalmia Bharat Approves Capacity Increase Proposals In 3 Locations
Feb 28 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT LTD - APPROVES CAPACITY INCREASE PROPOSALS IN 3 LOCATIONS
Source text: ID:nBSEcfBn0L
Further company coverage: DALB.NS
Feb 28 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT LTD - APPROVES CAPACITY INCREASE PROPOSALS IN 3 LOCATIONS
Source text: ID:nBSEcfBn0L
Further company coverage: DALB.NS
Dalmia Bharat Says Unit's Appeal Allowed By Tax Authority Demand Of Tax, Interest Dropped
Feb 26 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT - UNIT'S APPEAL ALLOWED BY TAX AUTHORITY; DEMAND OF TAX, INTEREST DROPPED
Source text: ID:nBSE71NcXJ
Further company coverage: DALB.NS
Feb 26 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT - UNIT'S APPEAL ALLOWED BY TAX AUTHORITY; DEMAND OF TAX, INTEREST DROPPED
Source text: ID:nBSE71NcXJ
Further company coverage: DALB.NS
Dalmia Bharat Says Unit Receives Tax Penalty Order Of 92 Mln Rupees
Feb 11 (Reuters) - Dalmia Bharat Ltd DALB.NS:
UNIT RECEIVES TAX PENALTY ORDER OF 92 MILLION RUPEES
Source text: ID:nBSE6mr9gB
Further company coverage: DALB.NS
Feb 11 (Reuters) - Dalmia Bharat Ltd DALB.NS:
UNIT RECEIVES TAX PENALTY ORDER OF 92 MILLION RUPEES
Source text: ID:nBSE6mr9gB
Further company coverage: DALB.NS
Indian infra, cement stocks fall on 'modest' capital spending hike in budget
Adds analyst comment in paragraph 5, ratings agency's forecast in paragraph 12
By Hritam Mukherjee
Feb 1 (Reuters) - Indian infrastructure and cement stocks declined in a special trading session on Saturday, as investors were disappointed by the 'modest' hike in capital spending announced in the annual budget.
The infrastructure index .NIFTYINFR reversed gains following the budget presentation, and closed 1% lower. Sector bellwether Larsen & Toubro (L&T) LART.NS ended 3.4% lower, its sharpest one-day fall in more than 3 months.
The Indian government said it will spend a record 11.21 trillion rupees ($129.54 billion) on infrastructure in the upcoming financial year that begins on April 1.
"The capex outlay for fiscal year 2026.. looks modest compared to raises made in FY25 and FY24 budget, and misses market expectations slightly," said Amit Anwani, research analyst at Prabhudas Lilladher.
"The budget proposals seem to focus a lot on consumption this time around... but the negative surprise has come from the shift of focus on government capex in infrastructure development," said Mirae Asset Sharekhan's Gaurav Dua.
IRB Infrastructure Developers IRBI.NS, which constructs highways, declined 3%.
"With corporate balance sheets fairly strong, (the) government wants private sector to step up on capex," the company's Chairman Virendra D. Mhaiskar said.
Shares of cement makers, which are key beneficiaries of government spending, fell on worries that of a slow demand recovery.
UltraTech ULTC.NS, the country's largest cement maker by capacity, fell as much as 6% before ending 2% lower.
Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS fell 2% each, while Shree Cement SHCM.NS dropped 3%.
Top cement executives have flagged that government spending hasn't picked up substantially since the national elections in 2024, with volumes growing sluggishly in the third quarter nearly across the board.
Cement demand is likely to log single-digit percentage growth in fiscal year 2026, India Ratings and Research said.
India is the world's second-largest cement producer, and the domestic industry is expected to grow 4%-5% in fiscal year 2025, significantly slower than the 8% and 12% growth seen in 2022 and 2023, data from ratings agency Crisil showed.
(Reporting by Hritam Mukherjee in Bengaluru; Additional reporting by Yagnoseni Das; Editing by Varun H K)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Adds analyst comment in paragraph 5, ratings agency's forecast in paragraph 12
By Hritam Mukherjee
Feb 1 (Reuters) - Indian infrastructure and cement stocks declined in a special trading session on Saturday, as investors were disappointed by the 'modest' hike in capital spending announced in the annual budget.
