INDIACEM
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Thermax Says FE8PL Enters Share Subscription And Shareholders Agreement With India Cements
March 16 (Reuters) - Thermax Limited THMX.NS:
FE8PL ENTERS SHARE SUBSCRIPTION AND SHAREHOLDERS AGREEMENT WITH INDIA CEMENTS
INDIA CEMENTS TO SUBSCRIBE 13.3 MILLION FE8PL SHARES FOR 14.63% STAKE IN FE8PL
Source text: ID:nBSE5mVzQ8
Further company coverage: THMX.NS
March 16 (Reuters) - Thermax Limited THMX.NS:
FE8PL ENTERS SHARE SUBSCRIPTION AND SHAREHOLDERS AGREEMENT WITH INDIA CEMENTS
INDIA CEMENTS TO SUBSCRIBE 13.3 MILLION FE8PL SHARES FOR 14.63% STAKE IN FE8PL
Source text: ID:nBSE5mVzQ8
Further company coverage: THMX.NS
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;))
India Cements rise after quarterly loss narrows
** Shares of India Cements ICMN.NS rise 4.2% to 449.55 rupees
** ICMN, owned by UltraTech Cement ULTC.NS, on Friday reported a smaller Q3 loss of 57.2 million rupees ($623,433.24) vs loss of 4.09 billion rupees a year earlier; revenue rose 23.5% to 11.14 billion rupees
** Motilal Oswal says ICMN is witnessing operational improvement under UltraTech's leadership with recovery in margins, steady improvement in capacity utilization
** Brokerage expects ICMN's revenue CAGR at ~11% over FY25-28, led by a volume/realization CAGR of ~9%/2%
** Avg rating of four analysts equivalent of "sell", median PT is 396 rupees - LSEG data
** Stock rose 15.6% in 2025, its sixth straight yearly gain
($1 = 91.7500 Indian rupees)
(Reporting by Brijesh Patel in Bengaluru)
((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))
** Shares of India Cements ICMN.NS rise 4.2% to 449.55 rupees
** ICMN, owned by UltraTech Cement ULTC.NS, on Friday reported a smaller Q3 loss of 57.2 million rupees ($623,433.24) vs loss of 4.09 billion rupees a year earlier; revenue rose 23.5% to 11.14 billion rupees
** Motilal Oswal says ICMN is witnessing operational improvement under UltraTech's leadership with recovery in margins, steady improvement in capacity utilization
** Brokerage expects ICMN's revenue CAGR at ~11% over FY25-28, led by a volume/realization CAGR of ~9%/2%
** Avg rating of four analysts equivalent of "sell", median PT is 396 rupees - LSEG data
** Stock rose 15.6% in 2025, its sixth straight yearly gain
($1 = 91.7500 Indian rupees)
(Reporting by Brijesh Patel in Bengaluru)
((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))
India Cements Dec-Quarter Loss 57.2 Million Rupees
Jan 23 (Reuters) - India Cements Ltd ICMN.NS:
DEC-QUARTER LOSS 57.2 MILLION RUPEES
DEC-QUARTER REVENUE FROM OPERATIONS 11.14 BILLION RUPEES
Source text: [ID:]
Further company coverage: ICMN.NS
Jan 23 (Reuters) - India Cements Ltd ICMN.NS:
DEC-QUARTER LOSS 57.2 MILLION RUPEES
DEC-QUARTER REVENUE FROM OPERATIONS 11.14 BILLION RUPEES
Source text: [ID:]
Further company coverage: ICMN.NS
India Cements Gets Tax Demand For 64.2 Million Rupees
Dec 30 (Reuters) - India Cements Ltd ICMN.NS:
GETS TAX DEMAND FOR 64.2 MILLION RUPEES
Source text: ID:nnAZN4RNXUR
Further company coverage: ICMN.NS
Dec 30 (Reuters) - India Cements Ltd ICMN.NS:
GETS TAX DEMAND FOR 64.2 MILLION RUPEES
Source text: ID:nnAZN4RNXUR
Further company coverage: ICMN.NS
Ultratech Cement Approves Sale Of 6.49% Stake In India Cements
Aug 20 (Reuters) - UltraTech Cement Ltd ULTC.NS:
ULTRATECH CEMENT LTD - SALE REPRESENTS 6.49% OF INDIA CEMENTS' EQUITY SHARE CAPITAL
ULTRATECH CEMENT - TO SELL VIA OFFER FOR SALE ROUTE VIA EXCHANGES
ULTRATECH CEMENT - APPROVED SALE OF UPTO 20.1 MLN SHARES OF THE INDIA CEMENTS
Source text: ID:nNSE1dGTBt
Further company coverage: ULTC.NS
Aug 20 (Reuters) - UltraTech Cement Ltd ULTC.NS:
ULTRATECH CEMENT LTD - SALE REPRESENTS 6.49% OF INDIA CEMENTS' EQUITY SHARE CAPITAL
ULTRATECH CEMENT - TO SELL VIA OFFER FOR SALE ROUTE VIA EXCHANGES
ULTRATECH CEMENT - APPROVED SALE OF UPTO 20.1 MLN SHARES OF THE INDIA CEMENTS
Source text: ID:nNSE1dGTBt
Further company coverage: ULTC.NS
India Cements hits six-month high after parent UltraTech's positive commentary
** India Cements ICMN.NS jumps as much as 7.4% to six-month high of 369 rupees
** Parent UltraTech Cement ULTC.NS says rapidly integrating ICMN's operations, plans capex to drive efficiency
** Confident of reaching 1,000 rupees EBITDA/ton by fiscal year 2028 from current 400 rupees
** UltraTech acquired controlling stake in India Cements in a $472 million deal last year
** Motilal Oswal Financial Services expects productivity and energy efficiency initiatives to start yielding results for ICMN from Q4 of fiscal 2027
** More than 3.3 million ICMN shares change hands, ~5x 30 day average daily volume
** ICMN trims YTD losses to 2%
(Reporting by Vivek Kumar M)
** India Cements ICMN.NS jumps as much as 7.4% to six-month high of 369 rupees
** Parent UltraTech Cement ULTC.NS says rapidly integrating ICMN's operations, plans capex to drive efficiency
** Confident of reaching 1,000 rupees EBITDA/ton by fiscal year 2028 from current 400 rupees
** UltraTech acquired controlling stake in India Cements in a $472 million deal last year
** Motilal Oswal Financial Services expects productivity and energy efficiency initiatives to start yielding results for ICMN from Q4 of fiscal 2027
** More than 3.3 million ICMN shares change hands, ~5x 30 day average daily volume
** ICMN trims YTD losses to 2%
(Reporting by Vivek Kumar M)
