ACC
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QUOTES-Reactions after India cuts consumption tax on hundreds of items
Updates shares in paragraph 2, 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 as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.
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 need 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
"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."
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 U.S. 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, 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."
SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY
"The GST tax cuts are a major move by the government to further turbocharge growth. For our industry especially, it’s a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."
NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT
"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials, and enhances global competitiveness. As a key input for infrastructure and housing, fairer taxation is expected to boost consumption and support projects from affordable housing to large-scale infrastructure."
NITIN RAO, CEO, INCRED WEALTH
"History has shown that such measures add significantly to GDP growth and a repeat is expected.
"Positive this will play out, though a small concern remains wherein recent measures like the rate cuts + budgetary measures taken on reduced taxes have not created necessary consumption boosters. We will have to wait and see if this welcome third step reverses the consumption trend or there is a deeper problem around availability of money with consumers."
RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT
"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.
"This coupled with certain process reforms is also positive for SMEs (small and medium enterprises). While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs (non-bank financial companies)."
RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP
"By lowering input costs for farmers, simplifying compliance for MSMEs (micro, small and medium enterprises), and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine.
"Timely implementation of these reforms ahead of the upcoming festival season will surely give a huge boost to consumption across categories, widen market access, and accelerate our collective journey towards a Viksit Bharat."
SHEETAL ARORA, CEO, MANKIND PHARMA
"The GST revisions go beyond tax rationalization, they represent a structural shift in how India is enabling healthcare access. By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signaled that affordability and innovation can go hand in hand."
AMIT PAITHANKAR, CEO OF WAAREE ENERGIES
"The recent GST rationalization reflects the government’s commitment to India’s clean energy transition. The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets. It also sends a strong signal to investors, improving the financial viability and attractiveness of the renewable energy sector."
(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Updates shares in paragraph 2, 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 as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.
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 need 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
"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."
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 U.S. 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, 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."
SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY
"The GST tax cuts are a major move by the government to further turbocharge growth. For our industry especially, it’s a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."
NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT
"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials, and enhances global competitiveness. As a key input for infrastructure and housing, fairer taxation is expected to boost consumption and support projects from affordable housing to large-scale infrastructure."
NITIN RAO, CEO, INCRED WEALTH
"History has shown that such measures add significantly to GDP growth and a repeat is expected.
"Positive this will play out, though a small concern remains wherein recent measures like the rate cuts + budgetary measures taken on reduced taxes have not created necessary consumption boosters. We will have to wait and see if this welcome third step reverses the consumption trend or there is a deeper problem around availability of money with consumers."
RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT
"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.
"This coupled with certain process reforms is also positive for SMEs (small and medium enterprises). While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs (non-bank financial companies)."
RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP
"By lowering input costs for farmers, simplifying compliance for MSMEs (micro, small and medium enterprises), and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine.
"Timely implementation of these reforms ahead of the upcoming festival season will surely give a huge boost to consumption across categories, widen market access, and accelerate our collective journey towards a Viksit Bharat."
SHEETAL ARORA, CEO, MANKIND PHARMA
"The GST revisions go beyond tax rationalization, they represent a structural shift in how India is enabling healthcare access. By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signaled that affordability and innovation can go hand in hand."
AMIT PAITHANKAR, CEO OF WAAREE ENERGIES
"The recent GST rationalization reflects the government’s commitment to India’s clean energy transition. The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets. It also sends a strong signal to investors, improving the financial viability and attractiveness of the renewable energy sector."
(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Indian cement firm ACC's profit rises on strong volumes, prices
Adds details on sales volumes in paragraph 5, cement prices in paragraph 6, results of peers in paragraphs 8-9
July 24 (Reuters) - Indian cement maker ACC ACC.NS reported a 5% rise in first-quarter profit on Thursday, helped by strong volumes and 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, from 3.66 billion rupees, the Adani Group firm said.
April-June is typically a seasonally weak period for cement makers, as summer heatwaves followed by monsoon rains hinder the pace of construction and dent demand of the raw material.
However, ACC's sales volumes have been insulated from seasonal volatility, thanks to the string of cement deals its billionaire-owner Gautam Adani has inked to challenge rival UltraTech Cement's ULTC.NS polestar position in the sector, analysts have said.
ACC's volumes rose 12% in the reported quarter, on the upper side of the 5.8%-12% growth range projected by atleast four brokerages.
Cement prices also lent support, rising about 2% on-year on average in the quarter, extending its steady recovery so far this year after last year's slump, according to brokerage Ambit Capital.
ACC's revenues rose nearly 18% on-year to 60.15 billion rupees in the reported quarter, while costs grew over 16% to 55.61 billion rupees.
Higher prices also helped bigger rival UltraTech top earnings estimates in the reported quarter. Meanwhile, fellow peer Dalmia Bharat's DALB.NS consolidated profits jumped mainly on cost control measures as its revenues stagnated on-year.
Ambuja Cements ABUJ.NS, also Adani-owned, is set to report results next week.
