ACC
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ACC Q3 PAT 5.41 Billion Rupees
Jan 28 (Reuters) - ACC Ltd ACC.NS:
Q3 PAT 5.41 BILLION RUPEES
Q3 REVENUE FROM OPERATIONS 63.67 BILLION RUPEES
Source text: [ID:]
Further company coverage: ACC.NS
(([email protected];;))
Jan 28 (Reuters) - ACC Ltd ACC.NS:
Q3 PAT 5.41 BILLION RUPEES
Q3 REVENUE FROM OPERATIONS 63.67 BILLION RUPEES
Source text: [ID:]
Further company coverage: ACC.NS
(([email protected];;))
ACC Gets Tax Demand Aggregating To 2.04 Billion Rupees
Dec 31 (Reuters) - ACC Ltd ACC.NS:
GETS TAX DEMAND AGGREGATING TO 2.04 BILLION RUPEES
Source text: ID:nBSE1DwHf5
Further company coverage: ACC.NS
(([email protected];))
Dec 31 (Reuters) - ACC Ltd ACC.NS:
GETS TAX DEMAND AGGREGATING TO 2.04 BILLION RUPEES
Source text: ID:nBSE1DwHf5
Further company coverage: ACC.NS
(([email protected];))
LIC Increases Stake In ACC By 2.014% To 10.596%, Exchange Filing Shows
Nov 28 (Reuters) - ACC Ltd ACC.NS:
LIC INCREASES STAKE IN ACC BY 2.014% TO 10.596% - EXCHANGE FILING
Source text: ID:nBSEcgQgcx
Further company coverage: ACC.NS
(([email protected];;))
Nov 28 (Reuters) - ACC Ltd ACC.NS:
LIC INCREASES STAKE IN ACC BY 2.014% TO 10.596% - EXCHANGE FILING
Source text: ID:nBSEcgQgcx
Further company coverage: ACC.NS
(([email protected];;))
India's ACC rises on quarterly profit surge
** Shares of Indian cement maker ACC ACC.NS rise 1.63% to 1,890.50 rupees as quarterly profit surges
** PAT more than triples, rev from ops up 28.2%
** Stock rated as "Buy" on average by 35 analysts; median PT at 2,100 rupees as per data compiled by LSEG
** Day's gains trims YTD losses to 7.89%
(Reporting by Mridula Kumar)
** Shares of Indian cement maker ACC ACC.NS rise 1.63% to 1,890.50 rupees as quarterly profit surges
** PAT more than triples, rev from ops up 28.2%
** Stock rated as "Buy" on average by 35 analysts; median PT at 2,100 rupees as per data compiled by LSEG
** Day's gains trims YTD losses to 7.89%
(Reporting by Mridula Kumar)
ACC Receives Tax Order
Oct 2 (Reuters) - ACC Ltd ACC.NS:
ACC LTD - COMPANY RECEIVES TAX ORDER
ACC LTD - GETS TAX PENALTY OF 88.6 MILLION RUPEES
Source text: ID:nBSE9DCgHr
Further company coverage: ACC.NS
(([email protected];))
Oct 2 (Reuters) - ACC Ltd ACC.NS:
ACC LTD - COMPANY RECEIVES TAX ORDER
ACC LTD - GETS TAX PENALTY OF 88.6 MILLION RUPEES
Source text: ID:nBSE9DCgHr
Further company coverage: ACC.NS
(([email protected];))
Adani Group stocks climb after SEBI dismisses Hindenburg allegations
Sept 19 (Reuters) - Adani Group stocks gained between 1% and 9.6% on Friday, a day after India's markets regulator dismissed short-seller Hindenburg Research's allegations of stock manipulation against billionaire Gautam Adani and his group.
Adani Power ADAN.NS led gains among the nine entities with its 9.6% climb. Adani Enterprises ADEL.NS, the flagship firm, rose 4.4%.
(Reporting by Anuran Sadhu and Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair)
(([email protected]; +91 8697274436;))
Sept 19 (Reuters) - Adani Group stocks gained between 1% and 9.6% on Friday, a day after India's markets regulator dismissed short-seller Hindenburg Research's allegations of stock manipulation against billionaire Gautam Adani and his group.
Adani Power ADAN.NS led gains among the nine entities with its 9.6% climb. Adani Enterprises ADEL.NS, the flagship firm, rose 4.4%.
(Reporting by Anuran Sadhu and Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair)
(([email protected]; +91 8697274436;))
QUOTES-Reactions after India cuts consumption tax on hundreds of items
Adds new quotes
Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.
The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose 0.8% each in early sessions.
Here is how the industry has reacted so far:
ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP
"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system.
At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."
SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA
"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."
SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY
"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.
While it is anticipated that there will be lowering of the premiums due to lowering of the taxes, we are yet to understand the extent of this reduction as this will also depend upon availability of the input tax credit, which will become clearer over the coming days.”
NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO
"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."
SHAILESH CHANDRA, PRESIDENT SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES
"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian Automotive sector. Making vehicles more affordable, particularly in the entry-level segment; these announcements will significantly benefit
first-time buyers and middle-income families, enabling broader access to personal mobility."
C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS
"The 56th GST Council meeting marks a watershed moment for India's automobile retail industry. This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.
One area that may needs earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."
SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED.
"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival by lifting consumption and supporting allied sectors.
Our categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."
RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK IN SINGAPORE
Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy.
GARIMA KAPOOR, ECONOMIST, INSTITUTIONAL EQUITIES, ELARA SECURITIES, MUMBAI
"We expect GST related demand boost to add 100 to 120 bps to the GDP growth over next 4-6 quarters, thereby nullifying the negative impact of higher tariffs on exports to US. We remain constructive on the uptick in consumption demand in the economy as multiple policy levers turn favourable for the first time in a decade."
SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES
"The GST rate cuts come at the right time which is just ahead of the festive season and against the backdrop of US tariff tiffs. Lower taxes on essentials, FMCG products, autos and cement will leave consumers with more money in hand.
This should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings. It also carries the potential to ease inflation. The key will be how quickly companies pass on the benefits to customers."
