ULTRACEMCO

** Shares of Ultratech Cement ULTC.NS rise 2.4% to 11,496 rupees

** Cement maker among top five pct gainers on benchmark Nifty 50 index .NSEI, which is up about 1%

** "Healthy price hikes in April and May, despite weaker than expected volumes, have driven higher profitability per tonne in cement industry," says Goldman Sachs

** Reiterates "buy" on ULTC, calls it the "top pick" in the sector; sets PT at 12,650 rupees

** Average rating of 38 analysts tracking ULTC is "buy"; median PT at 13,200 rupees - data compiled by LSEG

** YTD, ULTC down 1.8%, Nifty 50 4.5% rise

(Reporting by Bharath Rajeswaran in Bengaluru)

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April 28 (Reuters) - UltraTech Cement ULTC.NS, India's biggest cement maker by capacity, reported fourth-quarter profit below market expectations on Monday, pressured by weak pricing and higher costs.

Consolidated net profit for the company came in at 24.82 billion rupees ($292 million) in the three months ended March 31, compared to analysts' average estimate of 26.31 billion rupees, per data compiled by LSEG.

($1 = 84.9870 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips and Varun H K)

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April 16 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• TO ACQUIRE 26% EQUITY IN AMPIN C&I POWER EIGHT

Source text: ID:nBSE84jhmN

Further company coverage: ULTC.NS

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April 9 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ORDER DROPS TAX DEMAND, UPHOLDS TAX LIABILITY OF 9.2 MILLION RUPEES

Source text: ID:nBSE7d0hrN

Further company coverage: ULTC.NS

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April 3 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT LTD - TO ACQUIRE WONDER WALLCARE FOR 2.35 BILLION RUPEES

Source text: ID:nBSEbv1ptc

Further company coverage: ULTC.NS

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March 28 (Reuters) - India's Ambuja Cements ABUJ.NS has re-designated CEO Ajay Kapur as the managing director and named Vinod Bahety as its new chief, the Adani Group company said on Friday, effective April 1.

Kapur, who has spent three decades working in the cement, construction, power and heavy metals sectors, has been appointed for a two-year term while Bahety will serve as CEO for three years.

Bahety has been the finance chief for Ambuja and ACC ACC.NS, both subsidiaries of billionaire Gautam Adani's conglomerate, since September 2022.

The rejig comes as consolidation in India's cement sector intensifies, with Ambuja Cements charting an acquisition spree to rival the Aditya Birla Group-owned UltraTech Cement ULTC.NS. The two companies have jostled for market share amid expectations the government will continue to spend heavily on infrastructure.

(Reporting by Ashish Chandra in Bengaluru; Editing by Janane Venkatraman)

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March 27 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT - COMMISSIONING A BROWNFIELD CLINKER CAPACITY OF 3.35 MTPA IN MAIHAR, MP

• ULTRATECH CEMENT- COMMISSIONING OF BROWNFIELD EXPANSION OF GRINDING UNIT AT DHULE, AT 1.2 MTPA

• ULTRATECH CEMENT - COMMISSIONING ONE OUT OF TWO CEMENT MILLS WITH A CAPACITY OF 2.7 MTPA IN MAIHAR, MP

• ULTRATECH CEMENT- TOTAL DOMESTIC GREY CEMENT MANUFACTURING CAPACITY STANDS AT 183.36 MTPA

Source text: [ID:]

Further company coverage: ULTC.NS

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** The rough patch for India's cement sector due to demand slowdown in fiscal year 2025 and rising competition after Adani's entry is coming to an end, says UBS

** Upgrades UltraTech Cement ULTC.NS to "buy" from "neutral" and hikes price target to 13,000 rupees from 9,000 rupees

** UBS also upgrades Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS to "buy" from "sell", while reiterating "buy" on ACC ACC.NS

** Forecasts demand to bounce back in fiscal year 2026 due to pick-up in government capex after an election-led slowdown in FY2025, housing upcycle, improving rural outlook and policy support

** Estimates core profit CAGR of 18%-43% over FY2025-27 for the four cement companies

** Expects market leaders ULTC and Adani group-owned ACC and ABUJ to have an upper hand as sectoral consolidation continues