($1 = 86.3540 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)
(([email protected]; X: @MukherjeeHritam;))
Adds details on sales volumes in paragraph 5, cement prices in paragraph 6, results of peers in paragraphs 8-9
July 24 (Reuters) - Indian cement maker ACC ACC.NS reported a 5% rise in first-quarter profit on Thursday, helped by strong volumes and 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, from 3.66 billion rupees, the Adani Group firm said.
April-June is typically a seasonally weak period for cement makers, as summer heatwaves followed by monsoon rains hinder the pace of construction and dent demand of the raw material.
However, ACC's sales volumes have been insulated from seasonal volatility, thanks to the string of cement deals its billionaire-owner Gautam Adani has inked to challenge rival UltraTech Cement's ULTC.NS polestar position in the sector, analysts have said.
ACC's volumes rose 12% in the reported quarter, on the upper side of the 5.8%-12% growth range projected by atleast four brokerages.
Cement prices also lent support, rising about 2% on-year on average in the quarter, extending its steady recovery so far this year after last year's slump, according to brokerage Ambit Capital.
ACC's revenues rose nearly 18% on-year to 60.15 billion rupees in the reported quarter, while costs grew over 16% to 55.61 billion rupees.
Higher prices also helped bigger rival UltraTech top earnings estimates in the reported quarter. Meanwhile, fellow peer Dalmia Bharat's DALB.NS consolidated profits jumped mainly on cost control measures as its revenues stagnated on-year.
Ambuja Cements ABUJ.NS, also Adani-owned, is set to report results next week.
($1 = 86.3540 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)
(([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 Darbhanga Depot For ACC And Ambuja Cement
March 3 (Reuters) - Kaushalya Logistics Ltd KAUH.NS:
COMMENCES OPERATIONS AT DARBHANGA DEPOT FOR ACC AND AMBUJA CEMENT
Source text: ID:nNSE9CFgmG
Further company coverage: KAUH.NS
(([email protected];;))
March 3 (Reuters) - Kaushalya Logistics Ltd KAUH.NS:
COMMENCES OPERATIONS AT DARBHANGA DEPOT FOR ACC AND AMBUJA CEMENT
Source text: ID:nNSE9CFgmG
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];;))
India's UltraTech buys stake in Star Cement as Adani rivalry continues
Adds analyst comment in paragraph 5, 9 and share movement in paragraphs 7, 8
By Hritam Mukherjee and Ashna Teresa Britto
Dec 27 (Reuters) - UltraTech ULTC.NS India's top cement maker will buy an 8.69% stake in Star Cement STAT.NS, it said on Friday, in a deal worth up to 8.51 billion rupees ($100 million) for a company that rival Adani Group was reportedly interested in acquiring.
UltraTech said it would pay not more than 235 rupees per Star Cement share, a 2% premium to the stock's closing price on Thursday.
Since billionaire Gautam Adani's ports-to-power conglomerate entered the sector in 2022 to challenge Aditya Birla Group-owned UltraTech's pole position, there has been a wave of deals as the two jostle for market share amid expectations the government will continue to spend heavily on infrastructure.
Local media had previously reported that the Adani Group was considering acquiring Star Cement, the biggest player in India's northeast. Star has said it was not engaged in any such talks.
"Now that UltraTech has made the first move on Star, there is a little chance that Adani will pursue the deal," said Ashutosh Murarka, an analyst with Choice Broking.
Adani Group did not immediately respond to an email seeking comment.
Star Cement's shares initially jumped 7% to 247 rupees, above the maximum offer price, which typically indicates investors expect a higher bid or a rival offer. However, the stock has since eased to trade around the offer price.
UltraTech's shares were off 0.4%. Shares of Adani-group controlled Ambuja Cements ABUJ.NS were flat, while those of ACC ACC.NS were down 1%.
UltraTech could consider acquiring a larger stake in Star Cement to boost its northeast presence and hasten the pace of meeting its capacity goals, said Murarka.
Star Cement, like many small cement firms, has suffered from the competition among the market leaders. Its annual sales growth will likely slow to 6.8% this fiscal year, from 22% in 2023, brokerage Nirmal Bang estimated.
($1 = 85.3450 Indian rupees)
(Reporting by Ashna Teresa Britto and Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza)
Adds analyst comment in paragraph 5, 9 and share movement in paragraphs 7, 8
By Hritam Mukherjee and Ashna Teresa Britto
Dec 27 (Reuters) - UltraTech ULTC.NS India's top cement maker will buy an 8.69% stake in Star Cement STAT.NS, it said on Friday, in a deal worth up to 8.51 billion rupees ($100 million) for a company that rival Adani Group was reportedly interested in acquiring.
UltraTech said it would pay not more than 235 rupees per Star Cement share, a 2% premium to the stock's closing price on Thursday.
Since billionaire Gautam Adani's ports-to-power conglomerate entered the sector in 2022 to challenge Aditya Birla Group-owned UltraTech's pole position, there has been a wave of deals as the two jostle for market share amid expectations the government will continue to spend heavily on infrastructure.
Local media had previously reported that the Adani Group was considering acquiring Star Cement, the biggest player in India's northeast. Star has said it was not engaged in any such talks.