DEVARSH VAKIL, HEAD OF PRIME RESEARCH AT HDFC SECURITIES
"The GST reforms represent a paradigm shift toward economic rationality, with rate reductions on essentials like dairy, medicines, and food directly benefiting consumers due to their inelastic nature.
Combined with RBI rate cuts, FY26 income tax rebates, and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."
(Reporting by Chandini Monnappa, Bharath Rajeswaran and Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Adds new quotes
Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.
The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose 0.8% each in early sessions.
Here is how the industry has reacted so far:
ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP
"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system.
At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."
SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA
"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."
SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY
"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.
While it is anticipated that there will be lowering of the premiums due to lowering of the taxes, we are yet to understand the extent of this reduction as this will also depend upon availability of the input tax credit, which will become clearer over the coming days.”
NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO
"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."
SHAILESH CHANDRA, PRESIDENT SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES
"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian Automotive sector. Making vehicles more affordable, particularly in the entry-level segment; these announcements will significantly benefit
first-time buyers and middle-income families, enabling broader access to personal mobility."
C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS
"The 56th GST Council meeting marks a watershed moment for India's automobile retail industry. This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.
One area that may needs earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."
SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED.
"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival by lifting consumption and supporting allied sectors.
Our categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."
RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK IN SINGAPORE
Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy.
GARIMA KAPOOR, ECONOMIST, INSTITUTIONAL EQUITIES, ELARA SECURITIES, MUMBAI
"We expect GST related demand boost to add 100 to 120 bps to the GDP growth over next 4-6 quarters, thereby nullifying the negative impact of higher tariffs on exports to US. We remain constructive on the uptick in consumption demand in the economy as multiple policy levers turn favourable for the first time in a decade."
SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES
"The GST rate cuts come at the right time which is just ahead of the festive season and against the backdrop of US tariff tiffs. Lower taxes on essentials, FMCG products, autos and cement will leave consumers with more money in hand.
This should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings. It also carries the potential to ease inflation. The key will be how quickly companies pass on the benefits to customers."
DEVARSH VAKIL, HEAD OF PRIME RESEARCH AT HDFC SECURITIES
"The GST reforms represent a paradigm shift toward economic rationality, with rate reductions on essentials like dairy, medicines, and food directly benefiting consumers due to their inelastic nature.
Combined with RBI rate cuts, FY26 income tax rebates, and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."
(Reporting by Chandini Monnappa, Bharath Rajeswaran and Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Indian cement firm ACC's first-quarter profit rises on price uptick
July 24 (Reuters) - Indian cement maker ACC ACC.NS reported a first-quarter profit rise on Thursday, helped by higher prices of the construction material.
Standalone profit after tax - which excludes the company's non-core realty and infrastructure subsidiaries - rose to 3.85 billion rupees ($44.6 million) in the three months ended June, up nearly 5%, the Adani Group firm said.
($1 = 86.3540 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; X: @MukherjeeHritam;))
July 24 (Reuters) - Indian cement maker ACC ACC.NS reported a first-quarter profit rise on Thursday, helped by higher prices of the construction material.
Standalone profit after tax - which excludes the company's non-core realty and infrastructure subsidiaries - rose to 3.85 billion rupees ($44.6 million) in the three months ended June, up nearly 5%, the Adani Group firm said.
($1 = 86.3540 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; X: @MukherjeeHritam;))
Adani aides meet Trump team to push for end to US bribery case, Bloomberg News reports
Changes date; Adds Adani Green's response in paragraph 6, updates stock moves in paragraph 9
May 5 (Reuters) - Representatives for Indian billionaire Gautam Adani met officials from U.S. President Donald Trump's administration to seek dismissal of criminal charges in an overseas bribery probe, with a resolution possible in a month, Bloomberg News reported.
In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled U.S. investors during fund raises there.
The U.S. financial regulator summoned the duo, alleging they misled investors on compliance during a $750 million Adani Green ADNA.NS bond sale in the United States.
The billionaire's aides are trying to make the case that his prosecution does not align with Trump's priorities and should be reconsidered, Bloomberg News reported on Sunday, citing sources familiar with the matter.
The discussions began earlier this year and have picked up in recent weeks, with a resolution possible within a month if the momentum continues, the report said.
Adani Green, in a statement on Monday, reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings. It had recently said its review of the indictment found no non-compliance or irregularities.
The Justice Department and White House declined comment to Bloomberg on the report and did not respond to Reuters for comment outside business hours.
Adani Enterprises, the group's flagship firm, also did not respond to a request for comment. The group has previously denied any wrongdoing.
Shares of Adani Group's nine Indian listed companies rose between 1.7% and 10.5% on Monday, amid a 0.6% increase in the broader market.
The indictment has erased about $13 billion in market value from Adani Group's nine listed firms.
(Reporting by Bipasha Dey, Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)
(([email protected];))
Changes date; Adds Adani Green's response in paragraph 6, updates stock moves in paragraph 9
May 5 (Reuters) - Representatives for Indian billionaire Gautam Adani met officials from U.S. President Donald Trump's administration to seek dismissal of criminal charges in an overseas bribery probe, with a resolution possible in a month, Bloomberg News reported.
In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled U.S. investors during fund raises there.
The U.S. financial regulator summoned the duo, alleging they misled investors on compliance during a $750 million Adani Green ADNA.NS bond sale in the United States.
The billionaire's aides are trying to make the case that his prosecution does not align with Trump's priorities and should be reconsidered, Bloomberg News reported on Sunday, citing sources familiar with the matter.
The discussions began earlier this year and have picked up in recent weeks, with a resolution possible within a month if the momentum continues, the report said.
Adani Green, in a statement on Monday, reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings. It had recently said its review of the indictment found no non-compliance or irregularities.
The Justice Department and White House declined comment to Bloomberg on the report and did not respond to Reuters for comment outside business hours.
Adani Enterprises, the group's flagship firm, also did not respond to a request for comment. The group has previously denied any wrongdoing.
Shares of Adani Group's nine Indian listed companies rose between 1.7% and 10.5% on Monday, amid a 0.6% increase in the broader market.
The indictment has erased about $13 billion in market value from Adani Group's nine listed firms.