India Cements closes higher on selling stake in travel agency
** India Cements shares ** Co's units sell entire stake in Coromandel Travels for 362.7 mln rupees ($4.2 mln), while Co sells own stake for 398,000 rupees ** With session's gains, ICMN shares up just under 34% in last 12 months (Reporting by Ananta Agarwal in Bengaluru)
($1 = 86.5190 Indian rupees)
** India Cements shares ** Co's units sell entire stake in Coromandel Travels for 362.7 mln rupees ($4.2 mln), while Co sells own stake for 398,000 rupees ** With session's gains, ICMN shares up just under 34% in last 12 months (Reporting by Ananta Agarwal in Bengaluru)
($1 = 86.5190 Indian rupees)
India Cements Says UltraTech Cement Holds 81.49% Stake In Co After Open Offer
Feb 5 (Reuters) - India Cements Ltd ICMN.NS:
ULTRATECH CEMENT HOLDS 81.49% STAKE IN CO AFTER OPEN OFFER
Source text: ID:nBSE7CGqsM
Further company coverage: ICMN.NS
Feb 5 (Reuters) - India Cements Ltd ICMN.NS:
ULTRATECH CEMENT HOLDS 81.49% STAKE IN CO AFTER OPEN OFFER
Source text: ID:nBSE7CGqsM
Further company coverage: ICMN.NS
India's UltraTech Cement sees profit boost ahead as demand, prices pick up
Updates with details from post-earnings conference call
By Hritam Mukherjee
Jan 23 (Reuters) - UltraTech ULTC.NS, India's top cement maker by capacity, signalled better core profit in upcoming quarters as the market absorbed price hikes and demand picked up, after it reported an earnings beat on Thursday on strong volumes.
"We expect earnings before interest, taxes, depreciation and amortization (EBITDA) to further improve going forward," finance chief Atul Daga said in a post-earnings conference call.
The comments echo those of smaller peer Dalmia Bharat DALB.NS, which said it was confident about a stronger performance in the upcoming quarters.
Cement prices improved in January, extending their rise from December, Daga said, adding that the pricing "lull has ended".
The average cement price in India, which have been falling for the most of last year, improved in the reporting quarter as the market absorbed price hikes after earlier such attempts were rolled back.
However, data from brokerages Ambit and Nomura showed that they were still about 11% lower on-year.
Volumes grew 11% - higher side of the 8.4%-11% range estimated by four brokerages - cushioning the hit from the depressed prices.
Cement demand is "opening up," Daga said, adding that government capex programmes have gained momentum since end of last month.
UltraTech's upbeat results - a smaller-than-expected 17% profit fall and a revenue beat - drove its shares to close 8% higher. It also lifted cement stocks of its nearest rival, the Adani Group - Ambuja ABUJ.NS and ACC ACC.NS - by 2%.
"UltraTech's good set of numbers are being seen as signs of improvement in the sector, and is assuaging investors that the worst, in terms of cement demand and prices, may be behind," said Ashutosh Murarka, a research analyst with Choice Broking.
The company's focus will be on turning around subsidiary India Cements ICMN.NS, which had reported a wider loss earlier this week, by boosting capacity utilisation levels, Daga said.
($1 = 86.4820 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Rashmi Aich and Janane Venkatraman)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Updates with details from post-earnings conference call
By Hritam Mukherjee
Jan 23 (Reuters) - UltraTech ULTC.NS, India's top cement maker by capacity, signalled better core profit in upcoming quarters as the market absorbed price hikes and demand picked up, after it reported an earnings beat on Thursday on strong volumes.
"We expect earnings before interest, taxes, depreciation and amortization (EBITDA) to further improve going forward," finance chief Atul Daga said in a post-earnings conference call.
The comments echo those of smaller peer Dalmia Bharat DALB.NS, which said it was confident about a stronger performance in the upcoming quarters.
Cement prices improved in January, extending their rise from December, Daga said, adding that the pricing "lull has ended".
The average cement price in India, which have been falling for the most of last year, improved in the reporting quarter as the market absorbed price hikes after earlier such attempts were rolled back.
However, data from brokerages Ambit and Nomura showed that they were still about 11% lower on-year.
Volumes grew 11% - higher side of the 8.4%-11% range estimated by four brokerages - cushioning the hit from the depressed prices.
Cement demand is "opening up," Daga said, adding that government capex programmes have gained momentum since end of last month.
UltraTech's upbeat results - a smaller-than-expected 17% profit fall and a revenue beat - drove its shares to close 8% higher. It also lifted cement stocks of its nearest rival, the Adani Group - Ambuja ABUJ.NS and ACC ACC.NS - by 2%.
"UltraTech's good set of numbers are being seen as signs of improvement in the sector, and is assuaging investors that the worst, in terms of cement demand and prices, may be behind," said Ashutosh Murarka, a research analyst with Choice Broking.
The company's focus will be on turning around subsidiary India Cements ICMN.NS, which had reported a wider loss earlier this week, by boosting capacity utilisation levels, Daga said.