"Now that UltraTech has made the first move on Star, there is a little chance that Adani will pursue the deal," said Ashutosh Murarka, an analyst with Choice Broking.
Adani Group did not immediately respond to an email seeking comment.
Star Cement's shares initially jumped 7% to 247 rupees, above the maximum offer price, which typically indicates investors expect a higher bid or a rival offer. However, the stock has since eased to trade around the offer price.
UltraTech's shares were off 0.4%. Shares of Adani-group controlled Ambuja Cements ABUJ.NS were flat, while those of ACC ACC.NS were down 1%.
UltraTech could consider acquiring a larger stake in Star Cement to boost its northeast presence and hasten the pace of meeting its capacity goals, said Murarka.
Star Cement, like many small cement firms, has suffered from the competition among the market leaders. Its annual sales growth will likely slow to 6.8% this fiscal year, from 22% in 2023, brokerage Nirmal Bang estimated.
($1 = 85.3450 Indian rupees)
(Reporting by Ashna Teresa Britto and Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza)
Adani announces $88 bln India investment plan, first since US indictments
Adani to invest in renewable energy, cement, logistics
Half of investment to be made over next 5 years
US authorities last month accused group execs of bribery
Group denied accusations
Recasts, adds detail on Rajasthan event, background on U.S. indictments
Dec 9 (Reuters) - India's Adani Group will invest over 7.5 trillion rupees ($88.5 billion) in the northwestern state of Rajasthan, a top executive said on Monday, marking the group's first major investment since the U.S. indictment of its billionaire founder.
The announcement, at an event in Jaipur city attended by Prime Minister Narendra Modi, comes less than a month after U.S. authorities accused founder Gautam Adani and some top executives of being part of a scheme to pay bribes worth $265 million to secure Indian power supply contracts.
The group has called the charges "baseless".
The indictment has sparked political wrangling in India as many opposition parties accuse Modi and his Bharatiya Janata Party (BJP) of favouring Adani and blocking investigations against him in India, allegations both have denied.
Modi's BJP has said it had no reason to defend Adani and that the law will take its course.
The allegations have raised concerns among some partners and investors of the group, with at least one Indian state reviewing its power deal with Adani, and TotalEnergies TTEF.PA halting further investments in the conglomerate.
However, Adani's finance chief said last month that the group's investment plans remained on track.
The latest investments - valued at more than half of the group's $159 billion valuation - will be made in sectors including renewable energy, cement and logistics, said Karan Adani, managing director of Adani Ports APSE.NS.
Over 50% of the investments will be made over the next five years, Adani added.
Adani plans to set up four new cement plants to build additional capacity of six million metric tons per annum.
The group also plans to build the world's biggest integrated green energy ecosystem involving 100 gigawatts (GW) of renewable energy, two million tonnes of hydrogen and 1.8 GW of pumped hydro storage, Adani added.
The group's clean energy arm Adani Green ADNA.NS is already building an energy park in the western state of Gujarat with a production capacity of 50 GW by 2030.
($1 = 84.7200 Indian rupees)
(Reporting by Sethuraman NR. Editing by Janane Venkatraman and Mark Potter)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
Adani to invest in renewable energy, cement, logistics
Half of investment to be made over next 5 years
US authorities last month accused group execs of bribery
Group denied accusations
Recasts, adds detail on Rajasthan event, background on U.S. indictments
Dec 9 (Reuters) - India's Adani Group will invest over 7.5 trillion rupees ($88.5 billion) in the northwestern state of Rajasthan, a top executive said on Monday, marking the group's first major investment since the U.S. indictment of its billionaire founder.
The announcement, at an event in Jaipur city attended by Prime Minister Narendra Modi, comes less than a month after U.S. authorities accused founder Gautam Adani and some top executives of being part of a scheme to pay bribes worth $265 million to secure Indian power supply contracts.
The group has called the charges "baseless".
The indictment has sparked political wrangling in India as many opposition parties accuse Modi and his Bharatiya Janata Party (BJP) of favouring Adani and blocking investigations against him in India, allegations both have denied.
Modi's BJP has said it had no reason to defend Adani and that the law will take its course.
The allegations have raised concerns among some partners and investors of the group, with at least one Indian state reviewing its power deal with Adani, and TotalEnergies TTEF.PA halting further investments in the conglomerate.
However, Adani's finance chief said last month that the group's investment plans remained on track.
The latest investments - valued at more than half of the group's $159 billion valuation - will be made in sectors including renewable energy, cement and logistics, said Karan Adani, managing director of Adani Ports APSE.NS.
Over 50% of the investments will be made over the next five years, Adani added.
Adani plans to set up four new cement plants to build additional capacity of six million metric tons per annum.
The group also plans to build the world's biggest integrated green energy ecosystem involving 100 gigawatts (GW) of renewable energy, two million tonnes of hydrogen and 1.8 GW of pumped hydro storage, Adani added.
The group's clean energy arm Adani Green ADNA.NS is already building an energy park in the western state of Gujarat with a production capacity of 50 GW by 2030.