** ULTC, ACC, Ambuja Cements shares are down 3.28%, 5.8% and 3.1%, respectively in 2025 so far; benchmark Nifty 50 .NSEI is little changed over the same period

(Reporting by Bharath Rajeswaran in Bengaluru)

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March 19 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT LTD - IDENTIFIES OPPORTUNITIES FOR DEBOTTLENECKING AND EFFICIENCY ENHANCEMENT

• ULTRATECH CEMENT LTD - COMPLETES INITIATIVES INCREASING PRODUCTION CAPACITY BY 1.2 MTPA

• ULTRATECH CEMENT LTD - GLOBAL CEMENT CAPACITY NOW 184.26 MTPA

• ULTRATECH CEMENT LTD - DOMESTIC GREY CEMENT CAPACITY NOW 178.86 MTPA

Source text: ID:nBSEd5QlG

Further company coverage: ULTC.NS

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In March 4 story, corrects paragraph 1 to clarify Ambuja Cements is buying Orient Cement, not India Cements

March 4 (Reuters) - India's antitrust watchdog, approved Ambuja Cements' ABUJ.NS acquisition of Orient Cement ORCE.NS on Tuesday, months after the Adani Group company first announced the deal.

Ambuja Cements, India's second-largest cement maker, in October revealed plans to buy stake worth $451 million in Orient Cement, intensifying competition with industry leader UltraTech Cement ULTC.NS.

Competition in the Indian cement sector has heated up recently, with UltraTech and the Adani Group companies striking a slew of deals to acquire smaller firms and expand their market share.

Analysts had doubted Ambuja's deal would win regulatory approval, considering recent acquisitions that have led to industry oversupply. Ambuja's shares fell 2.3% on October 22 when the deal was first announced.

Since October 22, Ambuja Cements' shares have dropped about 15%, while Orient Cements' shares have fallen nearly 5%.

In recent years, Ambuja has acquired smaller rivals Sanghi Industries SNGI.NS and Penna Cement PENC.NS.

(Reporting by Manvi Pant in Bengaluru; Editing by Tasim Zahid)

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MUMBAI, March 4 (Reuters) - India's UltraTech Cement ULTC.NS has accepted bids worth 20 billion rupees ($229 million) for bonds maturing in three years as well as five years, two merchant bankers said on Tuesday.

UltraTech Cement will pay an annual coupon of 7.34% on each option and has accepted bids worth 10 billion rupees each, they said.

The company had invited bids from bankers and investors for the issues earlier in the day.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 4:

*Size includes base plus greenshoe for some issues

($1 = 87.3340 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

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MUMBAI, March 3 (Reuters) - India's UltraTech Cement ULTC.NS plans to raise 20 billion rupees ($229 million) through a sale of bonds maturing in three years as well as five years, two merchant bankers said on Monday.

UltraTech Cement will raise 10 billion rupees from each option and has invited bids from bankers and investors for the issues on Tuesday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 3:

*Size includes base plus greenshoe for some issues

($1 = 87.3690 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

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Feb 27 (Reuters) - Shares of India's UltraTech Cement ULTC.NS fell 5% to hit their lowest level in eight months on Thursday as analysts raised concerns over the top cement maker's plan to foray into the cables and wires business.

Shares of the cement maker were last trading 5.05% lower at 10,410.1 rupees and were the top percentage losers on the benchmark Nifty 50 .NSEI, which was little changed on the day.

($1 = 87.3830 Indian rupees)

(Reporting by Manvi Pant and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)

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Feb 25 (Reuters) - UltraTech Cement ULTC.NS, India's top cement maker by capacity, will spend 18 billion rupees ($206 million) to start up a wires and cables business, deepening its foothold in the construction materials business, the company said on Tuesday.

The wires and cables business will be part of UltraTech's building products division, which includes waterproofing products, TMT steel bars, plywood, sanitary ware, hand tools as well as electrical components such as switchboards.

The investment, to be spread over two years, will involve UltraTech building a plant by December 2026 with the aim of capturing demand in a sector that, the Aditya Birla group company said, logged a compound annual growth rate of about 13% between fiscal 2019-2024.

