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UltraTech Cement faces INR 5.4 billion GST tax demand, equal penalty in India order
- UltraTech Cement received an order from Additional Commissioner, Central GST, Dehradun, confirming alleged differential tax liability and ITC non-reversal for FY 2019-20 to FY 2023-24.
- Order in original confirmed tax demand of Rs. 540 million, with applicable interest.
- GST authority also imposed penalty of Rs. 540 million.
- UltraTech plans to contest demand, expecting no material financial impact.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UltraTech Cement Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: 3A11KJ2P4E6GTRVU) on March 31, 2026, and is solely responsible for the information contained therein.
- UltraTech Cement received an order from Additional Commissioner, Central GST, Dehradun, confirming alleged differential tax liability and ITC non-reversal for FY 2019-20 to FY 2023-24.
- Order in original confirmed tax demand of Rs. 540 million, with applicable interest.
- GST authority also imposed penalty of Rs. 540 million.
- UltraTech plans to contest demand, expecting no material financial impact.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UltraTech Cement Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: 3A11KJ2P4E6GTRVU) on March 31, 2026, and is solely responsible for the information contained therein.
UltraTech Cement; GST demand rises to Rs. 28.9 billion due to alleged excess ITC in FY2023
- UltraTech Cement said it received an Order in Original from the Deputy Commissioner, State Goods and Services Tax, Maharashtra confirming a tax demand of Rs. 28,969,229,000.
- The order also confirms interest of Rs. 15,000,505,000 and a penalty of Rs. 2,896,692,000.
- The matter relates to the acquired cement business of Kesoram Industries involving alleged excess ITC availment, ineligible ITC claimed and short payment of tax liability.
- The company said it will contest the demand and does not expect the order to have any material financial impact.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UltraTech Cement Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: I8FOS833Z124Z5C2) on March 25, 2026, and is solely responsible for the information contained therein.
- UltraTech Cement said it received an Order in Original from the Deputy Commissioner, State Goods and Services Tax, Maharashtra confirming a tax demand of Rs. 28,969,229,000.
- The order also confirms interest of Rs. 15,000,505,000 and a penalty of Rs. 2,896,692,000.
- The matter relates to the acquired cement business of Kesoram Industries involving alleged excess ITC availment, ineligible ITC claimed and short payment of tax liability.
- The company said it will contest the demand and does not expect the order to have any material financial impact.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UltraTech Cement Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: I8FOS833Z124Z5C2) on March 25, 2026, and is solely responsible for the information contained therein.
UltraTech Cement to invest up to INR 192 million for 26.18% stake in Sunsure Solarpark Seven
UltraTech Cement entered into an energy supply agreement and a share subscription and shareholders agreement to acquire a 26.18% stake in Sunsure Solarpark Seven. The transaction involves a cash equity investment of up to INR 192 million. Sunsure Solarpark Seven is an SPV developing a 60 MWp DC/40 MW AC solar project with an integrated battery energy storage system in Uttar Pradesh, India. UltraTech Cement said the investment is intended to support captive renewable power use and optimize energy costs.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UltraTech Cement Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: WI0FX6OAZ6JVBRIH) on March 18, 2026, and is solely responsible for the information contained therein.
UltraTech Cement entered into an energy supply agreement and a share subscription and shareholders agreement to acquire a 26.18% stake in Sunsure Solarpark Seven. The transaction involves a cash equity investment of up to INR 192 million. Sunsure Solarpark Seven is an SPV developing a 60 MWp DC/40 MW AC solar project with an integrated battery energy storage system in Uttar Pradesh, India. UltraTech Cement said the investment is intended to support captive renewable power use and optimize energy costs.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UltraTech Cement Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: WI0FX6OAZ6JVBRIH) on March 18, 2026, and is solely responsible for the information contained therein.
India New Issue-Aditya Birla Sun Life Insurance accepts bids for 10-year bonds, bankers say
MUMBAI, March 6 (Reuters) - India's Aditya Birla Sun Life Insurance Company accepted bids worth 5 billion rupees ($54.53 million) in a sale of bonds maturing in 10 years, three bankers said on Friday.
It will pay a coupon of 7.90% and invited commitment bids for the issue earlier in the day, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Sun Life Insurance | 10 years | 7.9 | 5 | March 6 | AAA (Crisil, India Ratings) |
Altius Telecom Infrastructure Trust | 7 years | 7.5 | 14.50 | March 6 | AAA (Crisil, Care) |
Torrent Power | 8 years | 7.97 | 6.80 | March 6 | AA+ (Crisil, India Ratings) |
Torrent Power | 9 years | 7.97 | 6.75 | March 6 | AA+ (Crisil, India Ratings) |
Torrent Power | 10 years | 7.97 | 6.45 | March 6 | AA+ (Crisil, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 91.6970 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)
((Dharamraj.dhutia@tr.com, khushi.malhotra@thomsonreuters.com))
MUMBAI, March 6 (Reuters) - India's Aditya Birla Sun Life Insurance Company accepted bids worth 5 billion rupees ($54.53 million) in a sale of bonds maturing in 10 years, three bankers said on Friday.
It will pay a coupon of 7.90% and invited commitment bids for the issue earlier in the day, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Sun Life Insurance | 10 years | 7.9 | 5 | March 6 | AAA (Crisil, India Ratings) |
Altius Telecom Infrastructure Trust | 7 years | 7.5 | 14.50 | March 6 | AAA (Crisil, Care) |
Torrent Power | 8 years | 7.97 | 6.80 | March 6 | AA+ (Crisil, India Ratings) |
Torrent Power | 9 years | 7.97 | 6.75 | March 6 | AA+ (Crisil, India Ratings) |
Torrent Power | 10 years | 7.97 | 6.45 | March 6 | AA+ (Crisil, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 91.6970 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)
((Dharamraj.dhutia@tr.com, khushi.malhotra@thomsonreuters.com))
India New Issue-Aditya Birla Sun Life Insurance to issue 10-year bonds, bankers say
MUMBAI, March 5 (Reuters) - India's Aditya Birla Sun Life Insurance Company plans to raise 5 billion rupees ($54.69 million) through the sale of bonds maturing in 10 years, three bankers said on Thursday.
It will pay a coupon of 7.90% and invited commitment bids for the issue on Monday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Sun Life Insurance Company | 10 Years | 7.90 | 5 | March 9 | AAA (Crisil, India Ratings) |
Altius Telecom Infrastructure Trust | 7 years | 7.50 | 14.50 | March 6 | AAA (Crisil,care) |
NEEPCO Staggered Redemption Bonds | 10 years | To be decided | 2.5+5 | March 9 | AA (Care, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 91.4250 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
MUMBAI, March 5 (Reuters) - India's Aditya Birla Sun Life Insurance Company plans to raise 5 billion rupees ($54.69 million) through the sale of bonds maturing in 10 years, three bankers said on Thursday.