($1 = 84.7200 Indian rupees)
(Reporting by Sethuraman NR. Editing by Janane Venkatraman and Mark Potter)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
India's Adani Group seeks to settle regulatory charge of shareholding violations, ET reports
Adds details, background
Dec 3 (Reuters) - Several entities linked to the Adani Group have approached the India markets regulator seeking to settle a case that accuses them of violating public shareholding regulations at some listed companies, the Economic Times reported on Tuesday.
The Securities and Exchange Board Of India (SEBI) had sent notices to Adani Enterprises ADEL.NS, the group's flagship company, as well as Adani Power ADAN.NS, Adani Ports APSE.NS and Adani Energy ADAI.NS alleging they had wrongfully categorised the shareholding of certain entities.
The groups' breaches of a minimum public shareholding requirement date back to 2020 and the SEBI had sought to recover about 25 billion rupees ($295 million) from the entities, ET said.
Adani Enterprises and one of its directors, Vinay Prakash, as well as an Ambuja Cements ABUJ.NS director, Ameet Desai, have proposed a settlement, ET reported.
Another proposal for a 2.8-million-rupees ($33,035) settlement is from Emerging India Focus Funds (EIFF), a Mauritius-based foreign portfolio investor that the SEBI says is linked to Vinod Adani, brother of Adani Group Chairman Gautam Adani, ET said.
The report did not have information regarding other settlement applications.
The proposals were submitted last week in response to a show-cause notice issued by the SEBI on Sept. 27 to about 30 Adani Group entities, the newspaper reported.
The entities have contested the charges in response to the notice and the settlement application is only a precautionary measure, ET added, citing a source.
The Adani Group did not immediately respond to a Reuters request for comment.
Last month, U.S. authorities accused Gautam Adani and some top executives in the Adani Group of being part of a scheme to pay bribes of $265 million to secure Indian power supply contracts and of misleading U.S. investors during fund raises there, charges the group has called "baseless".
($1 = 84.7580 Indian rupees)
(Reporting by Anuran Sadhu and Sethuraman NR in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 8697274436;))
Adds details, background
Dec 3 (Reuters) - Several entities linked to the Adani Group have approached the India markets regulator seeking to settle a case that accuses them of violating public shareholding regulations at some listed companies, the Economic Times reported on Tuesday.
The Securities and Exchange Board Of India (SEBI) had sent notices to Adani Enterprises ADEL.NS, the group's flagship company, as well as Adani Power ADAN.NS, Adani Ports APSE.NS and Adani Energy ADAI.NS alleging they had wrongfully categorised the shareholding of certain entities.
The groups' breaches of a minimum public shareholding requirement date back to 2020 and the SEBI had sought to recover about 25 billion rupees ($295 million) from the entities, ET said.
Adani Enterprises and one of its directors, Vinay Prakash, as well as an Ambuja Cements ABUJ.NS director, Ameet Desai, have proposed a settlement, ET reported.
Another proposal for a 2.8-million-rupees ($33,035) settlement is from Emerging India Focus Funds (EIFF), a Mauritius-based foreign portfolio investor that the SEBI says is linked to Vinod Adani, brother of Adani Group Chairman Gautam Adani, ET said.
The report did not have information regarding other settlement applications.
The proposals were submitted last week in response to a show-cause notice issued by the SEBI on Sept. 27 to about 30 Adani Group entities, the newspaper reported.
The entities have contested the charges in response to the notice and the settlement application is only a precautionary measure, ET added, citing a source.
The Adani Group did not immediately respond to a Reuters request for comment.
Last month, U.S. authorities accused Gautam Adani and some top executives in the Adani Group of being part of a scheme to pay bribes of $265 million to secure Indian power supply contracts and of misleading U.S. investors during fund raises there, charges the group has called "baseless".
($1 = 84.7580 Indian rupees)
(Reporting by Anuran Sadhu and Sethuraman NR in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 8697274436;))
India's parliament suspended temporarily after row over allegations against Adani group
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.
(Reporting by Shilpa Jamkhandikar; Editing by YP Rajesh)
(([email protected];))
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.
(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];))
S&P lowers outlook on three Adani units after US indictment of founder
Adds details in paragraphs 6-8
Nov 22 (Reuters) - S&P Global Ratings lowered its outlook on three Adani Group entities to 'negative' from 'stable' on Friday, citing risks to funding access following a U.S. indictment of the conglomerate's billionaire founder, Gautam Adani, on bribery charges.
Adani and seven other people, including his nephew Sagar, were indicted on Thursday for fraud by U.S. prosecutors for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals.
Adani Group has said the accusations levelled by U.S. federal prosecutors, as well as those by the U.S. Securities and Exchange Commission in a parallel civil case, are "baseless and denied" and that it will seek "all possible legal recourse."
The U.S. indictment could affect investor confidence in other Adani Group entities, as the founder sits on the boards of other companies within the group, potentially impairing their access to funding and increasing funding costs, S&P said in a note.
"The group will need regular access to both equity and debt markets given its large growth plans, in addition to its regular refinancing. We believe domestic, as well as some international banks and bond market investors, look at Adani entities as a group and could set group limits on their exposure," S&P said.