($1 = 86.4820 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Rashmi Aich and Janane Venkatraman)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
India Cements hits 6-month low after Q3 loss widens
** Shares of India Cements ICMN.NS fall as much as 13% to 303.40 rupees, lowest since July 15
** ICMN, owned by UltraTech Cement ULTC.NS, on Tuesday reported wider Q3 loss of 4.29 bln rupees ($49.6 mln) vs loss of 165.1 mln rupees a year ago; rev from ops fell 16.5% Y/Y to 9.03 bln rupees
** Data from Nomura and Ambit showed that pan-India average cement price for the Dec-qtr was still 11% lower on year
** Share price currently below 50-day, 100-day and 200-day exponential moving averages
** More than 5.4 mln shares change hands, 2.6x of 30-day avg
** Avg rating of four analysts equivalent of "sell", median PT is 239 rupees - LSEG data
** Stock rose 45.4% in 2024, its fifth straight yearly gain
($1 = 86.5190 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru)
((ashish.chandra@thomsonreuters.com (+91 7982114624))
** Shares of India Cements ICMN.NS fall as much as 13% to 303.40 rupees, lowest since July 15
** ICMN, owned by UltraTech Cement ULTC.NS, on Tuesday reported wider Q3 loss of 4.29 bln rupees ($49.6 mln) vs loss of 165.1 mln rupees a year ago; rev from ops fell 16.5% Y/Y to 9.03 bln rupees
** Data from Nomura and Ambit showed that pan-India average cement price for the Dec-qtr was still 11% lower on year
** Share price currently below 50-day, 100-day and 200-day exponential moving averages
** More than 5.4 mln shares change hands, 2.6x of 30-day avg
** Avg rating of four analysts equivalent of "sell", median PT is 239 rupees - LSEG data
** Stock rose 45.4% in 2024, its fifth straight yearly gain
($1 = 86.5190 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru)
((ashish.chandra@thomsonreuters.com (+91 7982114624))
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;))
India Cements Appoints Suresh Vasant Patil As CEO
Dec 31 (Reuters) - India Cements Ltd ICMN.NS:
APPOINTS SURESH VASANT PATIL AS CEO
APPOINTS KRISHNAGOPAL LADSARIA AS CFO
Source text: [ID:]
Further company coverage: ICMN.NS
Dec 31 (Reuters) - India Cements Ltd ICMN.NS:
APPOINTS SURESH VASANT PATIL AS CEO
APPOINTS KRISHNAGOPAL LADSARIA AS CFO
Source text: [ID:]
Further company coverage: ICMN.NS
India's UltraTech buys stake in Star Cement as Adani rivalry continues
Adds analyst comment in paragraph 5, 9 and share movement in paragraphs 7, 8
By Hritam Mukherjee and Ashna Teresa Britto
Dec 27 (Reuters) - UltraTech ULTC.NS India's top cement maker will buy an 8.69% stake in Star Cement STAT.NS, it said on Friday, in a deal worth up to 8.51 billion rupees ($100 million) for a company that rival Adani Group was reportedly interested in acquiring.
UltraTech said it would pay not more than 235 rupees per Star Cement share, a 2% premium to the stock's closing price on Thursday.
Since billionaire Gautam Adani's ports-to-power conglomerate entered the sector in 2022 to challenge Aditya Birla Group-owned UltraTech's pole position, there has been a wave of deals as the two jostle for market share amid expectations the government will continue to spend heavily on infrastructure.
Local media had previously reported that the Adani Group was considering acquiring Star Cement, the biggest player in India's northeast. Star has said it was not engaged in any such talks.
"Now that UltraTech has made the first move on Star, there is a little chance that Adani will pursue the deal," said Ashutosh Murarka, an analyst with Choice Broking.
Adani Group did not immediately respond to an email seeking comment.
Star Cement's shares initially jumped 7% to 247 rupees, above the maximum offer price, which typically indicates investors expect a higher bid or a rival offer. However, the stock has since eased to trade around the offer price.
UltraTech's shares were off 0.4%. Shares of Adani-group controlled Ambuja Cements ABUJ.NS were flat, while those of ACC ACC.NS were down 1%.
UltraTech could consider acquiring a larger stake in Star Cement to boost its northeast presence and hasten the pace of meeting its capacity goals, said Murarka.
Star Cement, like many small cement firms, has suffered from the competition among the market leaders. Its annual sales growth will likely slow to 6.8% this fiscal year, from 22% in 2023, brokerage Nirmal Bang estimated.
($1 = 85.3450 Indian rupees)
(Reporting by Ashna Teresa Britto and Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza)
Adds analyst comment in paragraph 5, 9 and share movement in paragraphs 7, 8
By Hritam Mukherjee and Ashna Teresa Britto
Dec 27 (Reuters) - UltraTech ULTC.NS India's top cement maker will buy an 8.69% stake in Star Cement STAT.NS, it said on Friday, in a deal worth up to 8.51 billion rupees ($100 million) for a company that rival Adani Group was reportedly interested in acquiring.
UltraTech said it would pay not more than 235 rupees per Star Cement share, a 2% premium to the stock's closing price on Thursday.
Since billionaire Gautam Adani's ports-to-power conglomerate entered the sector in 2022 to challenge Aditya Birla Group-owned UltraTech's pole position, there has been a wave of deals as the two jostle for market share amid expectations the government will continue to spend heavily on infrastructure.
Local media had previously reported that the Adani Group was considering acquiring Star Cement, the biggest player in India's northeast. Star has said it was not engaged in any such talks.
"Now that UltraTech has made the first move on Star, there is a little chance that Adani will pursue the deal," said Ashutosh Murarka, an analyst with Choice Broking.
Adani Group did not immediately respond to an email seeking comment.
Star Cement's shares initially jumped 7% to 247 rupees, above the maximum offer price, which typically indicates investors expect a higher bid or a rival offer. However, the stock has since eased to trade around the offer price.
UltraTech's shares were off 0.4%. Shares of Adani-group controlled Ambuja Cements ABUJ.NS were flat, while those of ACC ACC.NS were down 1%.
UltraTech could consider acquiring a larger stake in Star Cement to boost its northeast presence and hasten the pace of meeting its capacity goals, said Murarka.
Star Cement, like many small cement firms, has suffered from the competition among the market leaders. Its annual sales growth will likely slow to 6.8% this fiscal year, from 22% in 2023, brokerage Nirmal Bang estimated.
