AMBUJACEM

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to fix extra spacing in fifth paragraph.

By Shritama Bose

MUMBAI, Sept 19 (Reuters Breakingviews) - Gautam Adani is catching a moment of relief. India's securities regulator cleared the tycoon and units of his $152 billion infrastructure conglomerate of stock manipulation charges raised by a short seller in 2023. However, its fortunes won't improve much so long as U.S. charges hang over the group.

The Securities and Exchange Board of India on Thursday said the transactions involving Adani Enterprises ADEL.NS, Adani Ports APSE.NS and Adani Power ADAN.NS between 2018 and 2023 flagged by Nathan Anderson's now-disbanded firm Hindenburg Research did not violate the rules at the time on related party transactions.

The order closes the loop on a more than two-year-old saga marked by a $150 billion reduction in Adani group companies' market value and muddled by allegations of conflict of interest against former SEBI Chair Madhabi Puri Buch, who left her role in February.

The clean bill of health from the watchdog now led by Tuhin Kanta Pandey hardly changes the group's local standing. Indian mutual funds managing some $850 billion in assets were wary of what they see as the group's opacity and its rapid growth before Hindenburg struck, and remain so: Adani Enterprises stock is about 30% lower than at the start of 2023.

A more potent overhang is the U.S. Justice Department's indictment of the tycoon in a $265 million Indian bribery scheme. The Adani group denies any wrongdoing but the charges have complicated the conglomerate's fundraising prospects. Though BlackRock BLK.N subscribed to bonds an Adani unit issued in April to finance an acquisition, that borrowing came at an increased cost than its past deals.

Non-U.S. banks including Barclays BARC.L and DBS DBSM.SI lent $250 million to Adani's airport and ports units last month, Bloomberg reported citing unnamed people familiar with the transactions. But the U.S. issue stalled Adani's efforts to cut its dependence on Indian banks, which hold 47% of its 2.9 trillion rupees ($32.8 billion) debt. The group has returned to equity markets but only for carefully controlled issuances to institutional investors, not the public.

If anything, its stateside problems are widening. A subsidiary of Adani Enterprises has been named among 43 Indian exporters in a U.S. complaint over dumping of solar exports, a person familiar with the situation told Reuters Breakingviews. Similar investigations into Southeast Asian companies have attracted prohibitively high tariffs.

The resumption of trade talks this week between India and the U.S. may smooth the path for Adani to eventually draw a line under the Justice Department's probe, perhaps through a settlement. Until then, its other victories are superficial.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

The Securities and Exchange Board of India on September 18 dismissed allegations of stock manipulation against billionaire Gautam Adani and his group of companies made by U.S. short-seller Hindenburg Research.

The capital markets regulator began investigating the group's flagship Adani Enterprises and its ports and energy units in 2023 after Hindenburg accused them of using tax havens and failing to disclose transactions between related parties. SEBI officials said in the order that the transactions under review, which were carried out between 2018 and 2023, did not qualify as related party transactions under the rules at the time.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

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:

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.

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... 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

"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... 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 ... should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings... 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... 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

"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."

NITIN RAO, CEO, INCRED WEALTH

" (I am ) positive this will play out, though a small concern remains where recent measures like the rate cuts and budgetary measures taken on reduced taxes have not created the necessary consumption boosters."

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.

"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."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs 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."

SHEETAL ARORA, CEO, MANKIND PHARMA

"By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signalled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets."

ARNAB BANERJEE, MD & CEO, CEAT

"By addressing a long-standing demand of the industry, the Council has not only provided a boost to the automotive ecosystem but also created room for greater formalisation, compliance, and sustainable growth in the sector."

SHENU AGARWAL, MD & CEO, ASHOK LEYLAND

"The specific relief for the commercial vehicle industry is especially welcome. On one hand, it will spur freight traffic, and on the other, it will bring down the cost of buses and trucks."

AASIF MALBARI, CHIEF FINANCIAL OFFICER, GODREJ CONSUMER PRODUCTS LTD

"This is a positive trigger for demand and a strong driver of volume growth. This move will ultimately contribute to overall economic momentum. We are fully committed to ensuring that the GST rates reduction benefits are passed on to consumers."