The infrastructure index .NIFTYINFR reversed gains following the budget presentation, and closed 1% lower. Sector bellwether Larsen & Toubro (L&T) LART.NS ended 3.4% lower, its sharpest one-day fall in more than 3 months.
The Indian government said it will spend a record 11.21 trillion rupees ($129.54 billion) on infrastructure in the upcoming financial year that begins on April 1.
"The capex outlay for fiscal year 2026.. looks modest compared to raises made in FY25 and FY24 budget, and misses market expectations slightly," said Amit Anwani, research analyst at Prabhudas Lilladher.
"The budget proposals seem to focus a lot on consumption this time around... but the negative surprise has come from the shift of focus on government capex in infrastructure development," said Mirae Asset Sharekhan's Gaurav Dua.
IRB Infrastructure Developers IRBI.NS, which constructs highways, declined 3%.
"With corporate balance sheets fairly strong, (the) government wants private sector to step up on capex," the company's Chairman Virendra D. Mhaiskar said.
Shares of cement makers, which are key beneficiaries of government spending, fell on worries that of a slow demand recovery.
UltraTech ULTC.NS, the country's largest cement maker by capacity, fell as much as 6% before ending 2% lower.
Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS fell 2% each, while Shree Cement SHCM.NS dropped 3%.
Top cement executives have flagged that government spending hasn't picked up substantially since the national elections in 2024, with volumes growing sluggishly in the third quarter nearly across the board.
Cement demand is likely to log single-digit percentage growth in fiscal year 2026, India Ratings and Research said.
India is the world's second-largest cement producer, and the domestic industry is expected to grow 4%-5% in fiscal year 2025, significantly slower than the 8% and 12% growth seen in 2022 and 2023, data from ratings agency Crisil showed.
(Reporting by Hritam Mukherjee in Bengaluru; Additional reporting by Yagnoseni Das; Editing by Varun H K)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Street View: India's Dalmia Bharat's Q3 miss "has not disappointed"
** Dalmia Bharat DALB.NS up 1% at 1,786 rupees, reversing early losses
** Indian cement maker's Q3 profit tumbled 77% y/y and revenue also fell; however, it signalled improving results ahead
MARKET SHARE LOSS, PLANT ACCIDENT MAY HIT Q4
** JP Morgan ("underweight", TP cut to 1,478 rupees from 1490 rupees) says most of the Q3 profit miss was due to weaker volumes; adds recent Odisha plant accident could hurt Q4 volumes
** PhilipCapital ("neutral", TP: 1,900 rupees) says DALB "has not disappointed us" with two consecutive quarters of "reasonably large" earnings misses
** Sees no potential for rating upgrade until DALB addresses its earnings volatility
** Nomura ("reduce", TP: 1,680 rupees) assumes DALB has lost market share in its key south market due to increased competition
(Reporting by Hritam Mukherjee and Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
** Dalmia Bharat DALB.NS up 1% at 1,786 rupees, reversing early losses
** Indian cement maker's Q3 profit tumbled 77% y/y and revenue also fell; however, it signalled improving results ahead
MARKET SHARE LOSS, PLANT ACCIDENT MAY HIT Q4
** JP Morgan ("underweight", TP cut to 1,478 rupees from 1490 rupees) says most of the Q3 profit miss was due to weaker volumes; adds recent Odisha plant accident could hurt Q4 volumes
** PhilipCapital ("neutral", TP: 1,900 rupees) says DALB "has not disappointed us" with two consecutive quarters of "reasonably large" earnings misses
** Sees no potential for rating upgrade until DALB addresses its earnings volatility
** Nomura ("reduce", TP: 1,680 rupees) assumes DALB has lost market share in its key south market due to increased competition
(Reporting by Hritam Mukherjee and Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
UltraTech unit India Cements posts wider Q3 loss on pricing, demand woes
Jan 21 (Reuters) - India Cements ICMN.NS reported a wider quarterly loss on Tuesday, hurt by soft demand and still-weak prices of the construction material, and also took one-time impairment charges.