It will pay a coupon of 7.90% and invited commitment bids for the issue on Monday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Sun Life Insurance Company | 10 Years | 7.90 | 5 | March 9 | AAA (Crisil, India Ratings) |
Altius Telecom Infrastructure Trust | 7 years | 7.50 | 14.50 | March 6 | AAA (Crisil,care) |
NEEPCO Staggered Redemption Bonds | 10 years | To be decided | 2.5+5 | March 9 | AA (Care, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 91.4250 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
UltraTech Cement to acquire 26% stake in AMPIN C&I Power Forty Four for up to Rs 15.12 crore
UltraTech Cement Ltd. has signed an Energy Supply Agreement and a Share Subscription and Shareholders Agreement to acquire a 26% equity stake in AMPIN C&I Power Forty Four Private Limited, a renewable energy (solar) generation and transmission company. The acquisition will be made for cash, with an equity investment of up to Rs. 15.12 crore, and is expected to be completed within 180 days of signing. UltraTech said the investment supports its green energy needs, optimises energy costs and helps meet captive power consumption requirements under electricity laws; the company also stated the deal is not a related-party transaction.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UltraTech Cement Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: F3MC1A2QQD3LJDH0) on March 02, 2026, and is solely responsible for the information contained therein.
UltraTech Cement Ltd. has signed an Energy Supply Agreement and a Share Subscription and Shareholders Agreement to acquire a 26% equity stake in AMPIN C&I Power Forty Four Private Limited, a renewable energy (solar) generation and transmission company. The acquisition will be made for cash, with an equity investment of up to Rs. 15.12 crore, and is expected to be completed within 180 days of signing. UltraTech said the investment supports its green energy needs, optimises energy costs and helps meet captive power consumption requirements under electricity laws; the company also stated the deal is not a related-party transaction.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UltraTech Cement Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: F3MC1A2QQD3LJDH0) on March 02, 2026, and is solely responsible for the information contained therein.
MSCI to add India's Aditya Birla Capital, L&T Finance to flagship global index and drop IRCTC
By Bharath Rajeswaran
Feb 11 (Reuters) - Global index provider MSCI added financial services firms Aditya Birla Capital ADTB.NS and L&T Finance LTFL.NS to its widely tracked Global Standard Index, while removing state-run Indian Railway Catering and Tourism Corporation (IRCTC) in a periodic reshuffle.
The changes, disclosed on Wednesday, will take effect on February 27.
MSCI indexes serve as globally recognised benchmarks tracked by large passive funds, implying that inclusions typically attract fresh capital inflows, while removals usually entail outflows.
Following the rejig, the number of Indian companies in the MSCI Global Standard Index will rise to 165 from 164. However, India's overall weight in the index will remain steady at 14.1%, according to Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.
Nuvama estimates that Aditya Birla Capital and L&T Finance could see passive inflows of approximately $257 million and $238 million, respectively. In contrast, IRCTC is expected to face outflows of about $141.6 million.
AU Small Finance Bank AUFI.NS, a retail-focused lender, is likely to receive around $172 million in inflows due to an increase in its index weight, according to Nuvama.
MSCI also made significant changes to its Small Cap Index, reducing the number of Indian constituents to 480 from 508. India's small-cap index .NIFSMCP100 has declined 7% since the start of 2025, underperforming broader benchmarks.
The reshuffle comes amid continued pressure on India's small-cap stocks, where concerns over stretched valuations and earnings sustainability have weighed on sentiment.
While L&T Finance graduated from the Small Cap Index to the Global Standard Index, 34 companies including Dilip Buildcon DIBL.NS, Zaggle Prepaid ZAGG.NS, Sterlite Technologies STTE.NS, and KNR Constructions KNRL.NS were removed.
On the other hand, seven Indian firms, including renewable energy player Premier Energies PEME.NS, depository services provider National Securities Depository NATS.BO, pharmaceutical company Emcure Pharma EMCU.NS and cement manufacturer JSW Cement JSWC.NS were added to the Small Cap Index.
MSCI adds two Indian firms to its global standard index in February rejig https://reut.rs/4tv4XTm
Major additions and deletions of Indian stocks in MSCI Small Cap index https://reut.rs/4tsVlbF
India's small-cap stocks underperform the benchmarks since the start of 2025 https://reut.rs/3O1i66D
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
By Bharath Rajeswaran
Feb 11 (Reuters) - Global index provider MSCI added financial services firms Aditya Birla Capital ADTB.NS and L&T Finance LTFL.NS to its widely tracked Global Standard Index, while removing state-run Indian Railway Catering and Tourism Corporation (IRCTC) in a periodic reshuffle.
The changes, disclosed on Wednesday, will take effect on February 27.
MSCI indexes serve as globally recognised benchmarks tracked by large passive funds, implying that inclusions typically attract fresh capital inflows, while removals usually entail outflows.
Following the rejig, the number of Indian companies in the MSCI Global Standard Index will rise to 165 from 164. However, India's overall weight in the index will remain steady at 14.1%, according to Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.
Nuvama estimates that Aditya Birla Capital and L&T Finance could see passive inflows of approximately $257 million and $238 million, respectively. In contrast, IRCTC is expected to face outflows of about $141.6 million.
AU Small Finance Bank AUFI.NS, a retail-focused lender, is likely to receive around $172 million in inflows due to an increase in its index weight, according to Nuvama.
MSCI also made significant changes to its Small Cap Index, reducing the number of Indian constituents to 480 from 508. India's small-cap index .NIFSMCP100 has declined 7% since the start of 2025, underperforming broader benchmarks.
The reshuffle comes amid continued pressure on India's small-cap stocks, where concerns over stretched valuations and earnings sustainability have weighed on sentiment.
While L&T Finance graduated from the Small Cap Index to the Global Standard Index, 34 companies including Dilip Buildcon DIBL.NS, Zaggle Prepaid ZAGG.NS, Sterlite Technologies STTE.NS, and KNR Constructions KNRL.NS were removed.
On the other hand, seven Indian firms, including renewable energy player Premier Energies PEME.NS, depository services provider National Securities Depository NATS.BO, pharmaceutical company Emcure Pharma EMCU.NS and cement manufacturer JSW Cement JSWC.NS were added to the Small Cap Index.
MSCI adds two Indian firms to its global standard index in February rejig https://reut.rs/4tv4XTm
Major additions and deletions of Indian stocks in MSCI Small Cap index https://reut.rs/4tsVlbF
India's small-cap stocks underperform the benchmarks since the start of 2025 https://reut.rs/3O1i66D
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
Grasim Industries Q3 adjusted net income rises 42% to INR 11.68 billion
Grasim Industries Limited reported consolidated revenue of INR 44.31 billion for the third quarter (Q3FY26), reflecting a 25 percent increase year-on-year. Consolidated EBITDA for the quarter was INR 6.22 billion, up 33 percent, while adjusted profit after tax (PAT) reached INR 1.17 billion, up 42 percent for the period. For the first nine months of FY26 (9MFY26), consolidated revenue totaled INR 124.33 billion, rising 19 percent year-on-year. The company’s trailing twelve months (TTM) consolidated revenue stood at INR 168.60 billion, up 14 percent compared to FY25. In terms of business highlights, the cellulosic staple fibre segment saw specialty sales volume share reach 26 percent, driven by higher exports. The chemicals business reported a record caustic sales volume of 0.31 million tonnes, increasing 4 percent year-on-year. The cement division achieved a 29 percent rise in EBITDA, attributed to operational efficiencies and lower logistics, fuel, and power costs. Birla Opus reported market share gains, with quarter-on-quarter revenue growth nearly three times the industry growth rate. Birla Pivot’s annualised revenue run-rate crossed INR 8.50 billion. In financial services, the total lending portfolio grew 30 percent year-on-year to INR 190.39 billion. On the sustainability front, Birla Opus’s manufacturing units achieved Integrated Management System certification, and the share of recycled water to freshwater consumption increased to 50 percent. The share of renewable power capacity rose to 24 percent from 11 percent in FY25. Grasim Industries Limited stated it is well positioned to benefit from ongoing public capital expenditure and infrastructure expansion in India, supported by government initiatives and a strong balance sheet.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Grasim Industries Limited published the original content used to generate this news brief on February 10, 2026, and is solely responsible for the information contained therein.