S&P revised the outlook on a unit of Adani Green Energy ADNA.NS, the entity linked to the allegations, to 'negative' from 'stable'.
Adani Electricity and Adani Ports APSE.NS were also downgraded to 'negative', S&P said, adding that ratings on the three entities could go lower if allegations are proven true.
Cash flows of the group entities are expected to be materially affected due to an anticipated weakness in funding access, S&P added.
Bonds and most stocks of the Adani Group dropped for a second session on Friday after the indictment.
(Reporting by Manvi Pant in Bengaluru; Editing by Abinaya Vijayaraghavan)
(([email protected]; +918447554364;))
Adds details in paragraphs 6-8
Nov 22 (Reuters) - S&P Global Ratings lowered its outlook on three Adani Group entities to 'negative' from 'stable' on Friday, citing risks to funding access following a U.S. indictment of the conglomerate's billionaire founder, Gautam Adani, on bribery charges.
Adani and seven other people, including his nephew Sagar, were indicted on Thursday for fraud by U.S. prosecutors for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals.
Adani Group has said the accusations levelled by U.S. federal prosecutors, as well as those by the U.S. Securities and Exchange Commission in a parallel civil case, are "baseless and denied" and that it will seek "all possible legal recourse."
The U.S. indictment could affect investor confidence in other Adani Group entities, as the founder sits on the boards of other companies within the group, potentially impairing their access to funding and increasing funding costs, S&P said in a note.
"The group will need regular access to both equity and debt markets given its large growth plans, in addition to its regular refinancing. We believe domestic, as well as some international banks and bond market investors, look at Adani entities as a group and could set group limits on their exposure," S&P said.
S&P revised the outlook on a unit of Adani Green Energy ADNA.NS, the entity linked to the allegations, to 'negative' from 'stable'.
Adani Electricity and Adani Ports APSE.NS were also downgraded to 'negative', S&P said, adding that ratings on the three entities could go lower if allegations are proven true.
Cash flows of the group entities are expected to be materially affected due to an anticipated weakness in funding access, S&P added.
Bonds and most stocks of the Adani Group dropped for a second session on Friday after the indictment.
(Reporting by Manvi Pant in Bengaluru; Editing by Abinaya Vijayaraghavan)
(([email protected]; +918447554364;))
Adani Group Reacts To U.S. Indictment, Says Fully Compliant With All Laws - CNBC Tv18
Nov 21 (Reuters) - Ambuja Cements Ltd ABUJ.NS:
ADANI GROUP REACTS TO U.S. INDICTMENT, SAYS FULLY COMPLIANT WITH ALL LAWS - CNBC TV18
ADANI GROUP RELEASES STATEMENT ON BRIBERY CHARGES; ALEGATIONS ARE BASELESS - CNBC TV18
ADANI GROUP SAYS ALL POSSIBLE LEGAL RECOURSE WILL BE SOUGHT - CNBC TV18
Source text: [ID:]
Further company coverage: ABUJ.NS
(([email protected];;))
Nov 21 (Reuters) - Ambuja Cements Ltd ABUJ.NS:
ADANI GROUP REACTS TO U.S. INDICTMENT, SAYS FULLY COMPLIANT WITH ALL LAWS - CNBC TV18
ADANI GROUP RELEASES STATEMENT ON BRIBERY CHARGES; ALEGATIONS ARE BASELESS - CNBC TV18
ADANI GROUP SAYS ALL POSSIBLE LEGAL RECOURSE WILL BE SOUGHT - CNBC TV18
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];;))
ACC misses Q1 Profit View
July 29 (Reuters) - ACC Ltd ACC.NS:
ACC Q1 PAT 3.66 BILLION RUPEES; IBES EST. 4.17 BILLION RUPEES
ACC Q1 REVENUE FROM OPERATIONS 51.56 BILLION RUPEES; IBES EST. 50.94 BILLION RUPEES
Further company coverage: ACC.NS
(([email protected];))
July 29 (Reuters) - ACC Ltd ACC.NS:
ACC Q1 PAT 3.66 BILLION RUPEES; IBES EST. 4.17 BILLION RUPEES
ACC Q1 REVENUE FROM OPERATIONS 51.56 BILLION RUPEES; IBES EST. 50.94 BILLION RUPEES
Further company coverage: ACC.NS
(([email protected];))
Birla's UltraTech buys stake in rival to defend Indian cement lead against Adani
Updates with background on India's cement industry and on Adani group; adds details from NDTV report
By Hritam Mukherjee
BENGALURU, June 27 (Reuters) - UltraTech Cement ULTC.NS said it is buying a stake worth up to $228 million in rival India Cements ICMN.NS, intensifying a battle with the Adani group which is challenging its position as the South Asian nation's top cement maker.
India's cement market, expected to roughly double to $49.24 billion by 2029 from 2022 levels, was long dominated by billionaire Kumar Mangalam Birla's company until Gautam Adani entered the sector in 2022 and quickly rose through the ranks to become the second biggest player.