(Reporting by Bipasha Dey, Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)
(([email protected];))
ACC March-Quarter PAT 7.35 Billion Rupees
April 24 (Reuters) - ACC Ltd ACC.NS:
BOARD RECOMMENDS DIVIDEND OF 7.50 RUPEES PER EQUITY SHARE
ACC LTD MARCH-QUARTER PAT 7.35 BILLION RUPEES
ACC LTD MARCH-QUARTER REVENUE FROM OPERATIONS 59.49 BILLION RUPEES
Source text: ID:nBSE2skPyz
Further company coverage: ACC.NS
(([email protected];))
April 24 (Reuters) - ACC Ltd ACC.NS:
BOARD RECOMMENDS DIVIDEND OF 7.50 RUPEES PER EQUITY SHARE
ACC LTD MARCH-QUARTER PAT 7.35 BILLION RUPEES
ACC LTD MARCH-QUARTER REVENUE FROM OPERATIONS 59.49 BILLION RUPEES
Source text: ID:nBSE2skPyz
Further company coverage: ACC.NS
(([email protected];))
ACC Names Rakesh Tiwary As CFO
March 28 (Reuters) - ACC Ltd ACC.NS:
ACC LTD - RAKESH TIWARY APPOINTED AS CFO EFFECTIVE APRIL 1, 2025
Source text: ID:nBSEcbpV7r
Further company coverage: ACC.NS
(([email protected];))
March 28 (Reuters) - ACC Ltd ACC.NS:
ACC LTD - RAKESH TIWARY APPOINTED AS CFO EFFECTIVE APRIL 1, 2025
Source text: ID:nBSEcbpV7r
Further company coverage: ACC.NS
(([email protected];))
ACC Says Karnataka Tax Order Levies Penalty Of 67.8 Million Rupees
March 5 (Reuters) - ACC Ltd ACC.NS:
ACC LTD - KARNATAKA TAX ORDER LEVIES PENALTY OF 67.8 MILLION RUPEES
ACC LTD - CHHATTISGARH TAX ORDER LEVIES PENALTY OF 12.7 MILLION RUPEES
Source text: ID:nBSE8V661Q
Further company coverage: ACC.NS
(([email protected];))
March 5 (Reuters) - ACC Ltd ACC.NS:
ACC LTD - KARNATAKA TAX ORDER LEVIES PENALTY OF 67.8 MILLION RUPEES
ACC LTD - CHHATTISGARH TAX ORDER LEVIES PENALTY OF 12.7 MILLION RUPEES
Source text: ID:nBSE8V661Q
Further company coverage: ACC.NS
(([email protected];))
Kaushalya Logistics Commences Operations At Buxar Depot For ACC
March 3 (Reuters) - Kaushalya Logistics Ltd KAUH.NS:
COMMENCES OPERATIONS AT BUXAR DEPOT FOR ACC
Source text: ID:nNSE4dLcw2
Further company coverage: KAUH.NS
(([email protected];;))
March 3 (Reuters) - Kaushalya Logistics Ltd KAUH.NS:
COMMENCES OPERATIONS AT BUXAR DEPOT FOR ACC
Source text: ID:nNSE4dLcw2
Further company coverage: KAUH.NS
(([email protected];;))
Stellantis to make hybrid vehicle parts at Termoli plant earmarked for EV batteries
Termoli to make 300,000 eDCTs per year from 2026
Co also announces increased investment in Metz, France
Stellantis-led JV ACC paused Italy, Germany gigafactories
ACC to decide on Italy, Germany plants 'not before June'
Adds production start date for eDCTs in paragraph 8, union comment in paragraphs 10-11
MILAN, Feb 17 (Reuters) - Stellantis STLAM.MI said on Monday it would make dual-clutch transmissions for hybrid vehicles at its Termoli plant in Southern Italy, which its joint venture ACC has earmarked for the creation of an electric vehicle battery-making hub.
The Termoli plant, which currently makes engines, is one of three sites in Europe where Stellantis-led ACC has announced plans to create EV battery-making gigafactories.
While a gigafactory in France has already started operations, plans for two similar facilities in Italy and Germany were officially paused last year, as ACC was switching to lower cost batteries amid slowing demand for EVs.
A spokesperson for ACC - which also has Mercedes MBGn.DE and TotalEnergies TTEF.PA as shareholders - said on Monday the JV was still assessing its investment plans for Italy and Germany with an aim to take a decision within this year, but not before June.
Stellantis' announcement on Termoli does not change the ongoing situation, the spokesperson added.
Earlier this month the CEO of TotalEnergies, which owns a 25% stake in ACC, said the JV should focus its efforts just on the French plant, signaling the plans for the Italian and German gigafactories could be eventually scrapped.
Stellantis said in a statement on Monday it will produce electrified dual clutch transmissions (eDCT), a key component for hybrid vehicles, in Termoli starting from 2026, to help expand its hybrid product line.
It made no reference to ACC's plans for the plant.
"With a target of three hundred thousand units per year, Termoli becomes Stellantis' third production hub for this sophisticated transmission," the company said.
The automaker already makes eDCTs in Mirafiori, Italy, and Metz, France.
Italy's major metalworker unions welcomed the announcement on Monday, saying eDCT production would provide employment for around 300 of the total 1,800 staff at the Termoli plant.
Gianluca Ficco of UILM union said long-term decisions were now needed for the future of the plant, including on the gigafactory plan.
Stellantis also said on Monday it would increase production levels for key components needed to support increased eDCT output at its plants in Sint Truiden, Belgium, and in Metz.
It added it would also install a new assembly line for the components in Metz.
Stellantis, the world's fourth largest carmaker, currently has a separate plan with Chinese battery maker CATL 300750.SZ to build a 4.1 billion euro ($4.3 billion) gigafactory in Spain.
($1 = 0.9537 euros)
(Reporting by Giulio Piovaccari; Editing by Cristina Carlevaro, Valentina Za and Jan Harvey)
Termoli to make 300,000 eDCTs per year from 2026
Co also announces increased investment in Metz, France
Stellantis-led JV ACC paused Italy, Germany gigafactories
ACC to decide on Italy, Germany plants 'not before June'
Adds production start date for eDCTs in paragraph 8, union comment in paragraphs 10-11
MILAN, Feb 17 (Reuters) - Stellantis STLAM.MI said on Monday it would make dual-clutch transmissions for hybrid vehicles at its Termoli plant in Southern Italy, which its joint venture ACC has earmarked for the creation of an electric vehicle battery-making hub.