Grasim Industries Limited reported consolidated revenue of INR 44.31 billion for the third quarter (Q3FY26), reflecting a 25 percent increase year-on-year. Consolidated EBITDA for the quarter was INR 6.22 billion, up 33 percent, while adjusted profit after tax (PAT) reached INR 1.17 billion, up 42 percent for the period. For the first nine months of FY26 (9MFY26), consolidated revenue totaled INR 124.33 billion, rising 19 percent year-on-year. The company’s trailing twelve months (TTM) consolidated revenue stood at INR 168.60 billion, up 14 percent compared to FY25. In terms of business highlights, the cellulosic staple fibre segment saw specialty sales volume share reach 26 percent, driven by higher exports. The chemicals business reported a record caustic sales volume of 0.31 million tonnes, increasing 4 percent year-on-year. The cement division achieved a 29 percent rise in EBITDA, attributed to operational efficiencies and lower logistics, fuel, and power costs. Birla Opus reported market share gains, with quarter-on-quarter revenue growth nearly three times the industry growth rate. Birla Pivot’s annualised revenue run-rate crossed INR 8.50 billion. In financial services, the total lending portfolio grew 30 percent year-on-year to INR 190.39 billion. On the sustainability front, Birla Opus’s manufacturing units achieved Integrated Management System certification, and the share of recycled water to freshwater consumption increased to 50 percent. The share of renewable power capacity rose to 24 percent from 11 percent in FY25. Grasim Industries Limited stated it is well positioned to benefit from ongoing public capital expenditure and infrastructure expansion in India, supported by government initiatives and a strong balance sheet.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Grasim Industries Limited published the original content used to generate this news brief on February 10, 2026, and is solely responsible for the information contained therein.
REFILE-Advent to buy 14.3% of Indian mortgage lender Aditya Birla Housing Finance for $304 million
Removes extraneous word "company" in paragraph 1
Feb 3 (Reuters) - Private equity firm Advent International will buy a 14.3% stake in India's Aditya Birla Housing Finance for 27.5 billion rupees ($304.1 million), the latter's parent said on Tuesday.
The deal values the mortgage lender at 192.50 billion rupees, parent Aditya Birla Capital ADTB.NS said in a press release. On completion of the deal, Aditya Birla Capital would be left with an 85.7% stake in the mortgage lender.
The Advent deal is the latest in a string involving foreign investments in India's financial sector. Japan's MUFG said last year it would buy 20% of non-bank lender Shriram Finance SHMF.NS for $4.4 billion and Emirates NBD Bank struck a $3 billion deal for 60% in private lender RBL Bank RATB.NS.
Aditya Birla Housing Finance had assets under management of 422.04 billion rupees as of December-end.
Advent was an investor in Aditya Birla Capital from 2020 until 2025.
($1 = 90.4420 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
Removes extraneous word "company" in paragraph 1
Feb 3 (Reuters) - Private equity firm Advent International will buy a 14.3% stake in India's Aditya Birla Housing Finance for 27.5 billion rupees ($304.1 million), the latter's parent said on Tuesday.
The deal values the mortgage lender at 192.50 billion rupees, parent Aditya Birla Capital ADTB.NS said in a press release. On completion of the deal, Aditya Birla Capital would be left with an 85.7% stake in the mortgage lender.
The Advent deal is the latest in a string involving foreign investments in India's financial sector. Japan's MUFG said last year it would buy 20% of non-bank lender Shriram Finance SHMF.NS for $4.4 billion and Emirates NBD Bank struck a $3 billion deal for 60% in private lender RBL Bank RATB.NS.
Aditya Birla Housing Finance had assets under management of 422.04 billion rupees as of December-end.
Advent was an investor in Aditya Birla Capital from 2020 until 2025.
($1 = 90.4420 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
India's Grasim names Sachin Sahay as new Birla Opus CEO
Jan 16 (Reuters) - India's Grasim Industries GRAS.NS on Friday named Sachin Sahay as the new chief executive of its paints business, Birla Opus.
(Reporting by Hritam Mukherjee in Bengaluru)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Jan 16 (Reuters) - India's Grasim Industries GRAS.NS on Friday named Sachin Sahay as the new chief executive of its paints business, Birla Opus.
(Reporting by Hritam Mukherjee in Bengaluru)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
India New Issue-Aditya Birla Housing Finance to issue 5-year bonds, bankers say
MUMBAI, Nov 17 (Reuters) - India's Aditya Birla Housing Finance plans to raise 5 billion rupees ($56.36 million), including a greenshoe option of 3 billion rupees, through the sale of bonds maturing in five years, three bankers said on Monday.
It will pay a coupon of 7.2841% and has invited commitment bids for the issue later in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on November 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 5 years | 7.2841 | 2+3 | November 17 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 88.7100 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Eileen Soreng)
MUMBAI, Nov 17 (Reuters) - India's Aditya Birla Housing Finance plans to raise 5 billion rupees ($56.36 million), including a greenshoe option of 3 billion rupees, through the sale of bonds maturing in five years, three bankers said on Monday.
It will pay a coupon of 7.2841% and has invited commitment bids for the issue later in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on November 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 5 years | 7.2841 | 2+3 | November 17 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 88.7100 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Eileen Soreng)
India New Issue-Aditya Birla Capital to issue multiple bonds, bankers say
MUMBAI, Sept 22 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise 20 billion rupees ($226.96 million) through sale of multiple maturity bonds, three bankers said on Thursday.
The company will raise 5 billion rupees each through two-year and six-month bonds at a coupon, which is 146 basis points above three-month overnight index swaps and five-year bonds at a coupon of 7.52%.
The company is also targeting 5 billion rupees each through reissue of 7.3789% February 2028 bonds and 7.2959% September 2028 bond.
Aditya Birla Capital did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital | 2 year and 6 month | 146 bps over 3-month OIS | 5 | September 23 | AAA (Crisil) |
Aditya Birla Capital | 5 years | 7.52 | 5 | September 23 | AAA (Crisil) |
Aditya Birla Capital | 2 year and 5 months | To be decided | 5 | September 23 | AAA (Crisil) |
Aditya Birla Capital | 3 years | To be decided | 5 | September 23 | AAA (Crisil) |
Roha Dye Chem | 5 years | 14 (yield) | 4 | To be decided | NA |
PFC | 2 year and 20 days | To be decided | 6+29 | September 23 | AAA (Crisil, Care) |
* Size includes base plus greenshoe for some issues
($1 = 88.1200 Indian rupees)
(Reporting by Dharamraj Dhutia)
MUMBAI, Sept 22 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise 20 billion rupees ($226.96 million) through sale of multiple maturity bonds, three bankers said on Thursday.