The company, owned by UltraTech Cement ULTC.NS, said its losses before exceptional items and taxes, for the quarter ended December, widened to 3.07 billion rupees ($35.5 million), from a loss of 502.4 million rupees a year ago.
Cement prices, which had been falling for most of last year, were little changed through the quarter. Data from brokerages Nomura and Ambit showed that pan-India average cement price for the December quarter was still 11% lower on year.
Soft demand, triggered by a labour crunch in the company's core south Indian market, dragged the company's revenues down by 17% to 9.03 billion rupees.
During the reported quarter, India Cements incurred an exceptional cost worth nearly 2 billion rupees, consisting of impairment charges of certain assets and provisions for doubtful receivables from its units.
Earlier in the day, bigger rival Dalmia Bharat DALB.NS signalled optimism in cement demand and pricing going ahead after posting a slump in third-quarter earnings.
Late in the reported quarter, India's competition watchdog approved market leader UltraTech's over-55% stake buy in the company, one among the host of deals struck in the sector since ports-to-power Adani group's foray in 2022.
UltraTech is set to report its quarterly results later this week.
($1 = 86.5680 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Vijay Kishore)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Jan 21 (Reuters) - India Cements ICMN.NS reported a wider quarterly loss on Tuesday, hurt by soft demand and still-weak prices of the construction material, and also took one-time impairment charges.
The company, owned by UltraTech Cement ULTC.NS, said its losses before exceptional items and taxes, for the quarter ended December, widened to 3.07 billion rupees ($35.5 million), from a loss of 502.4 million rupees a year ago.
Cement prices, which had been falling for most of last year, were little changed through the quarter. Data from brokerages Nomura and Ambit showed that pan-India average cement price for the December quarter was still 11% lower on year.
Soft demand, triggered by a labour crunch in the company's core south Indian market, dragged the company's revenues down by 17% to 9.03 billion rupees.
During the reported quarter, India Cements incurred an exceptional cost worth nearly 2 billion rupees, consisting of impairment charges of certain assets and provisions for doubtful receivables from its units.
Earlier in the day, bigger rival Dalmia Bharat DALB.NS signalled optimism in cement demand and pricing going ahead after posting a slump in third-quarter earnings.
Late in the reported quarter, India's competition watchdog approved market leader UltraTech's over-55% stake buy in the company, one among the host of deals struck in the sector since ports-to-power Adani group's foray in 2022.
UltraTech is set to report its quarterly results later this week.
($1 = 86.5680 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Vijay Kishore)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Dalmia Cement Says Accident Due To Collapse Of Coal Hopper In Boiler Area Of Rajgangpur Plant
Jan 17 (Reuters) - Dalmia Bharat Ltd DALB.NS
DALMIA CEMENT: ACCIDENT DUE TO COLLAPSE OF COAL HOPPER IN BOILER AREA OF CAPTIVE POWER PLANT AT RAJGANGPUR
DALMIA CEMENT: WHEREABOUTS OF THREE PERSONS ARE YET TO BE ASCERTAINED
DALMIA CEMENT: PLANT OPERATIONS TEAM WORKING ON RESCUE OPERATION AT ACCIDENT SITE
DALMIA CEMENT: ALL EMERGENCY PROTOCOL SERVICES ACTIVATED, AREA HAS BEEN CORDONED OFF
Further company coverage: DALB.NS
Jan 17 (Reuters) - Dalmia Bharat Ltd DALB.NS
DALMIA CEMENT: ACCIDENT DUE TO COLLAPSE OF COAL HOPPER IN BOILER AREA OF CAPTIVE POWER PLANT AT RAJGANGPUR
DALMIA CEMENT: WHEREABOUTS OF THREE PERSONS ARE YET TO BE ASCERTAINED
DALMIA CEMENT: PLANT OPERATIONS TEAM WORKING ON RESCUE OPERATION AT ACCIDENT SITE
DALMIA CEMENT: ALL EMERGENCY PROTOCOL SERVICES ACTIVATED, AREA HAS BEEN CORDONED OFF
Further company coverage: DALB.NS
Weather woes to crush India's sugar production, export hopes
By Rajendra Jadhav
MUMBAI, Dec 23 (Reuters) - Sugarcane yields in India are declining due to last year's drought and this year's excessive rains, which could reduce the country's sugar production below consumption levels for the first time in eight years, farmers and industry officials said on Monday.