($1 = 85.3450 Indian rupees)
(Reporting by Ashna Teresa Britto and Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza)
India Cements Says N. Srinivasan Resigns As CEO, MD
Dec 25 (Reuters) - India Cements Ltd ICMN.NS:
INDIA CEMENTS LTD - N. SRINIVASAN RESIGNS AS CEO, MD
Source text: ID:nBSE4yB7Xk
Further company coverage: ICMN.NS
Dec 25 (Reuters) - India Cements Ltd ICMN.NS:
INDIA CEMENTS LTD - N. SRINIVASAN RESIGNS AS CEO, MD
Source text: ID:nBSE4yB7Xk
Further company coverage: ICMN.NS
India Cements rises after India antitrust body clears UltraTech's stake buy
** India Cements shares ICMN.NS climb nearly 9% to ~369 rupees
** India's top cement maker UltraTech ULTC.NS up ~1%
** India's competition watchdog clears UltraTech's 32.7% stake buy in ICMN, announced on July 28 at 390 rupees/shr
** That was a month after UltraTech bought a 23% stake for 267 rupees/shr
** UltraTech's 50%-plus stake now triggers an open offer to buy more shares at 390 rupees/shr
** However, since the July-end deal, ICMN shares have traded between 385-331 rupees, below offer price
** ULTC, meanwhile, has shed 2% since the July deal
(Reporting by Kashish Tandon in Bengaluru)
** India Cements shares ICMN.NS climb nearly 9% to ~369 rupees
** India's top cement maker UltraTech ULTC.NS up ~1%
** India's competition watchdog clears UltraTech's 32.7% stake buy in ICMN, announced on July 28 at 390 rupees/shr
** That was a month after UltraTech bought a 23% stake for 267 rupees/shr
** UltraTech's 50%-plus stake now triggers an open offer to buy more shares at 390 rupees/shr
** However, since the July-end deal, ICMN shares have traded between 385-331 rupees, below offer price
** ULTC, meanwhile, has shed 2% since the July deal
(Reporting by Kashish Tandon in Bengaluru)
India competition watchdog approves UltraTech Cement's acquisition of India Cements
Corrects spelling of UltraTech Cement and "acquisition" in headline and paragraph 1
BENGALURU, Dec 20 (Reuters) - Competition Commission Of India on Friday approved UltraTech Cement's ULTC.NS acquisition of India Cements ICMN.NS, the antitrust watchdog said in a post on social media platform X.
(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)
Corrects spelling of UltraTech Cement and "acquisition" in headline and paragraph 1
BENGALURU, Dec 20 (Reuters) - Competition Commission Of India on Friday approved UltraTech Cement's ULTC.NS acquisition of India Cements ICMN.NS, the antitrust watchdog said in a post on social media platform X.
(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)
Adani's Ambuja to buy $451 mln stake in CK Birla's Orient Cement, stokes regulatory worries
Updates with deal details in paragraph 2, background in paragraphs 8-9
By Hritam Mukherjee
Oct 22 (Reuters) - Ambuja Cements ABUJ.NS, India's No.2 cement maker, said on Tuesday it would buy a nearly 47% stake in rival Orient Cement ORCE.NS for 37.91 billion rupees ($451 million), but analysts raised doubts about the deal winning regulatory approval.
Ambuja, part of billionaire Gautam Adani's ports-to-power conglomerate, said it would buy the entire 37.9% stake held by Orient's large shareholders, including Chairman CK Birla, and the rest from public shareholders in a deal that values the company at 81 billion rupees. This would trigger an open offer for an additional 26% stake in Orient.
This is the latest among a host of deals in the cement sector recently and the second by Ambuja this year as the firm aims to topple UltraTech Cement ULTC.NS, part of the Aditya Birla group, from the top position.
Orient -- which UltraTech and Sajjan Jindal's JSW Cement JSWC.NS were also interested in, per local newspaper Economic Times -- has two cement plants in the south and one in western India.
Ambuja, which expects the deal to boost Adani's market share by 2%, said it would pay 395.40 rupees per Orient share, a 12% premium to the stock's closing price on Monday.
Orient's shares jumped 7.5% to a record high of 379 rupees but soon reversed course to trade at 346.7 rupees, below the offer price, which analysts said was a sign of worries about potential regulatory concerns.
"Considering the backdrop of a slew of deals in recent past, investors are concerned if the deal will receive approval from the country's competition regulator," said Ashutosh Murarka, a research analyst at Choice Broking.
Ambuja acquired Penna Cement for $1.25 billion this June, and a month later, UltraTech bought a controlling stake in India Cements ICMN.NS for $472 million and is awaiting regulatory approvals for the deal.
The dealmaking has plagued the industry with oversupply, which combined with above-average monsoons, drove prices to five-year lows last quarter. UltraTech, however, said on Monday, it was seeing early signs of a recovery.
Ambuja's shares were down 1.3%, while UltraTech shares rose 0.6%.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Abinaya Vijayaraghavan and Savio D'Souza)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Updates with deal details in paragraph 2, background in paragraphs 8-9
By Hritam Mukherjee
Oct 22 (Reuters) - Ambuja Cements ABUJ.NS, India's No.2 cement maker, said on Tuesday it would buy a nearly 47% stake in rival Orient Cement ORCE.NS for 37.91 billion rupees ($451 million), but analysts raised doubts about the deal winning regulatory approval.
Ambuja, part of billionaire Gautam Adani's ports-to-power conglomerate, said it would buy the entire 37.9% stake held by Orient's large shareholders, including Chairman CK Birla, and the rest from public shareholders in a deal that values the company at 81 billion rupees. This would trigger an open offer for an additional 26% stake in Orient.
This is the latest among a host of deals in the cement sector recently and the second by Ambuja this year as the firm aims to topple UltraTech Cement ULTC.NS, part of the Aditya Birla group, from the top position.
Orient -- which UltraTech and Sajjan Jindal's JSW Cement JSWC.NS were also interested in, per local newspaper Economic Times -- has two cement plants in the south and one in western India.
Ambuja, which expects the deal to boost Adani's market share by 2%, said it would pay 395.40 rupees per Orient share, a 12% premium to the stock's closing price on Monday.
Orient's shares jumped 7.5% to a record high of 379 rupees but soon reversed course to trade at 346.7 rupees, below the offer price, which analysts said was a sign of worries about potential regulatory concerns.