The company will raise 5 billion rupees each through two-year and six-month bonds at a coupon, which is 146 basis points above three-month overnight index swaps and five-year bonds at a coupon of 7.52%.
The company is also targeting 5 billion rupees each through reissue of 7.3789% February 2028 bonds and 7.2959% September 2028 bond.
Aditya Birla Capital did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital | 2 year and 6 month | 146 bps over 3-month OIS | 5 | September 23 | AAA (Crisil) |
Aditya Birla Capital | 5 years | 7.52 | 5 | September 23 | AAA (Crisil) |
Aditya Birla Capital | 2 year and 5 months | To be decided | 5 | September 23 | AAA (Crisil) |
Aditya Birla Capital | 3 years | To be decided | 5 | September 23 | AAA (Crisil) |
Roha Dye Chem | 5 years | 14 (yield) | 4 | To be decided | NA |
PFC | 2 year and 20 days | To be decided | 6+29 | September 23 | AAA (Crisil, Care) |
* Size includes base plus greenshoe for some issues
($1 = 88.1200 Indian rupees)
(Reporting by Dharamraj Dhutia)
India New Issue-Aditya Birla Housing accepts bids on bond reissue, bankers say
MUMBAI, Sept 18 (Reuters) - India's Aditya Birla Housing Finance has accepted bids worth 5 billion rupees ($56.73 million) for reissue of 7.8618% September 2028 bonds, three bankers said on Thursday.
The company will offer a yield of 7.28% on this issue and had invited commitment bids earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on September 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Sept 2028 reissue | 3 years | 7.28 (yield) | 5 | September 18 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 88.1375 Indian rupees)
(Reporting by Dharamraj Dhutia)
MUMBAI, Sept 18 (Reuters) - India's Aditya Birla Housing Finance has accepted bids worth 5 billion rupees ($56.73 million) for reissue of 7.8618% September 2028 bonds, three bankers said on Thursday.
The company will offer a yield of 7.28% on this issue and had invited commitment bids earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on September 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Sept 2028 reissue | 3 years | 7.28 (yield) | 5 | September 18 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 88.1375 Indian rupees)
(Reporting by Dharamraj Dhutia)
India New Issue-Aditya Birla Housing to issue 3-year bonds, bankers say
MUMBAI, Sept 17 (Reuters) - India's Aditya Birla Housing Finance plans to raise 5 billion rupees ($56.92 million), including a greenshoe option of 1 billion rupees, through the sale of bonds maturing in three years, three bankers said on Wednesday.
It has invited coupon and commitment bids for the issue on Thursday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on September 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 3 years | To be decided | 4+1 | September 18 | AAA (Crisil) |
TVS Credit Services | 3 years | To be decided | 5+2 | September 18 | AA+ (Crisil) |
Nuvoco Vistas Corp | 3 years | 7.70 | 6 | September 17 | AA (Crisil) |
Numaligarh Refinery | 10 years | To be decided | 10+40 | September 22 | AAA (Crisil, India Ratings) |
* Size includes base plus greenshoe for some issues
($1 = 87.8400 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
MUMBAI, Sept 17 (Reuters) - India's Aditya Birla Housing Finance plans to raise 5 billion rupees ($56.92 million), including a greenshoe option of 1 billion rupees, through the sale of bonds maturing in three years, three bankers said on Wednesday.
It has invited coupon and commitment bids for the issue on Thursday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on September 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 3 years | To be decided | 4+1 | September 18 | AAA (Crisil) |
TVS Credit Services | 3 years | To be decided | 5+2 | September 18 | AA+ (Crisil) |
Nuvoco Vistas Corp | 3 years | 7.70 | 6 | September 17 | AA (Crisil) |
Numaligarh Refinery | 10 years | To be decided | 10+40 | September 22 | AAA (Crisil, India Ratings) |
* Size includes base plus greenshoe for some issues
($1 = 87.8400 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
India File: GST 2.0 shakes up weddings, wardrobes and wallets
India New Issue-Aditya Birla Capital to issue 10-year bonds, bankers say
MUMBAI, Sept 5 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise at least 40 billion rupees ($453.2 million), including a greenshoe option of 20 billion rupees, through the sale of bonds maturing in 9 years, 11 months and 27 days, three bankers said on Friday.
It has invited coupon and commitment bids for the issue on Tuesday, the bankers said.
Aditya Birla Capital did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital | 9 years, 11 months and 27 days | To be decided | 20+20 | September 9 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 88.2700 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Eileen Soreng)
MUMBAI, Sept 5 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise at least 40 billion rupees ($453.2 million), including a greenshoe option of 20 billion rupees, through the sale of bonds maturing in 9 years, 11 months and 27 days, three bankers said on Friday.
It has invited coupon and commitment bids for the issue on Tuesday, the bankers said.
Aditya Birla Capital did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital | 9 years, 11 months and 27 days | To be decided | 20+20 | September 9 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 88.2700 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Eileen Soreng)
Grasim Industries top gainer on Nifty 50; brokerages hike PT on earnings beat
** Grasim Industries' GRAS.NS shares climb 2.2% to 2,751.9 rupees
** Top gainer on Nifty 50 .NSEI index, which is up 0.2%
** Aditya Birla Group holding company's Q1 EBITDA of 3.85 bln rupees ($44 mln) topped Jefferies and Morgan Stanley estimates
** Higher caustic soda volumes drove beat, new businesses like Birla Opus "delivering strongly on expectations" - Jefferies
** Jefferies and Motilal raise PT on stock to joint-street-high of 3,500 rupees
** At least 4 analysts raise PT, pushing median PT to 3,266.5 rupees vs 3,225 rupees month ago - data compiled by LSEG
** Eight analysts rate GRAS "buy" on avg - LSEG
** YTD, GRAS up 12.4% vs Nifty 50 3% gain
($1 = 87.5037 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
** Grasim Industries' GRAS.NS shares climb 2.2% to 2,751.9 rupees
** Top gainer on Nifty 50 .NSEI index, which is up 0.2%
** Aditya Birla Group holding company's Q1 EBITDA of 3.85 bln rupees ($44 mln) topped Jefferies and Morgan Stanley estimates
** Higher caustic soda volumes drove beat, new businesses like Birla Opus "delivering strongly on expectations" - Jefferies
** Jefferies and Motilal raise PT on stock to joint-street-high of 3,500 rupees
** At least 4 analysts raise PT, pushing median PT to 3,266.5 rupees vs 3,225 rupees month ago - data compiled by LSEG
** Eight analysts rate GRAS "buy" on avg - LSEG
** YTD, GRAS up 12.4% vs Nifty 50 3% gain
($1 = 87.5037 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
Grasim Industries Q1 FY26: Revenue Surges 16% YoY, Net Profit Jumps 32%
Grasim Industries Limited has reported its financial results for the first quarter of fiscal year 2026. The company achieved a consolidated revenue of ₹40,118 crore, marking a 16% increase year-on-year. Standalone revenue also reached a record high of ₹9,223 crore, up by 34% compared to the same period last year. This growth was driven by strong performance in new businesses, including paints and B2B e-commerce, alongside stable results from core businesses like cellulosic fibres and chemicals. The company's consolidated EBITDA rose by 36% year-on-year to ₹6,430 crore, primarily due to higher profitability in its cement and chemicals segments. Net profit attributable to owners (PAT) increased by 32% to ₹1,419 crore. In terms of business updates, the Cellulosic Fibres business is progressing with its Lyocell project, targeting commissioning by mid-2027. Birla Opus and Birla Pivot businesses reported double-digit growth, with Birla Pivot aiming to achieve ₹8,500 crore in revenue by FY27. Grasim Industries also highlighted its ongoing commitment to sustainability, being recognized for the fourth consecutive year as a Sustainable Organization by the Global Sustainability Alliance. The company is focusing on increasing its adoption of renewable energy and water recycling efforts across its manufacturing units.