Lower-than-expected output by the world's second-largest sugar producer could eliminate the possibility of India allowing exports in the current season ending in September 2025, supporting global sugar prices SBc1, LSUc1.
Maharashtra, Karnataka, and Uttar Pradesh account for more than 80% of the country's total sugar production, with lower cane yields in these states prompting trade houses to reduce their output estimates for the 2024/25 season.
The production could fall to around 27 million metric tons from the last year's 32 million tons and below annual consumption of more than 29 million tons, said India head of a global trade house, who declined to be named.
"During the summer months, the cane crop faced prolonged stress due to the lack of water," B.B. Thombare, president of the West Indian Sugar Mills Association told Reuters.
"When the monsoon season began, there was excessive rainfall and limited sunshine, which also adversely affected the crop's growth."
The adverse weather curtailed cane yields by 10 to 15 tons per hectare, Thombare said.
The western state of Maharashtra and neighbouring Karnataka, which together produce nearly half of India's sugar, received lower-than-average rainfall in 2023, bringing down reservoir levels.
"Usually, we harvest 120 to 130 tons of cane from one hectare of land, but this year yields have fallen to 80 tons despite all our efforts," says Shrikant Ingle, who cultivated cane on five acres of land in Maharashtra's Solapur.
Drought did not affect the crop in Uttar Pradesh, the country's leading sugar-producing state in the north.
However, plantations in the state were impacted by red rot disease, which reduced sugarcane yields, said a senior state government official.
"To control the spread of the disease, we are advising farmers to adopt new cane varieties," the official said.
The downward revision in the production estimate has eliminated the possibility of any exports in the current season, the head of the trade house said.
Sugar industry seeks 2 million tons of exports, while the government says it may allow limited exports, if any surplus remains after ethanol needs are met.
India to extend sugar exports ban https://reut.rs/3AQjNNn
India's sugar output set to fall below consumption https://tmsnrt.rs/3Rb7xf5
(Reporting by Rajendra Jadhav; Editing by Janane Venkatraman)
((rajendra.jadhav@thomsonreuters.com; Reuters Messaging: x.com/Rajendra1857))
By Rajendra Jadhav
MUMBAI, Dec 23 (Reuters) - Sugarcane yields in India are declining due to last year's drought and this year's excessive rains, which could reduce the country's sugar production below consumption levels for the first time in eight years, farmers and industry officials said on Monday.
Lower-than-expected output by the world's second-largest sugar producer could eliminate the possibility of India allowing exports in the current season ending in September 2025, supporting global sugar prices SBc1, LSUc1.
Maharashtra, Karnataka, and Uttar Pradesh account for more than 80% of the country's total sugar production, with lower cane yields in these states prompting trade houses to reduce their output estimates for the 2024/25 season.
The production could fall to around 27 million metric tons from the last year's 32 million tons and below annual consumption of more than 29 million tons, said India head of a global trade house, who declined to be named.
"During the summer months, the cane crop faced prolonged stress due to the lack of water," B.B. Thombare, president of the West Indian Sugar Mills Association told Reuters.
"When the monsoon season began, there was excessive rainfall and limited sunshine, which also adversely affected the crop's growth."
The adverse weather curtailed cane yields by 10 to 15 tons per hectare, Thombare said.
The western state of Maharashtra and neighbouring Karnataka, which together produce nearly half of India's sugar, received lower-than-average rainfall in 2023, bringing down reservoir levels.
"Usually, we harvest 120 to 130 tons of cane from one hectare of land, but this year yields have fallen to 80 tons despite all our efforts," says Shrikant Ingle, who cultivated cane on five acres of land in Maharashtra's Solapur.
Drought did not affect the crop in Uttar Pradesh, the country's leading sugar-producing state in the north.
However, plantations in the state were impacted by red rot disease, which reduced sugarcane yields, said a senior state government official.
"To control the spread of the disease, we are advising farmers to adopt new cane varieties," the official said.
The downward revision in the production estimate has eliminated the possibility of any exports in the current season, the head of the trade house said.