"Considering the backdrop of a slew of deals in recent past, investors are concerned if the deal will receive approval from the country's competition regulator," said Ashutosh Murarka, a research analyst at Choice Broking.
Ambuja acquired Penna Cement for $1.25 billion this June, and a month later, UltraTech bought a controlling stake in India Cements ICMN.NS for $472 million and is awaiting regulatory approvals for the deal.
The dealmaking has plagued the industry with oversupply, which combined with above-average monsoons, drove prices to five-year lows last quarter. UltraTech, however, said on Monday, it was seeing early signs of a recovery.
Ambuja's shares were down 1.3%, while UltraTech shares rose 0.6%.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Abinaya Vijayaraghavan and Savio D'Souza)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
India Cements Q1 Profit 574.6 Mln Rupees
Aug 9 (Reuters) - India Cements Ltd ICMN.NS:
INDIA CEMENTS Q1 PROFIT 574.6 MILLION RUPEES
INDIA CEMENTS Q1 REVENUE FROM OPERATIONS 9.72 BILLION RUPEES; IBES EST. 11.37 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: ICMN.NS
Aug 9 (Reuters) - India Cements Ltd ICMN.NS:
INDIA CEMENTS Q1 PROFIT 574.6 MILLION RUPEES
INDIA CEMENTS Q1 REVENUE FROM OPERATIONS 9.72 BILLION RUPEES; IBES EST. 11.37 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: ICMN.NS
India Cements hits record high after UltraTech board approves deal to take control
** Shares of India Cements ICMN.NS rise as much as 3% to a record high of 385 rupees
** Board of UltraTech Cement ULTC.NS approved on Sunday a $472 million deal to gain control of India Cements
** Shares of ULTC rise 1.2%
** ICMN was operating below 65%-capacity potential over the past few years, ULTC likely to turn that around - brokerage Antique Stock Broking
** ICMN, on an average, rated "sell" vs "buy" on ULTC - LSEG data
** YTD, ICMN stock has risen more than 45%
(Reporting by Hritam Mukherjee in Bengaluru)
** Shares of India Cements ICMN.NS rise as much as 3% to a record high of 385 rupees
** Board of UltraTech Cement ULTC.NS approved on Sunday a $472 million deal to gain control of India Cements
** Shares of ULTC rise 1.2%
** ICMN was operating below 65%-capacity potential over the past few years, ULTC likely to turn that around - brokerage Antique Stock Broking
** ICMN, on an average, rated "sell" vs "buy" on ULTC - LSEG data
** YTD, ICMN stock has risen more than 45%
(Reporting by Hritam Mukherjee in Bengaluru)
UltraTech board approves deal to snare control of India Cement
NEW DELHI, July 28 (Reuters) - UltraTech Cement ULTC.NS, India's No.1 cement maker, said its board on Sunday approved a $472 million deal to gain control of India Cements ICMN.NS, which will bolster its position in the country's southern states.
The deal comes as the country's top cement makers vie to dominate a market that is expected to roughly double to $49 billion by 2029 from 2022 levels with an expected infrastructure spending boom under the government of Narendra Modi.
Ultratech, part of India's Aditya Birla group will buy a 32.72% stake in India Cements from its promoters and their associates, adding to a 23% stake that it bought in June.
After the June stake sale, the promoters of India Cements offered to sell their holding to the Birla group company, UltraTech said in a statement.
UltraTech will pay 39.54 billion rupees ($472.38 million) at 390 rupees per share for the 32.72% stake in India Cements, the statement said.
The acquisition will also trigger the so-called open offer requirement that allows Ultratech to buy more shares from public shareholders at the same price, which was a 4.3% premium to India Cement's last close.
($1 = 83.70 rupees)
(Reporting by Neha Arora and Sethuraman NR; Editing by Sonali Paul)
((mayank.bhardwaj@thomsonreuters.com; Twitter: @MayankBhardwaj9;))
NEW DELHI, July 28 (Reuters) - UltraTech Cement ULTC.NS, India's No.1 cement maker, said its board on Sunday approved a $472 million deal to gain control of India Cements ICMN.NS, which will bolster its position in the country's southern states.
The deal comes as the country's top cement makers vie to dominate a market that is expected to roughly double to $49 billion by 2029 from 2022 levels with an expected infrastructure spending boom under the government of Narendra Modi.
Ultratech, part of India's Aditya Birla group will buy a 32.72% stake in India Cements from its promoters and their associates, adding to a 23% stake that it bought in June.
After the June stake sale, the promoters of India Cements offered to sell their holding to the Birla group company, UltraTech said in a statement.
UltraTech will pay 39.54 billion rupees ($472.38 million) at 390 rupees per share for the 32.72% stake in India Cements, the statement said.
The acquisition will also trigger the so-called open offer requirement that allows Ultratech to buy more shares from public shareholders at the same price, which was a 4.3% premium to India Cement's last close.
($1 = 83.70 rupees)
(Reporting by Neha Arora and Sethuraman NR; Editing by Sonali Paul)
((mayank.bhardwaj@thomsonreuters.com; Twitter: @MayankBhardwaj9;))
India's UltraTech Cement expects another quarter of stymied growth
Rewrites with details from post-earnings call
By Hritam Mukherjee
BENGALURU, July 19 (Reuters) - UltraTech Cement ULTC.NS, India's No.1 cement maker, reported first-quarter earnings below estimates on Friday, hurt by soft demand and muted prices amid intensifying competition, and said growth would pick up only next quarter.
Cement prices were hovering around more-than-three-year lows from April to June as attempts to raise prices were stymied by soft demand and an aggressive fight for market share, analysts said.
Prices have softened sequentially in July and will likely only start improving from October onwards, Atul Daga, UltraTech's finance chief, said in a post-earnings call.
The company's first-quarter profit and revenue both came below analysts' average estimates, according to LSEG data.
Its revenue growth of 2% was the slowest in at least five quarters due to an election-linked slowdown in government construction spending. Sales volumes increased 6%, on the lower end of the 5%-11% band estimated by analysts.