Grasim Industries Limited has reported its financial results for the first quarter of fiscal year 2026. The company achieved a consolidated revenue of ₹40,118 crore, marking a 16% increase year-on-year. Standalone revenue also reached a record high of ₹9,223 crore, up by 34% compared to the same period last year. This growth was driven by strong performance in new businesses, including paints and B2B e-commerce, alongside stable results from core businesses like cellulosic fibres and chemicals. The company's consolidated EBITDA rose by 36% year-on-year to ₹6,430 crore, primarily due to higher profitability in its cement and chemicals segments. Net profit attributable to owners (PAT) increased by 32% to ₹1,419 crore. In terms of business updates, the Cellulosic Fibres business is progressing with its Lyocell project, targeting commissioning by mid-2027. Birla Opus and Birla Pivot businesses reported double-digit growth, with Birla Pivot aiming to achieve ₹8,500 crore in revenue by FY27. Grasim Industries also highlighted its ongoing commitment to sustainability, being recognized for the fourth consecutive year as a Sustainable Organization by the Global Sustainability Alliance. The company is focusing on increasing its adoption of renewable energy and water recycling efforts across its manufacturing units.
India New Issue-Aditya Birla capital to reissue bonds, bankers say
MUMBAI, Aug 5 (Reuters) - India's Aditya Birla Capital plans to raise 6 billion rupees ($68.3 million), including a greenshoe option of 4.5 billion rupees, through the reissue of 8.03% May 2035 bonds, three bankers said on Tuesday.
It has invited coupon and commitment bids for the issue on Wednesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital May Reissue | 9 years and 9 months | To be decided | 1.5+4.5 | August 6 | AAA (Crisil) |
Tata Communications | 3 years | 6.77 | 10 | August 6 | AAA (Care) |
*Size includes base plus greenshoe for some issues.
($1 = 87.7900 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sumana Nandy)
MUMBAI, Aug 5 (Reuters) - India's Aditya Birla Capital plans to raise 6 billion rupees ($68.3 million), including a greenshoe option of 4.5 billion rupees, through the reissue of 8.03% May 2035 bonds, three bankers said on Tuesday.
It has invited coupon and commitment bids for the issue on Wednesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital May Reissue | 9 years and 9 months | To be decided | 1.5+4.5 | August 6 | AAA (Crisil) |
Tata Communications | 3 years | 6.77 | 10 | August 6 | AAA (Care) |
*Size includes base plus greenshoe for some issues.
($1 = 87.7900 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sumana Nandy)
India New Issue-Aditya Birla Housing accepts bids for 10-year bonds, bankers say
MUMBAI, Aug 1 (Reuters) - India's Aditya Birla Housing Finance accepts bids worth 15 billion rupees ($171.47 million) for bonds maturing in 10 years, three bankers said on Friday.
The company will pay an annual coupon of 7.58% and had invited bids from bankers and investors for the issue earlier in the day, they said.
The company did not reply to a Reuters email for comment.
Here is the list of deals reported so far on August 1:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 10 years | 7.58 | 15 | August 1 | AAA (Icra, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.4800 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, Aug 1 (Reuters) - India's Aditya Birla Housing Finance accepts bids worth 15 billion rupees ($171.47 million) for bonds maturing in 10 years, three bankers said on Friday.
The company will pay an annual coupon of 7.58% and had invited bids from bankers and investors for the issue earlier in the day, they said.
The company did not reply to a Reuters email for comment.
Here is the list of deals reported so far on August 1:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 10 years | 7.58 | 15 | August 1 | AAA (Icra, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.4800 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
India New Issue-Aditya Birla Housing to issue 10-year bonds, bankers say
MUMBAI, July 31 (Reuters) - India's Aditya Birla Housing Finance plans to raise 15 billion rupees ($171.24 million), including a greenshoe option of 5 billion rupees, through a sale of bonds maturing in 10 years, three bankers said on Thursday.
The company has invited bids from bankers and investors for the issue on Friday, they said.
The company did not reply to a Reuters email for comment.
Here is the list of deals reported so far on July 31
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 10 years | To be decided | 10+5 | August 1 | AAA (Icra, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.5970 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, July 31 (Reuters) - India's Aditya Birla Housing Finance plans to raise 15 billion rupees ($171.24 million), including a greenshoe option of 5 billion rupees, through a sale of bonds maturing in 10 years, three bankers said on Thursday.
The company has invited bids from bankers and investors for the issue on Friday, they said.
The company did not reply to a Reuters email for comment.
Here is the list of deals reported so far on July 31
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 10 years | To be decided | 10+5 | August 1 | AAA (Icra, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.5970 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
India New Issue-Aditya Birla Capital to issue multiple tenor bonds, bankers say
MUMBAI, July 29 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise 13 billion rupees ($149.86 million), including 6.50 billion rupees of a greenshoe option, through the sale of bonds maturing in three years and two months and in five years, three bankers said on Tuesday.
The company has invited coupon and commitment bids for the issues on Wednesday, they said.
Aditya Birla Capital did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 29:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital | 3 years and 2 months | 7.2959 | 5+5 | July 30 | AAA (Icra, Crisil) |
Aditya Birla Capital | 5 years | 7.4242 | 1.50+1.50 | July 30 | AAA (Icra, Crisil) |
Bajaj Finance | 3 years and 2 months | To be decided | 5+10 | July 29 | AAA(Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.7460 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, July 29 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise 13 billion rupees ($149.86 million), including 6.50 billion rupees of a greenshoe option, through the sale of bonds maturing in three years and two months and in five years, three bankers said on Tuesday.
The company has invited coupon and commitment bids for the issues on Wednesday, they said.
Aditya Birla Capital did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 29:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital | 3 years and 2 months | 7.2959 | 5+5 | July 30 | AAA (Icra, Crisil) |
Aditya Birla Capital | 5 years | 7.4242 | 1.50+1.50 | July 30 | AAA (Icra, Crisil) |
Bajaj Finance | 3 years and 2 months | To be decided | 5+10 | July 29 | AAA(Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.7460 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
Asian Paints aims to quash Indian antitrust probe, saying investigation order mishandled
India's paints sector thriving amid booming economic growth
Asian Paints, rival Birla lock horns in antitrust case
Top player Asian Paints seeks to quash antitrust investigation
Birla has alleged Asian Paints abused its market position
By Aditya Kalra, Arpan Chaturvedi and Aditi Shah
NEW DELHI, July 25 (Reuters) - India's biggest paints maker, Asian Paints ASPN.NS, is seeking to quash an antitrust inquiry, arguing that officials damaged its reputation by publishing – and then deleting – allegations against its CEO from the investigation order, legal papers show.