Sugar industry seeks 2 million tons of exports, while the government says it may allow limited exports, if any surplus remains after ethanol needs are met.
India to extend sugar exports ban https://reut.rs/3AQjNNn
India's sugar output set to fall below consumption https://tmsnrt.rs/3Rb7xf5
(Reporting by Rajendra Jadhav; Editing by Janane Venkatraman)
((rajendra.jadhav@thomsonreuters.com; Reuters Messaging: x.com/Rajendra1857))
Indian cement maker Dalmia Bharat slumps on lower Q2 profit
** Shares of Dalmia Bharat DALB.NS slips as much as 4.9% to 1,760.8 rupees, lowest since mid-Aug; last down 0.8%
** The cement maker's Q2 consol net profit fell 61% y/y to 460 mln rupees ($5.5 mln)
** Stock eyes busiest trading day in 15 sessions, volumes at 2.4x the 30-day avg
** Analysts' avg rating on stock is "buy", median PT is 2,050 rupees - LSEG data
** Stock extends YTD losses to ~19%
($1 = 84.0700 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
** Shares of Dalmia Bharat DALB.NS slips as much as 4.9% to 1,760.8 rupees, lowest since mid-Aug; last down 0.8%
** The cement maker's Q2 consol net profit fell 61% y/y to 460 mln rupees ($5.5 mln)
** Stock eyes busiest trading day in 15 sessions, volumes at 2.4x the 30-day avg
** Analysts' avg rating on stock is "buy", median PT is 2,050 rupees - LSEG data
** Stock extends YTD losses to ~19%
($1 = 84.0700 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
Dalmia Bharat Q1 Consol Net Profit 1.41 Billion Rupees
July 18 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT Q1 CONSOL NET PROFIT 1.41 BILLION RUPEES; LSEG IBES PROFIT EST. 1.43 BILLION RUPEES
DALMIA BHARAT Q1 CONSOL REVENUE FROM OPERATIONS 36.21 BILLION RUPEES; LSEG IBES EST. 35.68 BILLION RUPEES
Source text for Eikon: ID:nBSE2bhQLZ
Further company coverage: DALB.NS
July 18 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT Q1 CONSOL NET PROFIT 1.41 BILLION RUPEES; LSEG IBES PROFIT EST. 1.43 BILLION RUPEES
DALMIA BHARAT Q1 CONSOL REVENUE FROM OPERATIONS 36.21 BILLION RUPEES; LSEG IBES EST. 35.68 BILLION RUPEES
Source text for Eikon: ID:nBSE2bhQLZ
Further company coverage: DALB.NS
Dalmia Bharat Commences Commercial Production At Kadapa, Andhra Pradesh
July 4 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT LTD - COMMENCEMENT OF COMMERCIAL PRODUCTION AT KADAPA, ANDHRA PRADESH
Source text for Eikon: ID:nBSE9m8yKP
Further company coverage: DALB.NS
July 4 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT LTD - COMMENCEMENT OF COMMERCIAL PRODUCTION AT KADAPA, ANDHRA PRADESH
Source text for Eikon: ID:nBSE9m8yKP
Further company coverage: DALB.NS
Adani's Ambuja buys rival in $1.25 bln deal to boost southern hold
Adds details, background, analyst quote in paragraph 4
By Hritam Mukherjee
BENGALURU, June 13 (Reuters) - Adani-backed Ambuja Cements ABUJ.NS bought out smaller rival Penna Cement Industries PENC.NS on Thursday for an enterprise value of 104.22 billion rupees ($1.25 billion), dialling up its presence in India's southern region.
The deal comes nearly a year after the conglomerate, through Ambuja, bought a majority stake in debt-ridden Sanghi Industries SNGI.NS, to boost its cement presence in the country and compete with market leader UltraTech Cement ULTC.NS.
Ambuja said the buyout of Penna Cement will help improve Adani's share in India's southern cement market by roughly 8%, with the deal coming a few months after UltraTech bolstered its own hold in the region by buying Kesoram's KSRM.NS cement assets.
"The acquisition of Penna is very favourable for Ambuja, as Adani's plants in the southern region were unmatched to UltraTech before. This region is key to Adani to boost its pan-India market share and narrow the lead UltraTech has across the country," said Ashutosh Murarka, research analyst at Choice Broking.