VENKATRAM MAMILLAPALLE, MANAGING DIRECTOR, RENAULT INDIA

"We believe the reform will accelerate rural and urban demand alike, boost manufacturing and contribute strongly to India's economic momentum."

UNSOO KIM, MANAGING DIRECTOR, HYUNDAI MOTOR INDIA

"The GST overhaul will directly benefit the automotive sector. The announced reforms align seamlessly with the government's commitment to Viksit Bharat and the Make in India initiative, encouraging domestic manufacturing and boosting demand across both urban and rural markets."

(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/;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Aug 25 (Reuters Breakingviews) - A small paradox is gripping India's capital markets. The rise of institutional investors is pushing down overall shareholding levels of powerful private backers of companies, including tycoons. But other indicators point to this cohort's growing influence in the $4 trillion economy.

So-called promoter shareholdings in public firms fell to 40.58%, an eight-year low, per an analysis by PRIME Database of 2,086 companies listed on the main board of the National Stock Exchange. Over the past three years, promoters' share has fallen by 455 basis points, the research shows.

The quirky term is rooted in post-independence India's encouragement of entrepreneurs to promote local enterprise and describes owners that have large sway over the affairs of a company. These days, it assumes a mildly pejorative edge, making private banks and startups flaunt their lack of promoters as shorthand for good governance.

One reason for the rapid fall in their holdings from a peak of 45% in 2022 is an increase in listings of companies backed by financial sponsors like $32 billion food delivery firm Eternal ETEA.NS and its rival Swiggy SWIG.NS.

Older behemoths are warming up to external capital, too, though tycoons are hawking minority stakes in unlisted businesses. Mukesh Ambani's Reliance Industries RELI.NS sold shares in its retail and telecom units to investors from Meta META.O to KKR KKR.N in 2020 to cut debt, and Tata Motors TAMO.NS had TPG TPG.O jump in as a backer of its electric-vehicle unit in 2021.

Yet the reality on the ground suggests a tightening, not loosening, of their control. As global companies enter India, promoter-backed businesses are emerging as partners of choice. Fast fashion giant Shein has entered an alliance with Reliance Industries, and MG Motor has teamed up with Sajjan Jindal-backed JSW.

It's a result of New Delhi's protectionist policies and entrants' desire to scale up fast, but also a growing perception that it is not possible to win against the top domestic industrialists. M&A by large groups is reducing competition, too; Adani's Ambuja Cements ABUJ.NS and UltraTech ULTC.NS owner Kumar Mangalam Birla are rearranging the country's cement industry into a duopoly.

In fact, India Inc.'s shunning of leverage since the pandemic reduces the necessity of large owners to dilute their equity. Promoter entities own 50.07% of Reliance and up to 75% in each of the 10 listed Adani Group companies. The position of India's most powerful promoters is far from getting demoted.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

Stakes held by powerful private shareholders, known as promoters, in large Indian companies have fallen to an eight-year low in India.

Such shareholdings on the main board of the National Stock Exchange fell to 40.58% in June, per an analysis of 2,086 companies by PRIME Database.

Over the past three years, promoters' share has fallen by 455 basis points from 45.13% on March 31, 2022, the research shows.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

** Shares of Ambuja Cements ABUJ.NS rise as much as 2.20% to 609.8 rupees, the highest since October 10, 2024

** National Company Law Tribunal (NCLT) Ahmedabad approves the merger of Adani Cementation with ABUJ

** Move to help consolidate Adani group's cement business under ABUJ

** Stock exchange BSE also gives its "no adverse objection" to the merger over the weekend; NSE had already issued "no objection" letter on July 17

** ABUJ shares are up 11.4% in 2025 so far, outperforming the 0.6% rise in the Nifty Next 50 index .NN50

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Ambuja Cements ABUJ.NS rise as much as 3% to 597.60 rupees, settles up 2.4%