The Termoli plant, which currently makes engines, is one of three sites in Europe where Stellantis-led ACC has announced plans to create EV battery-making gigafactories.
While a gigafactory in France has already started operations, plans for two similar facilities in Italy and Germany were officially paused last year, as ACC was switching to lower cost batteries amid slowing demand for EVs.
A spokesperson for ACC - which also has Mercedes MBGn.DE and TotalEnergies TTEF.PA as shareholders - said on Monday the JV was still assessing its investment plans for Italy and Germany with an aim to take a decision within this year, but not before June.
Stellantis' announcement on Termoli does not change the ongoing situation, the spokesperson added.
Earlier this month the CEO of TotalEnergies, which owns a 25% stake in ACC, said the JV should focus its efforts just on the French plant, signaling the plans for the Italian and German gigafactories could be eventually scrapped.
Stellantis said in a statement on Monday it will produce electrified dual clutch transmissions (eDCT), a key component for hybrid vehicles, in Termoli starting from 2026, to help expand its hybrid product line.
It made no reference to ACC's plans for the plant.
"With a target of three hundred thousand units per year, Termoli becomes Stellantis' third production hub for this sophisticated transmission," the company said.
The automaker already makes eDCTs in Mirafiori, Italy, and Metz, France.
Italy's major metalworker unions welcomed the announcement on Monday, saying eDCT production would provide employment for around 300 of the total 1,800 staff at the Termoli plant.
Gianluca Ficco of UILM union said long-term decisions were now needed for the future of the plant, including on the gigafactory plan.
Stellantis also said on Monday it would increase production levels for key components needed to support increased eDCT output at its plants in Sint Truiden, Belgium, and in Metz.
It added it would also install a new assembly line for the components in Metz.
Stellantis, the world's fourth largest carmaker, currently has a separate plan with Chinese battery maker CATL 300750.SZ to build a 4.1 billion euro ($4.3 billion) gigafactory in Spain.
($1 = 0.9537 euros)
(Reporting by Giulio Piovaccari; Editing by Cristina Carlevaro, Valentina Za and Jan Harvey)
Jupiter Wagons Bags 6 Billion Rupees Order From Ambuja Cement And ACC
Feb 12 (Reuters) - Jupiter Wagons Ltd JUWL.NS:
BAGS 6 BILLION RUPEES ORDER FROM AMBUJA CEMENT AND ACC
Source text: ID:nBSEgv341
Further company coverage: JUWL.NS
(([email protected];;))
Feb 12 (Reuters) - Jupiter Wagons Ltd JUWL.NS:
BAGS 6 BILLION RUPEES ORDER FROM AMBUJA CEMENT AND ACC
Source text: ID:nBSEgv341
Further company coverage: JUWL.NS
(([email protected];;))
Indian cement stocks fall on 'modest' capital spending hike in budget
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;))
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;))
ACC Dec-Qtr PAT 10.89 Billion Rupees
Jan 27 (Reuters) - ACC Ltd ACC.NS:
DEC-QUARTER PAT 10.89 BILLION RUPEES
DEC-QUARTER REVENUE FROM OPERATIONS 51.76 BILLION RUPEES
Further company coverage: ACC.NS
(([email protected];))
Jan 27 (Reuters) - ACC Ltd ACC.NS:
DEC-QUARTER PAT 10.89 BILLION RUPEES
DEC-QUARTER REVENUE FROM OPERATIONS 51.76 BILLION RUPEES
Further company coverage: ACC.NS
(([email protected];))
Kaushalya Logistics Begins Ops At Saharsa Depot For ACC
Jan 22 (Reuters) - ACC Ltd ACC.NS:
BEGINS OPERATIONS AT SAHARSA DEPOT FOR ACC
Further company coverage: ACC.NS
(([email protected];;))
Jan 22 (Reuters) - ACC Ltd ACC.NS:
BEGINS OPERATIONS AT SAHARSA DEPOT FOR ACC
Further company coverage: ACC.NS
(([email protected];;))
TIMELINE-Major deals in India's cement sector since Adani Group's entry in 2022
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)
(([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)
(([email protected]; X: @MukherjeeHritam;))
Adani Ports MD Karan Adani Says Adani Group Plans To Invest 7.5 Trln Rupees Across Sectors In Rajasthan
Dec 9 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI PORTS MD KARAN ADANI: ADANI GROUP PLANS TO INVEST 7.5 TRLN RUPEES ACROSS SECTORS IN RAJASTHAN
ADANI PORTS MD KARAN ADANI: OVER 50% OF 7.5 TRLN RUPEES WILL BE INVESTED IN RAJASTHAN OVER NEXT 5 YRS
ADANI PORTS MD KARAN ADANI: TO BUILD GREEN ENERGY ECOSYSTEM INVOLVING 100 GW OF CLEAN ENERGY IN RAJASTHAN
ADANI PORTS MD KARAN ADANI: TO SET UP 4 NEW CEMENT PLANTS IN RAJASTHAN
Source text: [ID:]
Further company coverage: ADEL.NS
(([email protected];;))
Dec 9 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI PORTS MD KARAN ADANI: ADANI GROUP PLANS TO INVEST 7.5 TRLN RUPEES ACROSS SECTORS IN RAJASTHAN
ADANI PORTS MD KARAN ADANI: OVER 50% OF 7.5 TRLN RUPEES WILL BE INVESTED IN RAJASTHAN OVER NEXT 5 YRS
ADANI PORTS MD KARAN ADANI: TO BUILD GREEN ENERGY ECOSYSTEM INVOLVING 100 GW OF CLEAN ENERGY IN RAJASTHAN
ADANI PORTS MD KARAN ADANI: TO SET UP 4 NEW CEMENT PLANTS IN RAJASTHAN
Source text: [ID:]
Further company coverage: ADEL.NS
(([email protected];;))
Adani Group entities seek settlement with India markets regulator over public shareholding violations, Economic Times reports
Dec 3 (Reuters) - Several entities linked to the Adani Group have approached the India markets regulator to seek a settlement in a case that accuses them of violating public shareholding regulations through improper practices at four of the conglomerate's listed companies, the Economic Times reported on Tuesday.