UltraTech has been fighting to protect its market share, especially from the billionaire Adani Group which has risen to the No.2 spot in just two years via multiple big-ticket acquisitions.
The Aditya Birla Group-backed UltraTech has taken the same route, with its last deal being buying a 23% stake worth up to $228 million in India Cements ICMN.NS last month.
There was speculation UltraTech could increase its stake but Daga, on Friday, said it "can't go beyond" that 23% stake.
UltraTech's shares ended 3.3% lower after the results.
($1 = 83.6425 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K and Savio D'Souza)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Rewrites with details from post-earnings call
By Hritam Mukherjee
BENGALURU, July 19 (Reuters) - UltraTech Cement ULTC.NS, India's No.1 cement maker, reported first-quarter earnings below estimates on Friday, hurt by soft demand and muted prices amid intensifying competition, and said growth would pick up only next quarter.
Cement prices were hovering around more-than-three-year lows from April to June as attempts to raise prices were stymied by soft demand and an aggressive fight for market share, analysts said.
Prices have softened sequentially in July and will likely only start improving from October onwards, Atul Daga, UltraTech's finance chief, said in a post-earnings call.
The company's first-quarter profit and revenue both came below analysts' average estimates, according to LSEG data.
Its revenue growth of 2% was the slowest in at least five quarters due to an election-linked slowdown in government construction spending. Sales volumes increased 6%, on the lower end of the 5%-11% band estimated by analysts.
UltraTech has been fighting to protect its market share, especially from the billionaire Adani Group which has risen to the No.2 spot in just two years via multiple big-ticket acquisitions.
The Aditya Birla Group-backed UltraTech has taken the same route, with its last deal being buying a 23% stake worth up to $228 million in India Cements ICMN.NS last month.
There was speculation UltraTech could increase its stake but Daga, on Friday, said it "can't go beyond" that 23% stake.
UltraTech's shares ended 3.3% lower after the results.
($1 = 83.6425 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K and Savio D'Souza)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
India Cements Clarifies No Proposals Meriting Disclosures on News 'Co In Talks With Bofa, Nomura to Raise 5 Billion Rupees'
July 1 (Reuters) - India Cements Ltd ICMN.NS:
CLARIFIES ON NEWS INDIA CEMENTS IN TALKS WITH BOFA, NOMURA TO RAISE RS 500 CRORE
CO EXPLORES VARIOUS OPTIONS TO MEET FUNDING REQUIREMENTS, NO PROPOSALS THAT MERIT ANY DISCLOSURE
Further company coverage: ICMN.NS
July 1 (Reuters) - India Cements Ltd ICMN.NS:
CLARIFIES ON NEWS INDIA CEMENTS IN TALKS WITH BOFA, NOMURA TO RAISE RS 500 CRORE
CO EXPLORES VARIOUS OPTIONS TO MEET FUNDING REQUIREMENTS, NO PROPOSALS THAT MERIT ANY DISCLOSURE
Further company coverage: ICMN.NS
Birla's UltraTech buys stake in rival to defend Indian cement lead against Adani
Updates with background on India's cement industry and on Adani group; adds details from NDTV report
By Hritam Mukherjee
BENGALURU, June 27 (Reuters) - UltraTech Cement ULTC.NS said it is buying a stake worth up to $228 million in rival India Cements ICMN.NS, intensifying a battle with the Adani group which is challenging its position as the South Asian nation's top cement maker.
India's cement market, expected to roughly double to $49.24 billion by 2029 from 2022 levels, was long dominated by billionaire Kumar Mangalam Birla's company until Gautam Adani entered the sector in 2022 and quickly rose through the ranks to become the second biggest player.
The deal for a 23% stake, which UltraTech said is a non-controlling financial investment, comes as cement makers stand to benefit from Narendra Modi's return to power and an expected infrastructure spending spurt in Asia's No. 3 economy.
The investment in Chennai-based India Cements will help UltraTech guard its turf in the country's southern markets, at a time when Adani firms are attempting to boost their hold in the region.
Between November and June, UltraTech and Adani's Ambuja ABUJ.NS have added heft to their own southern holds by signing deals with Kesoram Industries and Penna Cement Industries respectively.
As of end-March, UltraTech had an 11% market share in the region, with the Adani group having a 6% share, an industry estimate showed.
"It is becoming clearer that larger incumbents are vying for a slice of the pie in South India," said Choice Broking's Ashutosh Murarka.
The Adani group was known for its aggressive expansion strategies across sectors, including deals at NDTV, Ambuja and ACC, before falling prey to a damning report from a U.S. short seller early last year.
The group has subsequently bounced back and has also resumed making acquisitions.
Broadcaster NDTV reported that UltraTech is buying the stake mainly from investor Radhakishan Damani and his associated entities, who together hold a 20.78% stake in India Cements.
UltraTech and Damani, who is also the founder of India's top retail chain DMart AVEU.NS, did not immediately respond to Reuters' requests for comments.
India Cements' shares jumped 14% on Thursday after the news, while UltraTech's shares rose nearly 7% to hit a record high.
($1 = 83.5050 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Muralikumar Anantharaman)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Updates with background on India's cement industry and on Adani group; adds details from NDTV report
By Hritam Mukherjee
BENGALURU, June 27 (Reuters) - UltraTech Cement ULTC.NS said it is buying a stake worth up to $228 million in rival India Cements ICMN.NS, intensifying a battle with the Adani group which is challenging its position as the South Asian nation's top cement maker.
India's cement market, expected to roughly double to $49.24 billion by 2029 from 2022 levels, was long dominated by billionaire Kumar Mangalam Birla's company until Gautam Adani entered the sector in 2022 and quickly rose through the ranks to become the second biggest player.
The deal for a 23% stake, which UltraTech said is a non-controlling financial investment, comes as cement makers stand to benefit from Narendra Modi's return to power and an expected infrastructure spending spurt in Asia's No. 3 economy.
The investment in Chennai-based India Cements will help UltraTech guard its turf in the country's southern markets, at a time when Adani firms are attempting to boost their hold in the region.
Between November and June, UltraTech and Adani's Ambuja ABUJ.NS have added heft to their own southern holds by signing deals with Kesoram Industries and Penna Cement Industries respectively.