Indian cement makers are looking for ways, including dealmaking, to ramp up production and meet demand for the construction material amid upbeat housing momentum and strong government spending on infrastructure.
Adani Group, the ports-to-power conglomerate, had said in December it plans to spend $84 billion over the next decade towards infrastructure projects.
Ambuja will fund the buyout of Penna through internal accruals. The deal will give Ambuja access to Penna's operational facilities in Andhra Pradesh and Telangana, and under-construction facilities in Rajasthan.
Penna's cement assets, which total to 14 million tons per annum (MTPA), will help the conglomerate beef up its capacity as it aims to reach 140 MTPA by 2028. The latter's capacity, as of March-end, stood at 79 MTPA.
($1 = 83.5406 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala, Varun H K and Krishna Chandra Eluri)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Adds details, background, analyst quote in paragraph 4
By Hritam Mukherjee
BENGALURU, June 13 (Reuters) - Adani-backed Ambuja Cements ABUJ.NS bought out smaller rival Penna Cement Industries PENC.NS on Thursday for an enterprise value of 104.22 billion rupees ($1.25 billion), dialling up its presence in India's southern region.
The deal comes nearly a year after the conglomerate, through Ambuja, bought a majority stake in debt-ridden Sanghi Industries SNGI.NS, to boost its cement presence in the country and compete with market leader UltraTech Cement ULTC.NS.
Ambuja said the buyout of Penna Cement will help improve Adani's share in India's southern cement market by roughly 8%, with the deal coming a few months after UltraTech bolstered its own hold in the region by buying Kesoram's KSRM.NS cement assets.
"The acquisition of Penna is very favourable for Ambuja, as Adani's plants in the southern region were unmatched to UltraTech before. This region is key to Adani to boost its pan-India market share and narrow the lead UltraTech has across the country," said Ashutosh Murarka, research analyst at Choice Broking.
Indian cement makers are looking for ways, including dealmaking, to ramp up production and meet demand for the construction material amid upbeat housing momentum and strong government spending on infrastructure.
Adani Group, the ports-to-power conglomerate, had said in December it plans to spend $84 billion over the next decade towards infrastructure projects.
Ambuja will fund the buyout of Penna through internal accruals. The deal will give Ambuja access to Penna's operational facilities in Andhra Pradesh and Telangana, and under-construction facilities in Rajasthan.
Penna's cement assets, which total to 14 million tons per annum (MTPA), will help the conglomerate beef up its capacity as it aims to reach 140 MTPA by 2028. The latter's capacity, as of March-end, stood at 79 MTPA.
($1 = 83.5406 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala, Varun H K and Krishna Chandra Eluri)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
India's Dalmia Bharat down after reporting bigger-than-expected core profit/ton drop
** Shares of cement maker Dalmia Bharat DALB.NS down 2.73% after dropping as much as 4.1% earlier in the session
** DALB biggest loser on the Nifty Mid-cap 100 .NIFMDCP100, which is down 0.15%
** Co reported smaller-than-expected Q4 profit fall, aided by higher volumes in a seasonally strong quarter
** Core profit per ton of cement - a key profitability metric for cement cos - fell 22.2% Y/Y
** InCred Equities expected a 4% decline in core profit/ton, while Antique Stock Broking estimated 0.4% dip
** Co rated "buy" on avg, as per LSEG data
** DALB on track for third straight week of declines
** YTD, stock has fallen ~15%, while Nifty Mid-cap 100 is up 8.4%
(Reporting by Hritam Mukherjee in Bengaluru)