Adani Group did not immediately respond to Reuters inquiry, seeking comments.
(Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 8697274436;))
Dec 3 (Reuters) - Several entities linked to the Adani Group have approached the India markets regulator to seek a settlement in a case that accuses them of violating public shareholding regulations through improper practices at four of the conglomerate's listed companies, the Economic Times reported on Tuesday.
Adani Group did not immediately respond to Reuters inquiry, seeking comments.
(Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 8697274436;))
India's parliament suspended temporarily after row over allegations against Adani group
Adds quotes, background
NEW DELHI, Nov 28 (Reuters) - Both houses of Indian parliament were suspended temporarily on Thursday within minutes of opening as opposition lawmakers disrupted proceedings for the third day this week seeking a discussion on allegations against the Adani Group.
U.S. authorities have accused Gautam Adani, his nephew Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading U.S. investors during fund raises there.
"We want a discussion on this in parliament. It is going to be the third day that we are demanding a reply from the prime minister" on the Adani issue, Manickam Tagore, a lawmaker from the main opposition Congress party, which has been leading the protests against the business group, told news agency ANI.
Many of India's opposition parties accuse Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) of favouring Adani and blocking investigations against him in India, accusations both have denied.
Congress leader Rahul Gandhi, who has been a vocal critic of Adani, said Gautam Adani, 62, should be arrested.
While the government has not made any comment on the indictment, Modi's BJP has said it had no reason to defend Adani, adding that the party was not against industrialists and considered them partners in nation-building efforts.
"Let him defend himself," BJP spokesperson Gopal Krishna Agarwal said on Tuesday, adding that the law would take its course.
(Reporting by Shilpa Jamkhandikar; Editing by YP Rajesh)
(([email protected];))
Adds quotes, background
NEW DELHI, Nov 28 (Reuters) - Both houses of Indian parliament were suspended temporarily on Thursday within minutes of opening as opposition lawmakers disrupted proceedings for the third day this week seeking a discussion on allegations against the Adani Group.
U.S. authorities have accused Gautam Adani, his nephew Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading U.S. investors during fund raises there.
"We want a discussion on this in parliament. It is going to be the third day that we are demanding a reply from the prime minister" on the Adani issue, Manickam Tagore, a lawmaker from the main opposition Congress party, which has been leading the protests against the business group, told news agency ANI.
Many of India's opposition parties accuse Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) of favouring Adani and blocking investigations against him in India, accusations both have denied.
Congress leader Rahul Gandhi, who has been a vocal critic of Adani, said Gautam Adani, 62, should be arrested.
While the government has not made any comment on the indictment, Modi's BJP has said it had no reason to defend Adani, adding that the party was not against industrialists and considered them partners in nation-building efforts.
"Let him defend himself," BJP spokesperson Gopal Krishna Agarwal said on Tuesday, adding that the law would take its course.
(Reporting by Shilpa Jamkhandikar; Editing by YP Rajesh)
(([email protected];))
What you need to know about Adani US bribery indictment
Corrects paragraph 17 to remove language suggesting that Gautam Adani faces a criminal charge of foreign bribery, independent of the three criminal charges he faces
BENGALURU, Nov 27 (Reuters) - Indian billionaire Gautam Adani's indictment by U.S. authorities for his alleged role in a $265 million bribery scheme has sent shockwaves through his eponymous ports-to-soybeans conglomerate. The Adani Group denies the allegations.
Here is what you need to know.
THE MAJOR U.S. INDICTMENT
Gautam Adani, one of world's richest people, faces his biggest challenge after he was charged along with seven others over alleged bribery related to power supply deals in India, in what U.S. authorities called "The Corrupt Solar Project".
Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".
The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.
Meanwhile, Indian Prime Minister Narendra Modi's party has distanced itself from the billionaire amid opposition calls for a probe and allegations that Modi is shielding Adani, charges his ruling party deny.
There is also a growing spotlight on Sagar Adani, a millennial scion of the company who is alleged to have kept track of hundreds of millions of dollars paid to Indian officials in what U.S. authorities described as "bribe notes".
The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.
DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT
The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with authorities alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.
The U.S. indictment has kept Adani Group's debt and equity under pressure, further exacerbated by credit ratings agencies including Fitch and Moody's cutting their outlook for several of the listed companies owned by the conglomerate.
The indictment has had other ramifications across the globe, including some bankers considering pausing fresh lending to the group and oil major TotalEnergies halting any further investments into Adani Group.
Kenya has ordered the cancellation of Adani infrastructure deals worth more than $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance.
In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani, while in India, a key southern state which figured in the indictment charges, Andhra Pradesh, is considering suspending a power purchase deal with Adani.
WHAT NEXT FOR ADANI, LEGAL OPTIONS
A key question is what next for Gautam Adani? He is charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy.
Adani has not been arrested and his whereabouts are unknown, although he is believed to be in India.
A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.
If convicted, Adani could face decades in prison as well as monetary penalties, although any sentence would ultimately be up to the judge overseeing the case.
For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.
FACTBOX-Who are the defendants charged in US indictment of Gautam Adani? ID:nL1N3MS0DN
FACTBOX -The many disputes of Indian billionaire Gautam Adani ID:nL4N3MS0G9
TIMELINE-Key events in Gautam Adani's US indictment over alleged bribery scheme ID:nL4N3MS0MC
NEWSMAKER-Gautam Adani, indicted in US, is a controversial first-generation Indian tycoon ID:nL4N3MS08Y
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled ID:nL1N3MS0L6
FACTBOX-Major fallout for India's Adani Group after U.S. bribery indictment nL3N3MX0BG
EXCLUSIVE-India's Andhra Pradesh state likely to suspend Adani power deal, sources say nL2N3MX0G4
(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul, Toby Chopra and Alexander Smith)
(([email protected];))
Corrects paragraph 17 to remove language suggesting that Gautam Adani faces a criminal charge of foreign bribery, independent of the three criminal charges he faces
BENGALURU, Nov 27 (Reuters) - Indian billionaire Gautam Adani's indictment by U.S. authorities for his alleged role in a $265 million bribery scheme has sent shockwaves through his eponymous ports-to-soybeans conglomerate. The Adani Group denies the allegations.