As of end-March, UltraTech had an 11% market share in the region, with the Adani group having a 6% share, an industry estimate showed.
"It is becoming clearer that larger incumbents are vying for a slice of the pie in South India," said Choice Broking's Ashutosh Murarka.
The Adani group was known for its aggressive expansion strategies across sectors, including deals at NDTV, Ambuja and ACC, before falling prey to a damning report from a U.S. short seller early last year.
The group has subsequently bounced back and has also resumed making acquisitions.
Broadcaster NDTV reported that UltraTech is buying the stake mainly from investor Radhakishan Damani and his associated entities, who together hold a 20.78% stake in India Cements.
UltraTech and Damani, who is also the founder of India's top retail chain DMart AVEU.NS, did not immediately respond to Reuters' requests for comments.
India Cements' shares jumped 14% on Thursday after the news, while UltraTech's shares rose nearly 7% to hit a record high.
($1 = 83.5050 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Muralikumar Anantharaman)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
India's KCP drops on competition fears after Ambuja Cements deal
** KCP KCP.NS drops 0.8%, only Indian cement stock in the red
** Bigger rival Ambuja Cements ABUJ.NS buys Penna Cement in a $1.25 bln deal, bolstering south India presence
** ~60% of Penna's capacity is in Andhra Pradesh, while KCP's two cement plants are also in that state
** Ambuja and fellow Adani-group cement stock ACC ACC.NS are both up ~2% on the day
** Other cement firms with Andhra Pradesh presence also gain: India Cement ICMN.NS 1.8%, Ramco Cements TRCE.NS 0.5%, Sagar Cement SGRC.NS 4%
** KCP has surged ~27% since India's elections, in which Telugu Desam Party (TDP) chief Chandrababu Naidu returned to power in A.P.
** Analysts say Naidu could revive his ambitious project to develop Amravati, which he has suggested as state capital
** Sagar up 20% since election results, Ramco ~13%, India Cements ~3%; Ambuja has gained ~1% and ACC is flat
(Reporting by Savio Dsouza)
** KCP KCP.NS drops 0.8%, only Indian cement stock in the red
** Bigger rival Ambuja Cements ABUJ.NS buys Penna Cement in a $1.25 bln deal, bolstering south India presence
** ~60% of Penna's capacity is in Andhra Pradesh, while KCP's two cement plants are also in that state
** Ambuja and fellow Adani-group cement stock ACC ACC.NS are both up ~2% on the day
** Other cement firms with Andhra Pradesh presence also gain: India Cement ICMN.NS 1.8%, Ramco Cements TRCE.NS 0.5%, Sagar Cement SGRC.NS 4%
** KCP has surged ~27% since India's elections, in which Telugu Desam Party (TDP) chief Chandrababu Naidu returned to power in A.P.
** Analysts say Naidu could revive his ambitious project to develop Amravati, which he has suggested as state capital
** Sagar up 20% since election results, Ramco ~13%, India Cements ~3%; Ambuja has gained ~1% and ACC is flat
(Reporting by Savio Dsouza)
India Cements March-Quarter Loss 293.3 Million Rupees
May 20 (Reuters) - India Cements Ltd ICMN.NS:
INDIA CEMENTS MARCH-QUARTER LOSS 293.3 MILLION RUPEES VERSUS LOSS 2.18 BILLION RUPEES
INDIA CEMENTS MARCH-QUARTER REVENUE FROM OPERATIONS 12.45 BILLION RUPEES VERSUS 14.6 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: ICMN.NS
May 20 (Reuters) - India Cements Ltd ICMN.NS:
INDIA CEMENTS MARCH-QUARTER LOSS 293.3 MILLION RUPEES VERSUS LOSS 2.18 BILLION RUPEES
INDIA CEMENTS MARCH-QUARTER REVENUE FROM OPERATIONS 12.45 BILLION RUPEES VERSUS 14.6 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: ICMN.NS
India's UltraTech Cement rises as Morgan Stanley eyes gains from expansion
** Shares of India's UltraTech Cement ULTC.NS up ~2%, cooling off from session-high 2.3% rise
** Market leader, over the weekend, announced plans to buy grinding unit in Maharashtra state from India Cement ICMN.NS for 3.15 bln rupees (roughly $38 million)
** Also approved brownfield capacity expansions in Maharashtra
** Announcements to further boost ULTC's already strong presence in the state and surrounding regions, including south where co has relatively lower presence, says Morgan Stanley
** ULTC has one-third market share in the state vs 24% pan-India share, adds MS
** Brokerage rates co "overweight" with 11,600 rupees PT, analysts' avg rating "buy" with median PT 11,041 rupees - LSEG
** YTD stock has fallen over 9% after a ~51% jump in 2023
($1 = 83.4175 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru)
** Shares of India's UltraTech Cement ULTC.NS up ~2%, cooling off from session-high 2.3% rise
** Market leader, over the weekend, announced plans to buy grinding unit in Maharashtra state from India Cement ICMN.NS for 3.15 bln rupees (roughly $38 million)
** Also approved brownfield capacity expansions in Maharashtra
** Announcements to further boost ULTC's already strong presence in the state and surrounding regions, including south where co has relatively lower presence, says Morgan Stanley
** ULTC has one-third market share in the state vs 24% pan-India share, adds MS
** Brokerage rates co "overweight" with 11,600 rupees PT, analysts' avg rating "buy" with median PT 11,041 rupees - LSEG
** YTD stock has fallen over 9% after a ~51% jump in 2023
($1 = 83.4175 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru)
India's J K Cement earnings likely to outperform peers, Antique Stock Broking says