The deal for a 23% stake, which UltraTech said is a non-controlling financial investment, comes as cement makers stand to benefit from Narendra Modi's return to power and an expected infrastructure spending spurt in Asia's No. 3 economy.
The investment in Chennai-based India Cements will help UltraTech guard its turf in the country's southern markets, at a time when Adani firms are attempting to boost their hold in the region.
Between November and June, UltraTech and Adani's Ambuja ABUJ.NS have added heft to their own southern holds by signing deals with Kesoram Industries and Penna Cement Industries respectively.
As of end-March, UltraTech had an 11% market share in the region, with the Adani group having a 6% share, an industry estimate showed.
"It is becoming clearer that larger incumbents are vying for a slice of the pie in South India," said Choice Broking's Ashutosh Murarka.
The Adani group was known for its aggressive expansion strategies across sectors, including deals at NDTV, Ambuja and ACC, before falling prey to a damning report from a U.S. short seller early last year.
The group has subsequently bounced back and has also resumed making acquisitions.
Broadcaster NDTV reported that UltraTech is buying the stake mainly from investor Radhakishan Damani and his associated entities, who together hold a 20.78% stake in India Cements.
UltraTech and Damani, who is also the founder of India's top retail chain DMart AVEU.NS, did not immediately respond to Reuters' requests for comments.
India Cements' shares jumped 14% on Thursday after the news, while UltraTech's shares rose nearly 7% to hit a record high.
($1 = 83.5050 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Muralikumar Anantharaman)
(([email protected]; X: @MukherjeeHritam;))
Updates with background on India's cement industry and on Adani group; adds details from NDTV report
By Hritam Mukherjee
BENGALURU, June 27 (Reuters) - UltraTech Cement ULTC.NS said it is buying a stake worth up to $228 million in rival India Cements ICMN.NS, intensifying a battle with the Adani group which is challenging its position as the South Asian nation's top cement maker.
India's cement market, expected to roughly double to $49.24 billion by 2029 from 2022 levels, was long dominated by billionaire Kumar Mangalam Birla's company until Gautam Adani entered the sector in 2022 and quickly rose through the ranks to become the second biggest player.
The deal for a 23% stake, which UltraTech said is a non-controlling financial investment, comes as cement makers stand to benefit from Narendra Modi's return to power and an expected infrastructure spending spurt in Asia's No. 3 economy.
The investment in Chennai-based India Cements will help UltraTech guard its turf in the country's southern markets, at a time when Adani firms are attempting to boost their hold in the region.
Between November and June, UltraTech and Adani's Ambuja ABUJ.NS have added heft to their own southern holds by signing deals with Kesoram Industries and Penna Cement Industries respectively.
As of end-March, UltraTech had an 11% market share in the region, with the Adani group having a 6% share, an industry estimate showed.
"It is becoming clearer that larger incumbents are vying for a slice of the pie in South India," said Choice Broking's Ashutosh Murarka.
The Adani group was known for its aggressive expansion strategies across sectors, including deals at NDTV, Ambuja and ACC, before falling prey to a damning report from a U.S. short seller early last year.
The group has subsequently bounced back and has also resumed making acquisitions.
Broadcaster NDTV reported that UltraTech is buying the stake mainly from investor Radhakishan Damani and his associated entities, who together hold a 20.78% stake in India Cements.
UltraTech and Damani, who is also the founder of India's top retail chain DMart AVEU.NS, did not immediately respond to Reuters' requests for comments.
India Cements' shares jumped 14% on Thursday after the news, while UltraTech's shares rose nearly 7% to hit a record high.
($1 = 83.5050 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Muralikumar Anantharaman)
(([email protected]; X: @MukherjeeHritam;))
India's Adani Group rallies on infrastructure bets as Modi seen retaining power
By Sethuraman N R
BENGALURU, June 3 (Reuters) - Shares of three Adani Group companies hit record highs Monday amid a broad-based rally in the infrastructure-focussed Indian conglomerate after exit polls predicted a third straight term for Prime Minister Narendra Modi's government.
The 10-company conglomerate, led by billionaire Gautam Adani, has invested billions of dollars in mining, ports, trading, electricity and gas among other sectors to benefit from the Modi government's emphasis on infrastructure development.
On the day, shares of Adani Ports APSE.NS jumped as much as 12.8% to a record high, while Adani Power ADAN.NS surged nearly 18% and Ambuja Cements ABUJ.NS rose about 7% to also hit all-time highs.
Shares of Adani Enterprises ADEL.NS, the group's flagship firm advanced nearly 10%, while renewable energy company Adani Green ADNA.NS climbed by 14% to their highest since January 2023.
"If the current government is going to continue for a third term, the growth in infrastructure will be a big focus. Many Adani Group companies are heavily into infrastructure and hence, we are seeing action in these stocks," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Adani Ports and Adani Enterprises were among the top 10 gainers on the benchmark Nifty 50 .NSEI index, which also rallied to a record high as the exit polls ensured political continuity.
The index has nearly doubled since 2019, when Modi was elected for a second term. The Adani Group stocks have, however, sky-rocketed between 300% and 4,500% in that period. The broader infrastructure .NIFTYINFR and energy .NIFTYENR indexes have just over doubled in value.