Here is what you need to know.
THE MAJOR U.S. INDICTMENT
Gautam Adani, one of world's richest people, faces his biggest challenge after he was charged along with seven others over alleged bribery related to power supply deals in India, in what U.S. authorities called "The Corrupt Solar Project".
Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".
The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.
Meanwhile, Indian Prime Minister Narendra Modi's party has distanced itself from the billionaire amid opposition calls for a probe and allegations that Modi is shielding Adani, charges his ruling party deny.
There is also a growing spotlight on Sagar Adani, a millennial scion of the company who is alleged to have kept track of hundreds of millions of dollars paid to Indian officials in what U.S. authorities described as "bribe notes".
The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.
DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT
The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with authorities alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.
The U.S. indictment has kept Adani Group's debt and equity under pressure, further exacerbated by credit ratings agencies including Fitch and Moody's cutting their outlook for several of the listed companies owned by the conglomerate.
The indictment has had other ramifications across the globe, including some bankers considering pausing fresh lending to the group and oil major TotalEnergies halting any further investments into Adani Group.
Kenya has ordered the cancellation of Adani infrastructure deals worth more than $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance.
In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani, while in India, a key southern state which figured in the indictment charges, Andhra Pradesh, is considering suspending a power purchase deal with Adani.
WHAT NEXT FOR ADANI, LEGAL OPTIONS
A key question is what next for Gautam Adani? He is charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy.
Adani has not been arrested and his whereabouts are unknown, although he is believed to be in India.
A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.
If convicted, Adani could face decades in prison as well as monetary penalties, although any sentence would ultimately be up to the judge overseeing the case.
For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.
FACTBOX-Who are the defendants charged in US indictment of Gautam Adani? ID:nL1N3MS0DN
FACTBOX -The many disputes of Indian billionaire Gautam Adani ID:nL4N3MS0G9
TIMELINE-Key events in Gautam Adani's US indictment over alleged bribery scheme ID:nL4N3MS0MC
NEWSMAKER-Gautam Adani, indicted in US, is a controversial first-generation Indian tycoon ID:nL4N3MS08Y
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled ID:nL1N3MS0L6
FACTBOX-Major fallout for India's Adani Group after U.S. bribery indictment nL3N3MX0BG
EXCLUSIVE-India's Andhra Pradesh state likely to suspend Adani power deal, sources say nL2N3MX0G4
(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul, Toby Chopra and Alexander Smith)
(([email protected];))
Sri Lanka's Finance Ministry And Foreign Ministry Studying Adani Allegations - Cabinet Spokesperson
Ambuja Cements Ltd ABUJ.NS:
SRI LANKA'S FINANCE MINISTRY AND FOREIGN MINISTRY STUDYING ADANI ALLEGATIONS - CABINET SPOKESPERSON
SRI LANKA TAKING CONCERNS SERIOUSLY, WILL CONSIDER ALL ASPECTS OF ADANI PROJECTS BUT NO FINAL DECISION MADE YET - CABINET SPOKESPERSON
Source text: [ID:]
Further company coverage: ABUJ.NS
Ambuja Cements Ltd ABUJ.NS:
SRI LANKA'S FINANCE MINISTRY AND FOREIGN MINISTRY STUDYING ADANI ALLEGATIONS - CABINET SPOKESPERSON
SRI LANKA TAKING CONCERNS SERIOUSLY, WILL CONSIDER ALL ASPECTS OF ADANI PROJECTS BUT NO FINAL DECISION MADE YET - CABINET SPOKESPERSON
Source text: [ID:]
Further company coverage: ABUJ.NS
What you need to know about Adani's U.S. bribery indictment
Updates with moves by Bangladesh and US government bodies, CFO statement
BENGALURU, Nov 25 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous ports-to-soybeans business conglomerate.
Here is what you need to know about the U.S. indictment.
THE MAJOR U.S. INDICTMENT
Gautam Adani, one of world's richest people, faces his biggest challenge after being charged with seven others for alleged bribery related to power supply deals from energy projects in India, with U.S. authorities calling it "The Corrupt Solar Project".
Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".
The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.
There is also a growing spotlight on Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials, in notes the prosecutors described as "bribe notes".
The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.
DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT
The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with prosecutors alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.
The U.S. indictment has kept Adani Group's debt and equity under pressure. Its dollar bond prices have fallen to almost a one-year low.
The indictment appears to now have ramifications across the globe, including news that some bankers are considering pausing fresh lending to the group.
Kenya has ordered the cancellation of Adani infrastructure deals worth over $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance. In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani.
Back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.
WHAT NEXT FOR ADANI, LEGAL OPTIONS
A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.
Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.
A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.
If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.
For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.
'Bribe notes' with per megawatt rates: filings detail Sagar Adani's role in Indian scandal ID:nL4N3MS1HE
What's next for Gautam Adani after U.S. bribery, fraud charges? ID:nL1N3MS0YT
FACTBOX-Who are the defendants charged in US indictment of Gautam Adani? ID:nL1N3MS0DN
FACTBOX -The many disputes of Indian billionaire Gautam Adani ID:nL4N3MS0G9
TIMELINE-Key events in Gautam Adani's US indictment over alleged bribery scheme ID:nL4N3MS0MC
Indian opposition calls for Adani probe, Modi's BJP questions timing of US indictment ID:nL1N3MS07C
BREAKINGVIEWS-Gautam Adani’s key man risk is hard to contain ID:nL8N3MS0I3
NEWSMAKER-Gautam Adani, indicted in US, is a controversial first-generation Indian tycoon ID:nL4N3MS08Y
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled ID:nL1N3MS0L6
(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul and Toby Chopra)
(([email protected];))
Updates with moves by Bangladesh and US government bodies, CFO statement
BENGALURU, Nov 25 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous ports-to-soybeans business conglomerate.
Here is what you need to know about the U.S. indictment.
THE MAJOR U.S. INDICTMENT
Gautam Adani, one of world's richest people, faces his biggest challenge after being charged with seven others for alleged bribery related to power supply deals from energy projects in India, with U.S. authorities calling it "The Corrupt Solar Project".
Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".
The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.