This sector is dominated by companies such as Polycab POLC.NS and Havells HVEL.NS and one that is plagued by volatile prices of copper - a key raw material - and intense competition from smaller, cheaper local players.

Additionally, the infrastructure and construction industries, key clients of the wires and cables makers, will likely see a slowdown in 2025 due to a "modest" hike in capital spending announced in the annual budget, earlier this month.

Meanwhile, the cement industry has recently seen a slew of deals by industry leaders including UltraTech and Adani Group companies as they snap up smaller firms to deepen their presence in the industry.

($1 = 87.1700 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)

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Feb 20 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT - GOT ORDER CONFIRMING TAX DEMAND OF 6.5 MILLION RUPEES

• ULTRATECH CEMENT - GOT ORDER DROPPING TAX OF 25.7 MILLION RUPEES

Source text: ID:nBSE4Frx1v

Further company coverage: ULTC.NS

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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

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By Hritam Mukherjee

Feb 1 (Reuters) - Indian cement companies' shares fell in a special trading session on Saturday after the government announced a 'modest' spending hike for infrastructure projects in the annual budget , which failed to impress investors.

UltraTech Cement's ULTC.NS shares dropped 2.7%, while those of rival Adani Group's cement firms Ambuja ABUJ.NS and ACC ACC.NS slumped 4.5% and 2.3% respectively.

Other big cement firms - Shree SHCM.NS and Dalmia Bharat DALB.NS - declined 3% and 2% respectively.

The Indian government said it will spend a record 11.21 trillion rupees ($129.54 billion) on infrastructure in the upcoming financial year that begins on April 1, but the increase in planned spending disappointed markets.

"The capex outlay for fiscal year 2026.. looks modest compared to raises made in FY25 and FY24 budget, and misses market expectations slightly," said Amit Anwani, research analyst at Prabhudas Lilladher.

Cement, a key construction material, is a direct beneficiary of government's capital spending. India's infrastructure index .NIFTYINFR reversed gains following the budget announcement, and was last down 1.5%.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)

(([email protected]; X: @MukherjeeHritam;))

Jan 27 (Reuters) - India's largest cement producer UltraTech Cement ULTC.NS is in talks with German firm Heidelberg to acquire its listed Indian business, HeidelbergCement India HEID.NS, Moneycontrol reported on Monday, citing people familiar with the matter.

(Reporting by Chris Thomas in Bengaluru; Editing by Janane Venkatraman)

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** Shares of UltraTech Cement ULTC.NS rise 2.3% to 10,939 rupees ahead of Q3 results later in the day

** Analysts, on avg, expect cement maker to report ~22% y/y drop in Q3 consol profit - LSEG data

** Industry-wide demand continued to remain modest due to subdued construction activity and lack of government projects - PL Capital

** Adds, cement prices improved sequentially but could not be sustained across the country due to delays in projects

** Cement prices have steadily picked up since Oct but remain lower than year-ago prices, analysts at Elara and Centrum say

** Peer Dalmia Bharat DALB.NS posted drop in Q3 results, while ACC ACC.NS, Ambuja Cements ABUJ.NS is set to report results later this month

** ULTC, ACC, ABUJ rated "buy" on avg, DALB rated "hold"- LSEG data

** ULTC, ABUJ gained ~9%, ~3% in 2024, respectively, ACC and DALB lost 7% and 22%

(Reporting by Manvi Pant in Bengaluru)

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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)

(([email protected]; X: @MukherjeeHritam;))

Updates with analyst comments in paragraphs 4,6, background in paragraphs 5,7

By Hritam Mukherjee

Jan 13 (Reuters) - India's markets regulator has approved JSW Cement's JSWC.NS initial public offering, a notification on the regulator's website showed on Monday, four months after it put the IPO on hold for reasons it did not disclose.

The cement-making arm of the steel-to-energy JSW group filed for an IPO worth up to 40 billion rupees ($461.52 million) in August, aiming to capitalise on the country's booming stock market and long-term demand growth expectations for the building material.

In 2024, 91 large firms went public and raised a record 1.6 trillion rupees via IPOs, according to analytics firm Prime Database, with the bull run expected to continue in 2025.