Rapid infrastructure and real estate growth in India, one of the world's fastest-growing economies, has made the paints business a lucrative sector worth around $9.5 billion.
The Competition Commission of India is investigating Asian Paints, which has a 52% market share, after officials found merit in a complaint filed by rival Birla Opus that Asian Paints had abused its dominant position by offering discounts and incentives to dealers.
In a court challenge, Asian Paints told Mumbai judges the CCI's July 1 order contained an allegation that its CEO warned raw material suppliers in a meeting that they would get less business from the company if they dealt with Birla.
Within 24 hours, the reference was deleted and a new modified order was issued by the CCI, Asian Paints said in the filing, adding that both orders were still online and such an unexplained change was against legal procedures.
"The concurrent existence of two different orders ... has undermined the integrity of the proceedings, creating confusion in the market," Asian Paints said in its July 14 high court filing, seen by Reuters.
"The contents of the first impugned order have also caused grave reputational damage to the petitioner and to its CEO."
The CCI did not respond to Reuters queries on Asian Paints' lawsuit or why the changes were made to its order.
Asian Paints, its CEO Amit Syngle and Birla Opus, the paints arm of billionaire Kumar Mangalam Birla's Grasim Industries GRAS.NS, also did not respond to queries.
Reuters is first to report the contents of Asian Paints' 250-page lawsuit, which is not public.
Birla has dented some of Asian Paints' dominance after it launched in February 2024 and grew rapidly to garner a near 7% market share by March this year, Elara Capital data shows.
Asian Paints also presented a table to the judge citing other changes made in the revised order, including the deletion of a reference that its representatives were allegedly concerned about some dealers using Birla's specialist paint devices.
Making such changes indicates the CCI took its decision with a "pre-meditated mind", Asian Paints' filing said.
Ahead of the CCI's decision to investigate, Reuters on June 6 first reported Birla's confidential antitrust complaint against Asian Paints. Asian Paints submitted that story to the CCI and also inquired about the case, the filing shows.
Asian Paints' court challenge will be heard on August 6.
(Reporting by Aditya Kalra, Arpan Chaturvedi and Aditi Shah
Editing by Mark Potter)
India's paints sector thriving amid booming economic growth
Asian Paints, rival Birla lock horns in antitrust case
Top player Asian Paints seeks to quash antitrust investigation
Birla has alleged Asian Paints abused its market position
By Aditya Kalra, Arpan Chaturvedi and Aditi Shah
NEW DELHI, July 25 (Reuters) - India's biggest paints maker, Asian Paints ASPN.NS, is seeking to quash an antitrust inquiry, arguing that officials damaged its reputation by publishing – and then deleting – allegations against its CEO from the investigation order, legal papers show.
Rapid infrastructure and real estate growth in India, one of the world's fastest-growing economies, has made the paints business a lucrative sector worth around $9.5 billion.
The Competition Commission of India is investigating Asian Paints, which has a 52% market share, after officials found merit in a complaint filed by rival Birla Opus that Asian Paints had abused its dominant position by offering discounts and incentives to dealers.
In a court challenge, Asian Paints told Mumbai judges the CCI's July 1 order contained an allegation that its CEO warned raw material suppliers in a meeting that they would get less business from the company if they dealt with Birla.
Within 24 hours, the reference was deleted and a new modified order was issued by the CCI, Asian Paints said in the filing, adding that both orders were still online and such an unexplained change was against legal procedures.
"The concurrent existence of two different orders ... has undermined the integrity of the proceedings, creating confusion in the market," Asian Paints said in its July 14 high court filing, seen by Reuters.
"The contents of the first impugned order have also caused grave reputational damage to the petitioner and to its CEO."
The CCI did not respond to Reuters queries on Asian Paints' lawsuit or why the changes were made to its order.
Asian Paints, its CEO Amit Syngle and Birla Opus, the paints arm of billionaire Kumar Mangalam Birla's Grasim Industries GRAS.NS, also did not respond to queries.
Reuters is first to report the contents of Asian Paints' 250-page lawsuit, which is not public.
Birla has dented some of Asian Paints' dominance after it launched in February 2024 and grew rapidly to garner a near 7% market share by March this year, Elara Capital data shows.
Asian Paints also presented a table to the judge citing other changes made in the revised order, including the deletion of a reference that its representatives were allegedly concerned about some dealers using Birla's specialist paint devices.
Making such changes indicates the CCI took its decision with a "pre-meditated mind", Asian Paints' filing said.
Ahead of the CCI's decision to investigate, Reuters on June 6 first reported Birla's confidential antitrust complaint against Asian Paints. Asian Paints submitted that story to the CCI and also inquired about the case, the filing shows.
Asian Paints' court challenge will be heard on August 6.
(Reporting by Aditya Kalra, Arpan Chaturvedi and Aditi Shah
Editing by Mark Potter)
India New Issue-Aditya Birla Capital accepts bids for August 2028 bond reissue, bankers say
MUMBAI, July 10 (Reuters) - India's Aditya Birla Capital ADTB.NS has accepted bids worth 5.90 billion rupees ($68.90 million) for reissue of 7.9413% August 2028 bonds, three bankers said on Thursday.
The company had invited commitment bids for the issue earlier in the day, they said.
Aditya Birla Capital did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital Aug 2028 reissue | 3 years and 1 month | 7.3018 (yield) | 5.90 | July 10 | AAA (Icra, Crisil) |
Tata Capital | 3 years and 3 months | 7.1550 (yield) | 3+12 | July 14 | AAA (Icra, Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 85.6350 Indian rupees)
(Reporting by Dharamraj Dhutia)
MUMBAI, July 10 (Reuters) - India's Aditya Birla Capital ADTB.NS has accepted bids worth 5.90 billion rupees ($68.90 million) for reissue of 7.9413% August 2028 bonds, three bankers said on Thursday.
The company had invited commitment bids for the issue earlier in the day, they said.
Aditya Birla Capital did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital Aug 2028 reissue | 3 years and 1 month | 7.3018 (yield) | 5.90 | July 10 | AAA (Icra, Crisil) |
Tata Capital | 3 years and 3 months | 7.1550 (yield) | 3+12 | July 14 | AAA (Icra, Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 85.6350 Indian rupees)
(Reporting by Dharamraj Dhutia)
India New Issue-Aditya Birla Capital to reissue August 2028 bonds, bankers say
MUMBAI, July 9 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise 10 billion rupees ($116.6 million) through the reissue of 7.9413% August 2028 bonds, three bankers said on Wednesday.
The company has invited commitment bids for the issue on Thursday, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 9:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital Aug 2030 reissue | 3 years and 1 month | To be decided | 2+8 | July 10 | AAA (Icra, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.7680 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, July 9 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise 10 billion rupees ($116.6 million) through the reissue of 7.9413% August 2028 bonds, three bankers said on Wednesday.