There is also a growing spotlight on Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials, in notes the prosecutors described as "bribe notes".
The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.
DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT
The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with prosecutors alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.
The U.S. indictment has kept Adani Group's debt and equity under pressure. Its dollar bond prices have fallen to almost a one-year low.
The indictment appears to now have ramifications across the globe, including news that some bankers are considering pausing fresh lending to the group.
Kenya has ordered the cancellation of Adani infrastructure deals worth over $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance. In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani.
Back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.
WHAT NEXT FOR ADANI, LEGAL OPTIONS
A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.
Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.
A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.
If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.
For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.
'Bribe notes' with per megawatt rates: filings detail Sagar Adani's role in Indian scandal ID:nL4N3MS1HE
What's next for Gautam Adani after U.S. bribery, fraud charges? ID:nL1N3MS0YT
FACTBOX-Who are the defendants charged in US indictment of Gautam Adani? ID:nL1N3MS0DN
FACTBOX -The many disputes of Indian billionaire Gautam Adani ID:nL4N3MS0G9
TIMELINE-Key events in Gautam Adani's US indictment over alleged bribery scheme ID:nL4N3MS0MC
Indian opposition calls for Adani probe, Modi's BJP questions timing of US indictment ID:nL1N3MS07C
BREAKINGVIEWS-Gautam Adani’s key man risk is hard to contain ID:nL8N3MS0I3
NEWSMAKER-Gautam Adani, indicted in US, is a controversial first-generation Indian tycoon ID:nL4N3MS08Y
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled ID:nL1N3MS0L6
(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul and Toby Chopra)
(([email protected];))
What you need to know about Adani's U.S. bribery indictment
BENGALURU, Nov 22 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous $142 billion ports-to-soybeans business conglomerate.
Here is what you need to know about the U.S. indictment.
THE MAJOR U.S. INDICTMENT
Gautam Adani, one of world's richest people, faces his biggest challenge after being charged with seven others for alleged bribery related to power supply deals from energy projects in India, with U.S. authorities calling it "The Corrupt Solar Project".
Adani Group says the allegations are baseless and has vowed to seek "all possible legal recourse".
There is a growing spotlight on Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials, in notes the prosecutors described as "bribe notes".
The alleged bribes caught the attention of U.S. authorities as Adani's companies were raising funds from U.S.-based investors in several transactions starting 2021.
STOCK ROUT AND FALLOUT
The U.S. indictment has jolted Adani Group debt and equity. Adani Group bonds dropped for a second session after the news. However, stocks in the conglomerates' companies stabilized on Friday, a day after nearly $27 billion was knocked off from the combined market value of those shares.
In a major blow, Kenya ordered the cancellation of Adani infrastructure deals worth over $2.5 billion. And back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.
WHAT NEXT FOR ADANI, LEGAL OPTIONS
A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.
Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.
A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.
If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.
Indian tycoon Adani's US indictment rattles stocks; Kenya spikes airport deal nL1N3MS02E
'Bribe notes' with per megawatt rates: filings detail Sagar Adani's role in Indian scandal nL4N3MS1HE
What's next for Gautam Adani after U.S. bribery, fraud charges? nL1N3MS0YT
FACTBOX-Who are the defendants charged in US indictment of Gautam Adani? nL1N3MS0DN
FACTBOX -The many disputes of Indian billionaire Gautam Adani nL4N3MS0G9
TIMELINE-Key events in Gautam Adani's US indictment over alleged bribery scheme nL4N3MS0MC
Indian opposition calls for Adani probe, Modi's BJP questions timing of US indictment nL1N3MS07C
BREAKINGVIEWS-Gautam Adani’s key man risk is hard to contain nL8N3MS0I3
NEWSMAKER-Gautam Adani, indicted in US, is a controversial first-generation Indian tycoon nL4N3MS08Y
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled nL1N3MS0L6
(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra and Sonali Paul)
(([email protected];))
BENGALURU, Nov 22 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous $142 billion ports-to-soybeans business conglomerate.
Here is what you need to know about the U.S. indictment.
THE MAJOR U.S. INDICTMENT
Gautam Adani, one of world's richest people, faces his biggest challenge after being charged with seven others for alleged bribery related to power supply deals from energy projects in India, with U.S. authorities calling it "The Corrupt Solar Project".
Adani Group says the allegations are baseless and has vowed to seek "all possible legal recourse".
There is a growing spotlight on Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials, in notes the prosecutors described as "bribe notes".
The alleged bribes caught the attention of U.S. authorities as Adani's companies were raising funds from U.S.-based investors in several transactions starting 2021.
STOCK ROUT AND FALLOUT
The U.S. indictment has jolted Adani Group debt and equity. Adani Group bonds dropped for a second session after the news. However, stocks in the conglomerates' companies stabilized on Friday, a day after nearly $27 billion was knocked off from the combined market value of those shares.
In a major blow, Kenya ordered the cancellation of Adani infrastructure deals worth over $2.5 billion. And back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.
WHAT NEXT FOR ADANI, LEGAL OPTIONS
A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.
Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.
A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.
If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.