** Multiple brokerages, including Morgan Stanley, Jefferies and JP Morgan, reiterate positive view on the cement maker's stock after meeting the management

** Morgan Stanley reiterates "overweight" rating and terms ABUJ as one of its preferred cement stocks, citing capability to gain market share and drive cost improvement

** Says ABUJ is well placed to become an earnings compounder over the next few years

** Jefferies reiterates "buy", while JP Morgan retains "neutral", both anticipating an improvement in earnings from the second quarter of fiscal 2026

** The average rating of 36 analysts tracking ABUJ is "buy"; the median price target is 627.50 rupees - LSEG

** ABUJ shares are up 10.9% in 2025 so far, outperforming the 1.1% rise in Nifty Next 50 index .NN50, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

June 24 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• COMMISSIONS 2.4 MTPA BROWNFIELD EXPANSION IN WEST BENGAL

• CEMENT CAPACITY INCREASES TO 102.95 MTPA

Source text: ID:nBSE7NjK8m

Further company coverage: ABUJ.NS

(([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];))

April 15 (Reuters) - Kaushalya Logistics Ltd KAUH.NS:

• KAUSHALYA LOGISTICS LTD - COMMENCES OPERATIONS AT KATIHAR DEPOT FOR AMBUJA CEMENTS

Source text: ID:nNSE21xfKq

Further company coverage: KAUH.NS

(([email protected];))

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

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

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

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

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

(([email protected]; +91 7982114624;))

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

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

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

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

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

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

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

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

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

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

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

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

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

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

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

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

(([email protected]; +918447554364;))

** Shares of Ambuja Cements ABUJ.NS climb 1.9% to 484 rupees, while Orient Cement ORCE.NS rises 2.3% to 334.95 rupees

** India's antitrust watchdog on Tuesday approved Ambuja's acquisition of Orient, months after the Adani Group company first announced the deal

** ORCE set for busiest trading session in over four months, with volumes at 6.8x the 30-day avg; ABUJ's vols relatively muted at about 0.3x its 30-day avg

** ABUJ on track to for biggest one-day gain in a month, ORCE for best day in more than 3 months

** ABUJ stock rated "buy' on avg, ORCE rated "sell" - data compiled by LSEG

** Ambuja and Orient are down about 11% and 4.5% YTD, respectively

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

March 4 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• INDIA COMPETITION REGULATOR: APPROVES PROPOSED ACQUISITION OF UP TO 72.8% STAKE OF ORIENT CEMENT BY AMBUJA CEMENTS

Source text: [ID:]

Further company coverage: ABUJ.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];;))

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)

(([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];;))

Adds analyst comment in paragraph 5, ratings agency's forecast in paragraph 12

By Hritam Mukherjee

Feb 1 (Reuters) - Indian infrastructure and cement stocks declined in a special trading session on Saturday, as investors were disappointed by the 'modest' hike in capital spending announced in the annual budget.

The infrastructure index .NIFTYINFR reversed gains following the budget presentation, and closed 1% lower. Sector bellwether Larsen & Toubro (L&T) LART.NS ended 3.4% lower, its sharpest one-day fall in more than 3 months.

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.

"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.

"The budget proposals seem to focus a lot on consumption this time around... but the negative surprise has come from the shift of focus on government capex in infrastructure development," said Mirae Asset Sharekhan's Gaurav Dua.

IRB Infrastructure Developers IRBI.NS, which constructs highways, declined 3%.

"With corporate balance sheets fairly strong, (the) government wants private sector to step up on capex," the company's Chairman Virendra D. Mhaiskar said.

Shares of cement makers, which are key beneficiaries of government spending, fell on worries that of a slow demand recovery.

UltraTech ULTC.NS, the country's largest cement maker by capacity, fell as much as 6% before ending 2% lower.

Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS fell 2% each, while Shree Cement SHCM.NS dropped 3%.

Top cement executives have flagged that government spending hasn't picked up substantially since the national elections in 2024, with volumes growing sluggishly in the third quarter nearly across the board.