The company has invited commitment bids for the issue on Thursday, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 9:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Capital Aug 2030 reissue | 3 years and 1 month | To be decided | 2+8 | July 10 | AAA (Icra, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.7680 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
India Antitrust Body Orders Investigation Into Asian Paints Following Complaint By Birla's Paints Unit
July 1 (Reuters) - Asian Paints Ltd ASPN.NS:
INDIA ANTITRUST BODY ORDERS INVESTIGATION INTO ASIAN PAINTS FOLLOWING COMPLAINT BY BIRLA'S PAINTS UNIT-ORDER
INDIA ANTITRUST BODY INITIAL REVIEW SHOWS ASIAN PAINTS HAS BREACHED COMPETITION LAWS-ORDERS
Source text: [ID:]
Further company coverage: ASPN.NS
July 1 (Reuters) - Asian Paints Ltd ASPN.NS:
INDIA ANTITRUST BODY ORDERS INVESTIGATION INTO ASIAN PAINTS FOLLOWING COMPLAINT BY BIRLA'S PAINTS UNIT-ORDER
INDIA ANTITRUST BODY INITIAL REVIEW SHOWS ASIAN PAINTS HAS BREACHED COMPETITION LAWS-ORDERS
Source text: [ID:]
Further company coverage: ASPN.NS
JSW strengthens India paints push with $1.6 billion Akzo Nobel unit deal
JSW Paints to become 4th largest in India by market share
Deal valued at $1.6 billion, including debt
Akzo Nobel India shares rise over 11%
Akzo Nobel to get 900 million euros from deal, launch buyback
Recasts, adds detail on industry, market share, analyst comments
By Hritam Mukherjee and Manvi Pant
BENGALURU, June 27 (Reuters) - JSW Paints will buy Dutch paint maker Akzo Nobel's AKZO.AS Indian arm for about $1.6 billion, in what will be the country's biggest deal yet in the sector as competition intensifies between established players and new entrants.
The deal comes as challenges for Indian paint makers mount, including volatile raw material costs and heightened competition, with billionaire Kumar Mangalam Birla's entry into the sector last year eating into Asian Paints' market share.
Dulux Paint-owner Akzo Nobel had announced a review of its South Asia operations last year to rein in costs and boost its core coatings business.
Shares of Akzo Nobel India jumped more than 11% after the deal was announced, and were trading 7.6% higher in Mumbai at around 0830 GMT.
India's paint and coatings market is expected to reach $16.37 billion in size by 2030, Mordor Intelligence estimates, from $10.46 billion in 2025, driven by a boom in infrastructure and real estate development.
The deal, which includes debt, will be the Indian paint sector's biggest deal on record, Dealogic data showed.
JSW Paints, launched in 2019 and part of the $23 billion JSW Group, will buy a 74.76% stake in Akzo Nobel India for $1.05 billion and launch an open offer for the roughly 25% held by public shareholders.
Parent Akzo Nobel, the fourth-largest paint maker in the world by market capitalisation behind PPG, Nippon Paint 4612.T and Sherwin-Williams SHW.N, will continue to retain its research and development centre and powder coatings business in India.
GROWING COMPETITION
Once completed, the deal will propel JSW Paints to fourth place by market share in a sector dominated by Asian Paints ASPN.NS, Berger Paints BRGR.NS and Kansai Nerolac KANE.NS, according to Geojit Financial Services analyst Antu Thomas.
Birla-owned Grasim launched Birla Opus in 2024, crowding the already-competitive market. Birla has since filed an antitrust complaint against Asian Paints for allegedly abusing its market position, Reuters has reported.
In 2022, the competition regulator closed a case filed by JSW Paints against Asian Paints for abusing its market position, saying it found no breach of competition laws.
"While this acquisition offers JSW Paints a significant scale-up opportunity, near-term integration challenges could provide an opportunity for incumbent players to strengthen their market position in the luxury segment," Amit Purohit, vice president at Elara Capital said.
Akzo Nobel is likely to rake in 900 million euros in net proceeds and plans to launch a 400 million euro share buyback program after the deal's closing, which is expected in the fourth quarter of 2025.
(Reporting by Hritam Mukherjee and Manvi Pant in Bengaluru; Additional reporting by Dimitri Rhodes; Editing by Mrigank Dhaniwala, Vijay Kishore, Aditya Kalra and Rachna Uppal)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
JSW Paints to become 4th largest in India by market share
Deal valued at $1.6 billion, including debt
Akzo Nobel India shares rise over 11%
Akzo Nobel to get 900 million euros from deal, launch buyback
Recasts, adds detail on industry, market share, analyst comments
By Hritam Mukherjee and Manvi Pant
BENGALURU, June 27 (Reuters) - JSW Paints will buy Dutch paint maker Akzo Nobel's AKZO.AS Indian arm for about $1.6 billion, in what will be the country's biggest deal yet in the sector as competition intensifies between established players and new entrants.
The deal comes as challenges for Indian paint makers mount, including volatile raw material costs and heightened competition, with billionaire Kumar Mangalam Birla's entry into the sector last year eating into Asian Paints' market share.
Dulux Paint-owner Akzo Nobel had announced a review of its South Asia operations last year to rein in costs and boost its core coatings business.
Shares of Akzo Nobel India jumped more than 11% after the deal was announced, and were trading 7.6% higher in Mumbai at around 0830 GMT.
India's paint and coatings market is expected to reach $16.37 billion in size by 2030, Mordor Intelligence estimates, from $10.46 billion in 2025, driven by a boom in infrastructure and real estate development.
The deal, which includes debt, will be the Indian paint sector's biggest deal on record, Dealogic data showed.
JSW Paints, launched in 2019 and part of the $23 billion JSW Group, will buy a 74.76% stake in Akzo Nobel India for $1.05 billion and launch an open offer for the roughly 25% held by public shareholders.
Parent Akzo Nobel, the fourth-largest paint maker in the world by market capitalisation behind PPG, Nippon Paint 4612.T and Sherwin-Williams SHW.N, will continue to retain its research and development centre and powder coatings business in India.
GROWING COMPETITION
Once completed, the deal will propel JSW Paints to fourth place by market share in a sector dominated by Asian Paints ASPN.NS, Berger Paints BRGR.NS and Kansai Nerolac KANE.NS, according to Geojit Financial Services analyst Antu Thomas.
Birla-owned Grasim launched Birla Opus in 2024, crowding the already-competitive market. Birla has since filed an antitrust complaint against Asian Paints for allegedly abusing its market position, Reuters has reported.
In 2022, the competition regulator closed a case filed by JSW Paints against Asian Paints for abusing its market position, saying it found no breach of competition laws.
"While this acquisition offers JSW Paints a significant scale-up opportunity, near-term integration challenges could provide an opportunity for incumbent players to strengthen their market position in the luxury segment," Amit Purohit, vice president at Elara Capital said.
Akzo Nobel is likely to rake in 900 million euros in net proceeds and plans to launch a 400 million euro share buyback program after the deal's closing, which is expected in the fourth quarter of 2025.
(Reporting by Hritam Mukherjee and Manvi Pant in Bengaluru; Additional reporting by Dimitri Rhodes; Editing by Mrigank Dhaniwala, Vijay Kishore, Aditya Kalra and Rachna Uppal)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Grasim Says Commercial Production Of Resin Manufacturing Block Started At Mahad Plant
June 25 (Reuters) - Grasim Industries Ltd GRAS.NS:
GRASIM - COMMERCIAL PRODUCTION OF RESIN MANUFACTURING BLOCK HAS NOW STARTED AT MAHAD PLANT
Further company coverage: GRAS.NS
June 25 (Reuters) - Grasim Industries Ltd GRAS.NS:
GRASIM - COMMERCIAL PRODUCTION OF RESIN MANUFACTURING BLOCK HAS NOW STARTED AT MAHAD PLANT
Further company coverage: GRAS.NS
India New Issue-Aditya Birla Housing to issue 5-year bonds, bankers say
MUMBAI, June 24 (Reuters) - India's Aditya Birla Housing Finance plans to raise 5 billion rupees ($58.03 million), including a greenshoe option of 3 billion rupees, through a sale of bonds maturing in five years, three bankers said on Tuesday.