"The approval came later than expected but came at the right time for the company as investor focus now shifts towards capital expenditure allocations in the upcoming federal budget, which would bring sectors like cement under the spotlight," said Mahesh Ojha, a research analyst at Hensex Securities.

India's finance minister will present the country's annual budget for 2025/2026 on Feb. 1.

"Plus, the parent group is well-known, so I expect strong investor interest in this IPO, especially from institutions for their long-term investment priorities," Ojha added.

The sector has been witnessing increased dealmaking recently, led by a face-off between Aditya Birla Group's UltraTech ULTC.NS - the market leader - and its challenger, Adani-owned Ambuja Cements ABUJ.NS, while depressed prices and demand cool-down also weigh on the earnings of listed firms.

JSW Cement had said it would issue fresh shares worth 20 billion rupees, with existing shareholders also selling shares worth the same amount.

($1 = 86.6710 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)

(([email protected]; X: @MukherjeeHritam;))

Updates paragraph 1 and 2 with UltraTech-Star Cement deal

Dec 27 (Reuters) - Dealmaking in India's cement sector is in the spotlight again, after UltraTech Cement ULTC.NS, the country's top cement maker, said on Friday it will buy an 8.7% stake in smaller rival Star Cement STAT.NS for $100 million.

Ultratech is locked in a fierce battle with billionaire Gautam Adani's conglomerate, as the rivals snap up smaller firms in a bid to capitalise on expectations of heavy government spending on infrastructure.

Here is a timeline of some of the major deals announced in the sector since Adani's foray in 2022:

ADANI GROUP-HOLCIM AG, MAY 2022:

Adani Group entered the Indian cement sector by buying Ambuja Cements and ACC ACC.NS from Swiss construction material giant Holcim HOLN.S for $10.5 billion.

The deal remains the country's biggest in the cement sector.

DALMIA BHARAT-JAIPRAKASH ASSOCIATES, DEC. 2022:

Dalmia Bharat DALB.NS bought cement and other assets of Jaiprakash Associates JAIA.NS for $687 million to strengthen its presence in India's central region.

SAGAR CEMENTS-ANDHRA CEMENTS, FEB. 2023:

A company tribunal approved Sagar Cements' SGRC.NS $9.20 billion bid to take over Jaypee Group-owned Andhra Cements ANDC.NS.

AMBUJA CEMENTS-SANGHI INDUSTRIES, AUG. 2023:

Ambuja Cements bought a 83% stake in debt-laden Sanghi Industries SNGI.NS for $295 million in August 2023 - Adani Group's first major deal after U.S. short seller Hindenburg's report in January of the year.

ULTRATECH CEMENT-KESORAM INDUSTRIES, NOV. 2023:

UltraTech bought cement assets of Kesoram Industries KSRM.NS in a $645 million deal to boost its hold in the country's southern region.

AMBUJA CEMENTS-PENNA CEMENT INDUSTRIES, JUNE 2024:

Ambuja bought out Penna Cement Industries PENC.NS in a $1.25 billion deal. The deal likely lifted Ambuja to among the top three players in south India, analysts have estimated.

ULTRATECH CEMENT-INDIA CEMENTS, JULY 2024:

UltraTech inked a deal worth $472 million to gain control of India Cements ICMN.NS, after initially buying a 23% stake for $228 million.

AMBUJA CEMENT-ORIENT CEMENT, OCT. 2024

Ambuja Cements, India's No.2 cement maker, approved buying a nearly 47% stake in rival Orient Cement <ORCE.NS> for $451 million, but analysts raised doubts about the deal winning regulatory approval.

ULTRATECH CEMENT-STAR CEMENT, NOV. 2024

India's UltraTech Cement approved purchase of an 8.69% stake in Star Cement, it said on Friday, in a deal that could be valued at up to 8.51 billion rupees ($100 million) and firm its leading position in the sector.

(Reporting by Hritam Mukherjee and Kashish Tandon in Bengaluru; Editing by Varun H K and Janane Venkatraman)

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Dec 24 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• GETS TAX ORDER OF 9.9 MILLION RUPEES PLUS INTEREST, PENALTY OF 10.4 MILLION RUPEES

Source text: ID:nBSECkQ3J

Further company coverage: ULTC.NS

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Adds background in paragraph 2-4

BENGALURU, Dec 20 (Reuters) - India's antitrust watchdog on Friday approved UltraTech Cement's ULTC.NS acquisition of India Cements ICMN.NS.

