Leading cement maker UltraTech Cement has received a notice from the fair trade regulator CCI over its proposed acquisition of the South-based India Cements Ltd. UltraTech Cement, in a regulatory filing, said it has received notice from the Competition Commission of India (CCI), and the Aditya Birla group flagship firm is confident in the merits of its case. "The Company has received a communication from the Competition Commission of India under Section 29 (1) of the Competition Act, 2002, regarding the proposed acquisition of The India Cements Ltd. The Company will be responding to the same," said UltraTech. The southern market for grey cement, where India Cements primarily operates, is highly competitive and fragmented, with the presence of over 35 grey cement manufacturers. "We are confident of the merits of our case," the Aditya Birla Group firm said. Under the CCI Act, where the fair trade regulator is of the opinion that a combination is "likely to cause, or has caused an ..
Elara Capital believes Star Cement is well placed to report healthy performance from hereon led by healthy volume growth due to ramp-up of recently added capacity and completion of ongoing project.
While FY25 is seeing slow growth and subdued govt spending, CareEdge maintains a long-term outlook aligned with India's broader growth strategy with housing, continuing to be primary driver of cement.
The company expects gradual improvement in demand driven by increased government spending in the 2nd half of the fiscal and improved demand from urban and rural segments owing to good monsoon
Company's net profit after tax for its standalone business, which comprises its cement segment, dropped to Rs 25.58 crore ($3 million) for the quarter ended Sept. 30 from Rs 101 crore a year earlier
UltraTech, Dalmia, and Ambuja Cements are the only companies that reported growth in volumes compared to a year ago
The management believe that new infrastructure project orders will start gaining momentum, although it has been a subdued start from Q1 and during the reported quarter.
Will be the first cement plant in the country to run entirely on renewable energy
Ultratech found Orient Cement deal as expensive
A continued slowdown in revenue growth and the recent contraction in profit have created an imbalance between cement companies' earnings fundamentals and market capitalisation
A company tribunal approved Sagar Cements' $9.20 billion bid to take over Jaypee Group-owned Andhra Cements
Barring HeidelbergCement most of the cement stocks look technically weak on the charts; Ambuja Cements is on the verge of seeing a 'Death Cross' formation on the daily chart.
UltraTech Cement's consolidated profit dropped 36 per cent year-on-year (Y-o-Y) to Rs 825 crore in the September quarter of FY25, from Rs 1,280 crore in the September quarter of FY24.
The Indian cement industry, which is witnessing aggressive acquisitions by two of its leading players - Adani group's Ambuja Cement and Aditya Birla's UltraTech, will have further consolidation in the near-to-medium term, according to a report. In the report, rating agency Ind-Ra said that the aggressive medium-term capacity targets of leading players are unlikely to be fully achieved organically and the industry is likely to witness an increase in the competitive intensity. This will also lead to some pricing pressure due to which the gap between leading and small players could continue to widen given the wider presence and better cost efficiencies for large players, India Ratings and Research (Ind-Ra) said. "Ind-Ra expects the cement sector to witness further consolidation in the near-to-medium term, given the aggressive medium-term capacity targets of leading players that are unlikely to be fully achieved organically," the report said. The rating agency said it also expects dema
The company added that the transaction marks the second sustainability-linked financing raised by UltraTech, following its inaugural sustainability-linked bond issuance in 2021
Ambuja Cements' board of directors had approved the acquisition of 100% stake in Penna Cement at an enterprise value of Rs 10,422 crore in June, expanding the firm's southern footprint
Leading cement manufacturers reported single-digit volume growth in the June quarter, though their topline was muted on account of the continued downtrend in the price. Listed manufacturers such as UltraTech, Ambuja Cements, ACC, Shree Cements, and Dalmia Bharat - in their latest quarter earnings reported gains in volumes, ranging from 3 to 9 per cent and increase in capacity utilisation. However, soft cement prices have put their topline under pressure in the April-June period. Besides, raw material costs went up marginally due to an increase in the cost of fly ash and slag. The all-India average cement price was at around Rs 348 per 50 kg bag in June 2024, down around 3 per cent year-on-year. However, this was higher when compared to Rs 335 per bag in May 2024. For the first two months of FY25, the average cement price was at Rs 340 per bag, down 8 per cent YoY. In FY24, the average price was Rs 365 per bag and Rs 375 per bag in FY23, according to the report. Moreover, intense .
M P Birla group flagship firm Birla Corporation on Thursday posted a 45 per cent decline in its net profit to Rs 33 crore during the first quarter of the 2024-25 fiscal as compared to Rs 60 crore in the year-ago period. A company statement said that revenue of the company during the April-June period also decreased by 8.9 per cent at Rs 2,207 crore as against Rs 2,423 crore in the similar previous quarter It said weak cement prices coupled with sluggish demand have weighed down the profitability of the June quarter. Sales volumes also declined marginally in the face of contracting demand. Faced with challenging market conditions, the Kolkata-headquartered company focused on reducing variable costs in cement production across its units. The jute division of the company registered a cash loss of Rs 3.9 crore in the quarter under review against a cash profit of Rs 6.4 crore in the similar previous period. Realisation of cement sales per tonne during the first three months of the curr
Japanese brokerage firm Nomura has upgraded India's second biggest cement company Ambuja Cements to Buy with a target price of Rs 780, an upside of 17 per cent
The cement business accounted for the bulk of Kesoram's revenue from operations. According to the FY24 annual report, revenue from cement was Rs 3,736.10 crore