The company will pay a coupon that is 162 basis points over the 364-day treasury bill yield, which works out to be 7.08%.
It has invited bids from bankers and investors for the issue on Wednesday, they said.
The company did not reply to a Reuters email for comment.
Here is the list of deals reported so far on June 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 5 years | linked to t-bill yield | 2+3 | June 25 | AAA (Icra, Crisil) |
Samvardhana Motherson | 5 years | 6.80 | 20+5 | June 25 | AAA (Crisil, Icra, India Ratings) |
Muthoot Finance | 2 years and 5 months | 8.05 | 5+5 | June 25 | AA+ (Crisil, Icra) |
L&T Finance | 3 years and 3 months | 7.20 (yield) | 1.50+3.50 | June 25 | AAA (India Ratings, Crisil |
*Size includes base plus greenshoe for some issues
($1 = 86.1660 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, June 24 (Reuters) - India's Aditya Birla Housing Finance plans to raise 5 billion rupees ($58.03 million), including a greenshoe option of 3 billion rupees, through a sale of bonds maturing in five years, three bankers said on Tuesday.
The company will pay a coupon that is 162 basis points over the 364-day treasury bill yield, which works out to be 7.08%.
It has invited bids from bankers and investors for the issue on Wednesday, they said.
The company did not reply to a Reuters email for comment.
Here is the list of deals reported so far on June 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Aditya Birla Housing Finance | 5 years | linked to t-bill yield | 2+3 | June 25 | AAA (Icra, Crisil) |
Samvardhana Motherson | 5 years | 6.80 | 20+5 | June 25 | AAA (Crisil, Icra, India Ratings) |
Muthoot Finance | 2 years and 5 months | 8.05 | 5+5 | June 25 | AA+ (Crisil, Icra) |
L&T Finance | 3 years and 3 months | 7.20 (yield) | 1.50+3.50 | June 25 | AAA (India Ratings, Crisil |
*Size includes base plus greenshoe for some issues
($1 = 86.1660 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
India's Grasim Industries rises on Morgan Stanley's bullish bet
** Shares of Grasim Industries Ltd GRAS.NS rise 4.1% to 2,714.60 rupees
** Morgan Stanley upgrades GRAS' rating to overweight" from "equal weight", raises PT to a Street-high 3,500 rupees and selects stock as the top pick in its coverage universe
** Stock is top gainer in blue-chip Nifty 50 .NSEI index
** GRAS is the holding company of Aditya Birla Group firms Ultratech Cement ULTC.NS, Birla Opus Paints, among others
** Brokerage's rating upgrade, PT raise driven by four scenarios – further value unlocking of paints business, improving earnings at ULTC, quick scale-up of newer verticals and narrowing holding company discount
** Analysts tracking stock rate it "buy" on average; median PT is 3,225 rupees - as per data compiled by LSEG
** Stock up 11% so far this year, outperforming Nifty 50's 6.3% climb
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
** Shares of Grasim Industries Ltd GRAS.NS rise 4.1% to 2,714.60 rupees
** Morgan Stanley upgrades GRAS' rating to overweight" from "equal weight", raises PT to a Street-high 3,500 rupees and selects stock as the top pick in its coverage universe
** Stock is top gainer in blue-chip Nifty 50 .NSEI index
** GRAS is the holding company of Aditya Birla Group firms Ultratech Cement ULTC.NS, Birla Opus Paints, among others
** Brokerage's rating upgrade, PT raise driven by four scenarios – further value unlocking of paints business, improving earnings at ULTC, quick scale-up of newer verticals and narrowing holding company discount
** Analysts tracking stock rate it "buy" on average; median PT is 3,225 rupees - as per data compiled by LSEG
** Stock up 11% so far this year, outperforming Nifty 50's 6.3% climb
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
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What does Grasim Industries do?
Grasim Industriesis a leading global and Indian producer of Cellulosic Staple Fibre (CSF) and Cellulosic Fashion Yarn (CFY). As a key segment within the broader man-made textile fibre industry, Cellulosic Fibres represents Grasim’s commitment to innovation, sustainability, and excellence in the evolving world of textiles. y. In India, the company has constantly expanded the CSF market through indigenously developed second and third-generation fibres, known as Birla Modal and Birla Excel (Lyocell), respectively. The success of brand ‘LIVA’ can be attributed to its relentless focus on customer centricity over the years. Raysil, the fashion yarn, is Grasim's viscose filament yarn brand. It is a well-known brand renowned for its luxurious texture and sustainable origins, crafted from 100% natural wood pulp, offering a biodegradable and eco-friendly alternative to synthetic fibres.
Who are the competitors of Grasim Industries?
Grasim Industries major competitors are Ambuja Cement, Shree Cement, JK Cement, Ultratech Cement, Dalmia Bharat, ACC, The Ramco Cements. Market Cap of Grasim Industries is ₹1,74,470 Crs. While the median market cap of its peers are ₹39,886 Crs.
Is Grasim Industries financially stable compared to its competitors?
Grasim Industries seems to be less financially stable compared to its competitors. Altman Z score of Grasim Industries is 0.93 and is ranked 8 out of its 8 competitors.
Does Grasim Industries pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Grasim Industries latest dividend payout ratio is 18.36% and 3yr average dividend payout ratio is 13.27%
How has Grasim Industries allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is Grasim Industries balance sheet?
Grasim Industries balance sheet is weak and might have solvency issues
Is the profitablity of Grasim Industries improving?
The profit is oscillating. The profit of Grasim Industries is ₹9,230 Crs for TTM, ₹3,706 Crs for Mar 2025 and ₹5,624 Crs for Mar 2024.
Is the debt of Grasim Industries increasing or decreasing?
Yes, The net debt of Grasim Industries is increasing. Latest net debt of Grasim Industries is ₹1,94,687 Crs as of Sep-25. This is greater than Mar-25 when it was ₹1,68,007 Crs.
Is Grasim Industries stock expensive?
Yes, Grasim Industries is expensive. Latest PE of Grasim Industries is 38.73, while 3 year average PE is 30.24. Also latest EV/EBITDA of Grasim Industries is 10.8 while 3yr average is 10.4.
Has the share price of Grasim Industries grown faster than its competition?
Grasim Industries has given better returns compared to its competitors. Grasim Industries has grown at ~18.72% over the last 7yrs while peers have grown at a median rate of 7.56%
Is the promoter bullish about Grasim Industries?
Promoters seem to be bullish about the company. Latest quarter promoter holding is 43.22% and last quarter promoter holding is 43.11%.
Are mutual funds buying/selling Grasim Industries?
The mutual fund holding of Grasim Industries is decreasing. The current mutual fund holding in Grasim Industries is 6.63% while previous quarter holding is 6.65%.