Citi analysts said they expect stocks exposed to the infrastructure and logistics sector, including Adani Ports, to do well in the medium term.
Among other Adani group companies, there were 5% to 9% gains in Adani Energy Solutions ADAI.NS, Adani Total Gas ADAG.NS and consumer goods company Adani Wilmar ADAW.NS, as well as news broadcaster NDTV NTDV.NS cement maker ACC ACC.NS.
Performance of key Adani group stocks since May 22, 2019 https://reut.rs/3V50nLq
(Reporting by Sethuraman NR in Bengaluru; Editing by Savio D'Souza)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Sethuraman N R
BENGALURU, June 3 (Reuters) - Shares of three Adani Group companies hit record highs Monday amid a broad-based rally in the infrastructure-focussed Indian conglomerate after exit polls predicted a third straight term for Prime Minister Narendra Modi's government.
The 10-company conglomerate, led by billionaire Gautam Adani, has invested billions of dollars in mining, ports, trading, electricity and gas among other sectors to benefit from the Modi government's emphasis on infrastructure development.
On the day, shares of Adani Ports APSE.NS jumped as much as 12.8% to a record high, while Adani Power ADAN.NS surged nearly 18% and Ambuja Cements ABUJ.NS rose about 7% to also hit all-time highs.
Shares of Adani Enterprises ADEL.NS, the group's flagship firm advanced nearly 10%, while renewable energy company Adani Green ADNA.NS climbed by 14% to their highest since January 2023.
"If the current government is going to continue for a third term, the growth in infrastructure will be a big focus. Many Adani Group companies are heavily into infrastructure and hence, we are seeing action in these stocks," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Adani Ports and Adani Enterprises were among the top 10 gainers on the benchmark Nifty 50 .NSEI index, which also rallied to a record high as the exit polls ensured political continuity.
The index has nearly doubled since 2019, when Modi was elected for a second term. The Adani Group stocks have, however, sky-rocketed between 300% and 4,500% in that period. The broader infrastructure .NIFTYINFR and energy .NIFTYENR indexes have just over doubled in value.
Citi analysts said they expect stocks exposed to the infrastructure and logistics sector, including Adani Ports, to do well in the medium term.
Among other Adani group companies, there were 5% to 9% gains in Adani Energy Solutions ADAI.NS, Adani Total Gas ADAG.NS and consumer goods company Adani Wilmar ADAW.NS, as well as news broadcaster NDTV NTDV.NS cement maker ACC ACC.NS.
Performance of key Adani group stocks since May 22, 2019 https://reut.rs/3V50nLq
(Reporting by Sethuraman NR in Bengaluru; Editing by Savio D'Souza)
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India's Ambuja Cements misses Q4 profit estimate on lower prices
May 1 (Reuters) - Ambuja Cements ABUJ.NS, India's second-largest cement maker by market capitalisation, reported on Wednesday a smaller-than-expected profit rise in the fourth quarter as lower prices weighed.
WHY IT'S IMPORTANT
Cement makers are expected to report subdued income from sales in the reported quarter, owing to a nearly 5% decline sequentially in cement prices across India.
The March quarter usually sees cement makers report strong volumes as they push prices down to clear year-end inventory backlogs. Analysts also expect lower fuel costs and domestic coke prices to help offset weak cement prices.
UltraTech Cement ULTC.NS, the largest Indian cement maker by market value, as well as Dalmia Bharat DALB.NS and ACC ACC.NS have reported better-than-expected profit so far in the fourth quarter. These companies saw strong sales volumes offset the weaker pricing in the quarter.
BY THE NUMBERS
The Adani Group-backed company said on Wednesday its profit after tax for the quarter ended March 31 rose to 5.32 billion rupees ($63.7 million), from 5.02 billion rupees a year ago. Analysts, on average, estimated the company to report a profit of 7.56 billion rupees, as per LSEG data.
Still, revenue from operations climbed 12.3% to 47.80 billion rupees, beating analysts' estimate of 47.72 billion rupees.
WHAT'S NEXT?
The company expects the outlook of the cement industry to remain positive, driven by pre-election spending, government emphasis on infrastructure development and sustained real estate activity.
Ambuja Cements says it will benefit from cost leadership, synergy with group businesses, aiding it to sustain market leadership in the industry.
($1 = 83.4905 Indian rupees)
(Reporting by Anisha Ajith and Ashna Teresa Britto in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected];))
May 1 (Reuters) - Ambuja Cements ABUJ.NS, India's second-largest cement maker by market capitalisation, reported on Wednesday a smaller-than-expected profit rise in the fourth quarter as lower prices weighed.
WHY IT'S IMPORTANT
Cement makers are expected to report subdued income from sales in the reported quarter, owing to a nearly 5% decline sequentially in cement prices across India.
The March quarter usually sees cement makers report strong volumes as they push prices down to clear year-end inventory backlogs. Analysts also expect lower fuel costs and domestic coke prices to help offset weak cement prices.