** Earnings of India's J K Cement JKCE.NS likely to outperform peers on higher volume growth - Antique Stock Broking
** Brokerage expects JKCE's volume CAGR of ~13% over FY19-24 led by accelerated ramp-up of capacities vs ~5% volume CAGR for the industry
** Company aims to more than double capacity to ~50 mtpa by 2030-31, implying near double-digit volume CAGR in medium term - brokerage
** Brokerage retains "buy" rating, PT at 4,500 Indian rupees; adds company remains top pick among mid-caps
** Avg recommendation of 20 analysts is "buy", median PT 4,456.50 rupees - LSEG
** UltraTech Cement ULTC.NS, ACC ACC.NS, Ambuja Cements ABUJ.NS also rated "buy"; Shree Cement SHCM.NS, Ramco Cements TRCE.NS "hold", India Cements ICMN.NS "sell"
** JKCE up 6% YTD vs Nifty mid-cap index's .NIFSMCP100 1% decline
(Reporting by Rama Venkat in Bengaluru)
((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607))
** Earnings of India's J K Cement JKCE.NS likely to outperform peers on higher volume growth - Antique Stock Broking
** Brokerage expects JKCE's volume CAGR of ~13% over FY19-24 led by accelerated ramp-up of capacities vs ~5% volume CAGR for the industry
** Company aims to more than double capacity to ~50 mtpa by 2030-31, implying near double-digit volume CAGR in medium term - brokerage
** Brokerage retains "buy" rating, PT at 4,500 Indian rupees; adds company remains top pick among mid-caps
** Avg recommendation of 20 analysts is "buy", median PT 4,456.50 rupees - LSEG
** UltraTech Cement ULTC.NS, ACC ACC.NS, Ambuja Cements ABUJ.NS also rated "buy"; Shree Cement SHCM.NS, Ramco Cements TRCE.NS "hold", India Cements ICMN.NS "sell"
** JKCE up 6% YTD vs Nifty mid-cap index's .NIFSMCP100 1% decline
(Reporting by Rama Venkat in Bengaluru)
((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607))
India Cements Reports Dec-Quarter Loss Versus Profit Yr Ago
Feb 1 (Reuters) - India Cements Ltd ICMN.NS:
DEC-QUARTER LOSS 165.1 MILLION RUPEES VERSUS PROFIT 907.3 MILLION RUPEES
DEC-QUARTER REVENUE FROM OPERATIONS 10.82 BILLION RUPEES VERSUS 12.19 BILLION RUPEES
Further company coverage: ICMN.NS
Feb 1 (Reuters) - India Cements Ltd ICMN.NS:
DEC-QUARTER LOSS 165.1 MILLION RUPEES VERSUS PROFIT 907.3 MILLION RUPEES
DEC-QUARTER REVENUE FROM OPERATIONS 10.82 BILLION RUPEES VERSUS 12.19 BILLION RUPEES
Further company coverage: ICMN.NS
India's UltraTech Cement falls, drags sector on weak Q3 sales growth
** Shares of UltraTech Cement ULTC.NS fall 2.5% and are the second-biggest loser on Nifty 50 .NSEI
** India's top cement maker reports 6% YOY growth in Q3 sales volume and 2% QoQ growth
** That's noticeably weaker than the 18% growth over Q1 and Q2, says Axis Capital
** Brokerage says demand softened due to assembly elections in some states and flooding in Tamil Nadu
** Shree Cement SHCM.NS, Ambuja Cement ABUJ.NS, JK Lakshmi JKLC.NS, Dalmia Bharat DALB.NS, Ramco Cement TRCE.NS, India Cements ICMN.NS down 1%-2%
** ULTC rose 51% last year, the most among cement stocks
(Reporting by Sethuraman NR in Bengaluru)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
** Shares of UltraTech Cement ULTC.NS fall 2.5% and are the second-biggest loser on Nifty 50 .NSEI
** India's top cement maker reports 6% YOY growth in Q3 sales volume and 2% QoQ growth
** That's noticeably weaker than the 18% growth over Q1 and Q2, says Axis Capital
** Brokerage says demand softened due to assembly elections in some states and flooding in Tamil Nadu
** Shree Cement SHCM.NS, Ambuja Cement ABUJ.NS, JK Lakshmi JKLC.NS, Dalmia Bharat DALB.NS, Ramco Cement TRCE.NS, India Cements ICMN.NS down 1%-2%
** ULTC rose 51% last year, the most among cement stocks
(Reporting by Sethuraman NR in Bengaluru)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
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What does India Cements do?
India Cements Limited focuses on manufacturing durable and cost-effective products using blended cement with fly ash additive, compliant with standards. It emphasizes improving clinker to cement ratio for environmental conservation.
Who are the competitors of India Cements?
India Cements major competitors are Nuvoco Vistas Corpor, Star Cement, JK Lakshmi Cement, Birla Corporation, Prism Johnson, Heidelberg Cement, Orient Cement. Market Cap of India Cements is ₹11,080 Crs. While the median market cap of its peers are ₹6,865 Crs.
Is India Cements financially stable compared to its competitors?
India Cements seems to be less financially stable compared to its competitors. Altman Z score of India Cements is 2.96 and is ranked 4 out of its 8 competitors.
Does India Cements pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. India Cements latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has India Cements allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery
How strong is India Cements balance sheet?
Balance sheet of India Cements is strong. But short term working capital might become an issue for this company.
Is the profitablity of India Cements improving?
Yes, profit is increasing. The profit of India Cements is -₹106.09 Crs for TTM, -₹143.68 Crs for Mar 2025 and -₹227.34 Crs for Mar 2024.
Is the debt of India Cements increasing or decreasing?
Yes, The net debt of India Cements is increasing. Latest net debt of India Cements is ₹1,296 Crs as of Sep-25. This is greater than Mar-25 when it was ₹951 Crs.
Is India Cements stock expensive?
India Cements is not expensive. Latest PE of India Cements is 0, while 3 year average PE is 73.54. Also latest EV/EBITDA of India Cements is 51.48 while 3yr average is 69.44.
Has the share price of India Cements grown faster than its competition?
India Cements has given better returns compared to its competitors. India Cements has grown at ~19.25% over the last 4yrs while peers have grown at a median rate of 2.42%
Is the promoter bullish about India Cements?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in India Cements is 75.0% and last quarter promoter holding is 75.6%
Are mutual funds buying/selling India Cements?
The mutual fund holding of India Cements is increasing. The current mutual fund holding in India Cements is 9.53% while previous quarter holding is 8.79%.