** Shares of cement maker Dalmia Bharat DALB.NS down 2.73% after dropping as much as 4.1% earlier in the session
** DALB biggest loser on the Nifty Mid-cap 100 .NIFMDCP100, which is down 0.15%
** Co reported smaller-than-expected Q4 profit fall, aided by higher volumes in a seasonally strong quarter
** Core profit per ton of cement - a key profitability metric for cement cos - fell 22.2% Y/Y
** InCred Equities expected a 4% decline in core profit/ton, while Antique Stock Broking estimated 0.4% dip
** Co rated "buy" on avg, as per LSEG data
** DALB on track for third straight week of declines
** YTD, stock has fallen ~15%, while Nifty Mid-cap 100 is up 8.4%
(Reporting by Hritam Mukherjee in Bengaluru)
Dalmia Bharat March-Qtr Consol Net Profit At 3.15 Bln Rupees
April 24 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT MARCH-QUARTER CONSOL NET PROFIT 3.15 BILLION RUPEES; LSEG IBES PROFIT EST. 2.89 BILLION RUPEES
DALMIA BHARAT MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 43.07 BILLION RUPEES; LSEG IBES EST. 41.78 BILLION RUPEES
DALMIA BHARAT YEAR AGO MARCH-QUARTER CONSOL NET PROFIT 5.89 BILLION RUPEES, REVENUE FROM OPERATIONS 39.15 BILLION RUPEES
FINAL DIVIDEND OF 5 RUPEES PER SHARE
Further company coverage: DALB.NS
April 24 (Reuters) - Dalmia Bharat Ltd DALB.NS:
DALMIA BHARAT MARCH-QUARTER CONSOL NET PROFIT 3.15 BILLION RUPEES; LSEG IBES PROFIT EST. 2.89 BILLION RUPEES
DALMIA BHARAT MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 43.07 BILLION RUPEES; LSEG IBES EST. 41.78 BILLION RUPEES
DALMIA BHARAT YEAR AGO MARCH-QUARTER CONSOL NET PROFIT 5.89 BILLION RUPEES, REVENUE FROM OPERATIONS 39.15 BILLION RUPEES
FINAL DIVIDEND OF 5 RUPEES PER SHARE
Further company coverage: DALB.NS
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What does Dalmia Bharat do?
Dalmia Bharat Limited, a prominent cement company in India, emphasizes innovation and sustainability to offer top-notch, cost-effective, and environmentally friendly products, catering to a range of construction needs with customized solutions.
Who are the competitors of Dalmia Bharat?
Dalmia Bharat major competitors are JK Cement, ACC, The Ramco Cements, India Cements, Nuvoco Vistas Corpor, Star Cement, JK Lakshmi Cement. Market Cap of Dalmia Bharat is ₹33,646 Crs. While the median market cap of its peers are ₹11,080 Crs.
Is Dalmia Bharat financially stable compared to its competitors?
Dalmia Bharat seems to be less financially stable compared to its competitors. Altman Z score of Dalmia Bharat is 3.06 and is ranked 4 out of its 8 competitors.
Does Dalmia Bharat pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Dalmia Bharat latest dividend payout ratio is 25.04% and 3yr average dividend payout ratio is 20.61%
How has Dalmia Bharat allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery
How strong is Dalmia Bharat balance sheet?
Balance sheet of Dalmia Bharat is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of Dalmia Bharat improving?
The profit is oscillating. The profit of Dalmia Bharat is ₹1,201 Crs for TTM, ₹683 Crs for Mar 2025 and ₹826 Crs for Mar 2024.
Is the debt of Dalmia Bharat increasing or decreasing?
Yes, The net debt of Dalmia Bharat is increasing. Latest net debt of Dalmia Bharat is ₹6,505 Crs as of Sep-25. This is greater than Mar-25 when it was ₹4,947 Crs.
Is Dalmia Bharat stock expensive?
Dalmia Bharat is not expensive. Latest PE of Dalmia Bharat is 28.37, while 3 year average PE is 38.32. Also latest EV/EBITDA of Dalmia Bharat is 13.5 while 3yr average is 16.07.
Has the share price of Dalmia Bharat grown faster than its competition?
Dalmia Bharat has given lower returns compared to its competitors. Dalmia Bharat has grown at ~7.79% over the last 4yrs while peers have grown at a median rate of 12.24%
Is the promoter bullish about Dalmia Bharat?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Dalmia Bharat is 55.84% and last quarter promoter holding is 55.84%.
Are mutual funds buying/selling Dalmia Bharat?
The mutual fund holding of Dalmia Bharat is increasing. The current mutual fund holding in Dalmia Bharat is 15.31% while previous quarter holding is 13.13%.