UltraTech Cement ULTC.NS, the largest Indian cement maker by market value, as well as Dalmia Bharat DALB.NS and ACC ACC.NS have reported better-than-expected profit so far in the fourth quarter. These companies saw strong sales volumes offset the weaker pricing in the quarter.
BY THE NUMBERS
The Adani Group-backed company said on Wednesday its profit after tax for the quarter ended March 31 rose to 5.32 billion rupees ($63.7 million), from 5.02 billion rupees a year ago. Analysts, on average, estimated the company to report a profit of 7.56 billion rupees, as per LSEG data.
Still, revenue from operations climbed 12.3% to 47.80 billion rupees, beating analysts' estimate of 47.72 billion rupees.
WHAT'S NEXT?
The company expects the outlook of the cement industry to remain positive, driven by pre-election spending, government emphasis on infrastructure development and sustained real estate activity.
Ambuja Cements says it will benefit from cost leadership, synergy with group businesses, aiding it to sustain market leadership in the industry.
($1 = 83.4905 Indian rupees)
(Reporting by Anisha Ajith and Ashna Teresa Britto in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected];))
India's ACC jumps after Q4 profit beats estimates
** Shares of Cement maker ACC ACC.NS up 1.5% to 2,594.15 rupees
** Co reports Q4 profit of 7.49 bln, well ahead of analysts' expectation of 4.86 bln rupees as per LSEG data
** Stock was up ~0.1% before results
** Rival cement maker Dalmia Bharat DALB.NS beat Q4 profit view on Wednesday, but stock is down as profit per ton dropped more than expected
** Other peers UltraTech Cement ULTC.NS and Ambuja Cements ABUJ.NS yet to report results
** ACC stock rated "buy" on avg, same as DALB and ULTC; ABUJ rated "hold" on avg - LSEG data
(Reporting by Varun Vyas in Bengaluru)
** Shares of Cement maker ACC ACC.NS up 1.5% to 2,594.15 rupees
** Co reports Q4 profit of 7.49 bln, well ahead of analysts' expectation of 4.86 bln rupees as per LSEG data
** Stock was up ~0.1% before results
** Rival cement maker Dalmia Bharat DALB.NS beat Q4 profit view on Wednesday, but stock is down as profit per ton dropped more than expected
** Other peers UltraTech Cement ULTC.NS and Ambuja Cements ABUJ.NS yet to report results
** ACC stock rated "buy" on avg, same as DALB and ULTC; ABUJ rated "hold" on avg - LSEG data
(Reporting by Varun Vyas in Bengaluru)
Billionaire Gautam Adani's family raises Ambuja Cement stake with $799 mln infusion
Adds details and background throughout
BENGALURU, March 28 (Reuters) - Indian billionaire Gautam Adani's family infused 66.61 billion rupees (about $799 million) in Ambuja Cements ABUJ.NS, raising its stake to about 67% from 63.15%, to help ramp up the cement maker's manufacturing capacity.
The family has raised its stake by converting warrants into shares, Ambuja said in an exchange filing on Thursday.
The Adani family expects the cement maker to increase its manufacturing capacity to 140 million tonnes per annum (MTPA) by 2028, from 76.1 MTPA as of Dec. 31.
"This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives," Ajay Kapur, CEO of Ambuja Cements, said in a statement.
In 2022, the Adani group entered the cement sector with a $10.5 billion deal to buy Ambuja and ACC ACC.NS from Swiss giant Holcim.
($1 = 83.3620 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
(([email protected]; +918447554364;))
Adds details and background throughout
BENGALURU, March 28 (Reuters) - Indian billionaire Gautam Adani's family infused 66.61 billion rupees (about $799 million) in Ambuja Cements ABUJ.NS, raising its stake to about 67% from 63.15%, to help ramp up the cement maker's manufacturing capacity.
The family has raised its stake by converting warrants into shares, Ambuja said in an exchange filing on Thursday.
The Adani family expects the cement maker to increase its manufacturing capacity to 140 million tonnes per annum (MTPA) by 2028, from 76.1 MTPA as of Dec. 31.
"This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives," Ajay Kapur, CEO of Ambuja Cements, said in a statement.
In 2022, the Adani group entered the cement sector with a $10.5 billion deal to buy Ambuja and ACC ACC.NS from Swiss giant Holcim.
($1 = 83.3620 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
(([email protected]; +918447554364;))
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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, Nuvoco Vistas Corpor, India Cements, JK Lakshmi Cement, Star Cement. Market Cap of ACC is ₹34,871 Crs. While the median market cap of its peers are ₹15,993 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 ₹2,414 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 -₹3,298.53 Crs as of Mar-25. This is greater than Mar-24 when it was -₹3,725.73 Crs.
Is ACC stock expensive?
ACC is not expensive. Latest PE of ACC is 14.42, while 3 year average PE is 30.34. Also latest EV/EBITDA of ACC is 10.51 while 3yr average is 17.08.
Has the share price of ACC grown faster than its competition?
ACC has given lower returns compared to its competitors. ACC has grown at ~-6.17% over the last 4yrs while peers have grown at a median rate of 7.31%
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 12.07% while previous quarter holding is 14.29%.