The country's cement sector has seen a host of deals recently as billionaire Gautam Adani's ports-to-power conglomerate aims to challenge UltraTech Cement's pole position in the segment.

UltraTech Cement, part of the Aditya Birla group, signed a $472 million deal to gain control of India Cements, to bolster its position in the country's southern states and help it meet its production target of 183.5 million metric tons by fiscal year 2027.

This was in addition to an initial 23% stake UltraTech bought in India Cements in June.

(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala and Devika Syamnath)

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Dec 17 (Reuters) - India's Ambuja Cements ABUJ.NS will merge two of its recently purchased units into the company, it said on Tuesday, in a bid to streamline the structure of the Adani Group's cement businesses and simplify compliance requirements.

Ambuja acquired Penna Cement in a $1.25 billion deal in June, while it had picked up a majority stake in operations of Sanghi Industries SNGI.NS last year.

The company said it would merge the publicly listed Sanghi Industries by offering 12 Ambuja shares for every 100 Sanghi shares held.

Led by billionaire Gautam Adani, the group entered India's cement industry in 2022 by buying Holcim's HOLN.S local units — ACC and Ambuja. The group has made a string of acquisitions since as it wrestles for market share with the country's top producer UltraTech Cement ULTC.NS.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Shilpi Majumdar)

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** Shares of India's biggest cement maker UltraTech Cement ULTC.NS rise as much as 2.7% to 12,065 rupees, highest in over 2 months

** Stock top gainer on Nifty 50 index .NSEI, which is up 0.03%

** CLSA says it remains selective on India's cement sector and relatively prefers ULTC

** After a weak Oct, there was gradual volume recovery in late Nov; expect positive demand rebound at industry level in H2FY25 and FY26, CLSA says

** Cement prices up 3.5% Q/Q in Q3, but down 5% Y/Y; sustainability of price hikes through March key to attain FY25 earnings estimates - CLSA

** ULTC on track to snap three-day losing streak; on Friday, it had got adverse communication from competition regulator on India Cements ICMN.NS acquisition

** Stock up 14% YTD vs 11% and 3.5% rise in Ambuja Cements ABUJ.NS and ACC ACC.NS, respectively, and 4% and 14% decline in Shree Cement SHCM.NS and Dalmia Bharat DALB.NS

(Reporting by Ashna Teresa Britto in Bengaluru)

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Dec 6 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• RECEIVES COMMUNICATION FROM CCI ON ICEM ACQUISITION

• SOUTHERN GREY CEMENT MARKET HIGHLY COMPETITIVE WITH 35+ MANUFACTURERS

• CO CONFIDENT OF THE MERITS OF THE CASE, WILL RESPOND TO THE COMMUNICATION

Source text: ID:nBSE3jrPY2

Further company coverage: ULTC.NS

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MUMBAI, Nov 29 (Reuters) - India's Ultratech Cement ULTC.NS raised 10 billion rupees ($118.36 million) by issuing bonds maturing in 10 years, the company said in a notice to the stock exchanges earlier this week.

Ultratech Cement will pay an annual coupon of 7.22% to the investors of this issue.

Here is the list of deals reported so far on Nov. 29:

* Size includes base plus greenshoe for some issues

($1 = 84.4870 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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Nov 27 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT - APPROVED ALLOTMENT OF NCDS AMOUNTING TO 10 BILLION RUPEES ON PRIVATE PLACEMENT BASIS

Source text: ID:nBSE7tTC55

Further company coverage: ULTC.NS

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MUMBAI, Nov 22 (Reuters) - India's Ultratech Cement ULTC.NS plans to raise 10 billion rupees ($118.3 million) through the sale of bonds maturing in 10 years, two merchant bankers said on Friday.

The company will pay an annual coupon of 7.22% and has invited bids from bankers and investors on Monday, they said.

The company did not immediately reply to a Reuters query seeking comment.

Here is the list of deals reported so far on Nov. 22

*Size includes base plus greenshoe for some issues

($1 = 84.5050 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sumana Nandy)

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