Cement demand is likely to log single-digit percentage growth in fiscal year 2026, India Ratings and Research said.

India is the world's second-largest cement producer, and the domestic industry is expected to grow 4%-5% in fiscal year 2025, significantly slower than the 8% and 12% growth seen in 2022 and 2023, data from ratings agency Crisil showed.

(Reporting by Hritam Mukherjee in Bengaluru; Additional reporting by Yagnoseni Das; Editing by Varun H K)

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

Jan 29 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• AMBUJA CEMENTS Q3 PAT 17.58 BILLION RUPEES; IBES EST. 5.13 BILLION RUPEES

• AMBUJA CEMENTS Q3 REV FROM OPS 48.50 BLN RUPEES; IBES EST. 45.86 BLN RUPEES

Further company coverage: ABUJ.NS

(([email protected];))

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

By Hritam Mukherjee

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

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

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

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

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

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

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

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

($1 = 86.6710 Indian rupees)

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

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

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)

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Dec 17 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• AMBUJA CEMENTS LTD - APPROVED SCHEME OF ARRANGEMENT BETWEEN SANGHI INDUSTRIES AND AMBUJA CEMENTS

• AMBUJA CEMENTS - APPROVED SCHEME OF ARRANGEMENT BETWEEN PENNA CEMENT INDUSTRIES, CO

Further company coverage: ABUJ.NS

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Dec 9 (Reuters) - Indian conglomerate Adani Group will invest over 7.5 trillion rupees ($88.53 billion) in various sectors like renewable energy and cement in the northern state of Rajasthan, Karan Adani, managing director of Adani Ports APSE.NSm, said on Monday at an investment summit.

($1 = 84.7200 Indian rupees)

(Reporting by Sethuraman NR; Editing by Sonia Cheema)

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** Star Cement STAT.NS climbs 7% to 209.27 rupees; stock set for sixth straight session of gains

** Ambuja Cements ABUJ.NS, the cement arm of billionaire Gautam Adani, is in talks to acquire STAT, market leader in northeastern India, Moneycontrol reports

** Acquisition is part of Adani group's expansion strategy - report

** STAT, in an exchange filing, said it is "not engaged in any discussions in this regard"

** ABUJ did not immediately respond to Reuters request for comment

** ABUJ stock little changed after report, down 0.3%

** Avg rating on STAT, larger rivals ABUJ and market leader UltraTech ULTC.NS at "buy" - LSEG data

** STAT up ~20% YTD, set for third straight annual gain

(Reporting by Kashish Tandon in Bengaluru)

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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)

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Dec 2 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• AMBUJA CEMENTS - PARTNERS WITH COOLBROOK TO LEVERAGE ZERO-CARBON HEATING TECH

Source text: [ID:]

Further company coverage: ABUJ.NS

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Adds quotes, background

NEW DELHI, Nov 28 (Reuters) - Both houses of Indian parliament were suspended temporarily on Thursday within minutes of opening as opposition lawmakers disrupted proceedings for the third day this week seeking a discussion on allegations against the Adani Group.

U.S. authorities have accused Gautam Adani, his nephew Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading U.S. investors during fund raises there.

"We want a discussion on this in parliament. It is going to be the third day that we are demanding a reply from the prime minister" on the Adani issue, Manickam Tagore, a lawmaker from the main opposition Congress party, which has been leading the protests against the business group, told news agency ANI.

Many of India's opposition parties accuse Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) of favouring Adani and blocking investigations against him in India, accusations both have denied.

Congress leader Rahul Gandhi, who has been a vocal critic of Adani, said Gautam Adani, 62, should be arrested.

While the government has not made any comment on the indictment, Modi's BJP has said it had no reason to defend Adani, adding that the party was not against industrialists and considered them partners in nation-building efforts.

"Let him defend himself," BJP spokesperson Gopal Krishna Agarwal said on Tuesday, adding that the law would take its course.

(Reporting by Shilpa Jamkhandikar; Editing by YP Rajesh)

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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.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul, Toby Chopra and Alexander Smith)

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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

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.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul and Toby Chopra)

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