Indian tycoon Adani's US indictment rattles stocks; Kenya spikes airport deal nL1N3MS02E
'Bribe notes' with per megawatt rates: filings detail Sagar Adani's role in Indian scandal nL4N3MS1HE
What's next for Gautam Adani after U.S. bribery, fraud charges? nL1N3MS0YT
FACTBOX-Who are the defendants charged in US indictment of Gautam Adani? nL1N3MS0DN
FACTBOX -The many disputes of Indian billionaire Gautam Adani nL4N3MS0G9
TIMELINE-Key events in Gautam Adani's US indictment over alleged bribery scheme nL4N3MS0MC
Indian opposition calls for Adani probe, Modi's BJP questions timing of US indictment nL1N3MS07C
BREAKINGVIEWS-Gautam Adani’s key man risk is hard to contain nL8N3MS0I3
NEWSMAKER-Gautam Adani, indicted in US, is a controversial first-generation Indian tycoon nL4N3MS08Y
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled nL1N3MS0L6
(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra and Sonali Paul)
(([email protected];))
Adani Group Says Allegations Made Against Directors Of Adani Green Are Baseless
Nov 21 (Reuters) - Ambuja Cements Ltd ABUJ.NS:
ADANI GROUP: ALLEGATIONS MADE BY US DEPARTMENT OF JUSTICE, US SECURITIES AND EXCHANGE COMMISSION AGAINST DIRECTORS OF ADANI GREEN BASELESS, DENIED
ADANI GROUP: ALL POSSIBLE LEGAL RECOURSE WILL BE SOUGHT
ADANI GROUP REACTS TO US INDICTMENT, SAYS COMMITTED TO MAINTAINING THE HIGHEST STANDARDS OF GOVERNANCE
ADANI GROUP: ASSURE OUR STAKEHOLDERS, PARTNERS AND EMPLOYEES THAT WE ARE A LAW-ABIDING ORGANISATION, FULLY COMPLIANT WITH ALL LAWS
Source text: [ID:]
Further company coverage: ABUJ.NS
(([email protected];;))
Nov 21 (Reuters) - Ambuja Cements Ltd ABUJ.NS:
ADANI GROUP: ALLEGATIONS MADE BY US DEPARTMENT OF JUSTICE, US SECURITIES AND EXCHANGE COMMISSION AGAINST DIRECTORS OF ADANI GREEN BASELESS, DENIED
ADANI GROUP: ALL POSSIBLE LEGAL RECOURSE WILL BE SOUGHT
ADANI GROUP REACTS TO US INDICTMENT, SAYS COMMITTED TO MAINTAINING THE HIGHEST STANDARDS OF GOVERNANCE
ADANI GROUP: ASSURE OUR STAKEHOLDERS, PARTNERS AND EMPLOYEES THAT WE ARE A LAW-ABIDING ORGANISATION, FULLY COMPLIANT WITH ALL LAWS
Source text: [ID:]
Further company coverage: ABUJ.NS
(([email protected];;))
TIMELINE-Major deals in India's cement sector since Adani Group's entry in 2022
Updates paragraph 1 with Ambuja-Orient deal
Oct 22 (Reuters) - Dealmaking in India's cement sector is in the spotlight again, after Ambuja Cements ABUJ.NS said on Tuesday it will buy a near-47% stake in smaller rival Orient Cement ORCE.NS for $451 million.
Billionaire Gautam Adani's conglomerate is locked in a fierce battle with UltraTech Cement ULTC.NS 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.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)
(([email protected]; X: @MukherjeeHritam;))
Updates paragraph 1 with Ambuja-Orient deal
Oct 22 (Reuters) - Dealmaking in India's cement sector is in the spotlight again, after Ambuja Cements ABUJ.NS said on Tuesday it will buy a near-47% stake in smaller rival Orient Cement ORCE.NS for $451 million.
Billionaire Gautam Adani's conglomerate is locked in a fierce battle with UltraTech Cement ULTC.NS 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.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)
(([email protected]; X: @MukherjeeHritam;))
TIMELINE-Major deals in India's cement sector since Adani Group's entry in 2022
Oct 7 (Reuters) - Dealmaking in India's cement sector is in the spotlight again, after a report said Adani Group is in talks to buy the local operations of Germany's Heidelberg Materials HEIG.DE in a deal that could be worth about $1.2 billion.
Billionaire Gautam Adani's conglomerate is locked in a fierce battle with UltraTech Cement ULTC.NS 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 ABUJ.NS 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.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)
(([email protected]; X: @MukherjeeHritam;))
Oct 7 (Reuters) - Dealmaking in India's cement sector is in the spotlight again, after a report said Adani Group is in talks to buy the local operations of Germany's Heidelberg Materials HEIG.DE in a deal that could be worth about $1.2 billion.
Billionaire Gautam Adani's conglomerate is locked in a fierce battle with UltraTech Cement ULTC.NS 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 ABUJ.NS 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.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)
(([email protected]; X: @MukherjeeHritam;))
ACC Gets Tax Penalty Of 2.9 Mln Rupees
Sept 3 (Reuters) - ACC Ltd ACC.NS:
GETS TAX PENALTY OF 2.9 MILLION RUPEES
Source text for Eikon: ID:nBSEbg4zML
Further company coverage: ACC.NS
(([email protected];;))
Sept 3 (Reuters) - ACC Ltd ACC.NS:
GETS TAX PENALTY OF 2.9 MILLION RUPEES
Source text for Eikon: ID:nBSEbg4zML
Further company coverage: ACC.NS
(([email protected];;))
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What does ACC do?
ACC Limited, a leading player in the Indian building materials space and a member of the Adani Group, is known for its innovative research and product development in cement and related products.
Who are the competitors of ACC?
ACC major competitors are The Ramco Cements, Dalmia Bharat, JK Cement, India Cements, Nuvoco Vistas Corpor, JK Lakshmi Cement, Star Cement. Market Cap of ACC is ₹30,750 Crs. While the median market cap of its peers are ₹14,181 Crs.
Is ACC financially stable compared to its competitors?
ACC seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does ACC pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. ACC latest dividend payout ratio is 5.86% and 3yr average dividend payout ratio is 10.51%
How has ACC allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is ACC balance sheet?
Balance sheet of ACC is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of ACC improving?
Yes, profit is increasing. The profit of ACC is ₹2,644 Crs for TTM, ₹2,402 Crs for Mar 2025 and ₹2,335 Crs for Mar 2024.
Is the debt of ACC increasing or decreasing?
Yes, The net debt of ACC is increasing. Latest net debt of ACC is -₹292.39 Crs as of Sep-25. This is greater than Mar-25 when it was -₹3,298.53 Crs.
Is ACC stock expensive?
ACC is not expensive. Latest PE of ACC is 11.6, while 3 year average PE is 29.51. Also latest EV/EBITDA of ACC is 9.66 while 3yr average is 16.94.
Has the share price of ACC grown faster than its competition?
ACC has given lower returns compared to its competitors. ACC has grown at ~-8.01% over the last 4yrs while peers have grown at a median rate of 8.35%
Is the promoter bullish about ACC?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in ACC is 56.69% and last quarter promoter holding is 56.69%.
Are mutual funds buying/selling ACC?
The mutual fund holding of ACC is decreasing. The current mutual fund holding in ACC is 7.84% while previous quarter holding is 9.49%.