DALBHARAT

MUMBAI, June 12 (Reuters) - India's Dalmia Cement (Bharat) has accepted bids worth 9.50 billion rupees ($111.2 million) for bonds maturing in seven years and in 10 years, three bankers said on Thursday.

The company had invited coupon and commitment bids for both the options on Wednesday, they said.

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

Here is the list of deals reported so far on June 12:

*Size includes base plus greenshoe for some issues

($1 = 85.4350 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

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June 6 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• COURT ORDER FOR 2.36 BILLION RUPEES INCENTIVES TO UNIT LIKELY TO BE AFFECTED

Source text: ID:nBSEbv42qx

Further company coverage: DALB.NS

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** Shares of Dalmia Bharat DALB.NS rise as much as 4.8% to 1,980 rupees, highest level since October 4

** The cement maker on Wednesday reported 38.1% Y/Y rise in Q4 consol net profit

** Rev from ops fell 5% Y/Y, total expenses down nearly 9%

** Co adds, EBITDA grew by 21% YoY in Q4 due to co's various cost-cutting measures like increase in renewable energy (RE) capacity

** Jefferies ("buy", PT: 2,050 rupees) says co's share of RE increased to 39% in Q4 FY25 from 34% in Q4 FY24

** More than 1 mln shares change hands, 3.5x of 30-day avg

** Avg rating of 28 analysts equivalent of "hold", median PT is 1,925 rupees - data compiled by LSEG

** Stock last up 3.7%, taking YTD gains to 10.8%

(Reporting by Ashish Chandra in Bengaluru)

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April 23 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• RECOMMENDS FINAL DIVIDEND OF 5 RUPEES PER EQUITY SHARE

• MARCH-QUARTER CONSOL NET PROFIT 4.35 BILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 40.91 BILLION RUPEES

Source text: ID:nBSE34gYtr

Further company coverage: DALB.NS

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April 16 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DCBL RECEIVES PROVISIONAL ATTACHMENT ORDER FROM ENFORCEMENT DIRECTORATE

• ATTACHMENT ORDER FOR 7.93 BILLION RUPEES AGAINST DCBL LAND

Source text: ID:nBSE9tJ8cr

Further company coverage: DALB.NS

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April 3 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT - UNIT GETS TAX ORDER OF 17.5 MILLION RUPEES, PENALTY 17.5 MILLION RUPEES

Source text: [ID:]

Further company coverage: DALB.NS

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

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

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

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

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

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

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

(Reporting by Bharath Rajeswaran in Bengaluru)

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

** Shares of Dalmia Bharat DALB.NS rise 3.5% to 1,662.9 rupees

** The cement maker commenced commercial production of its new grinding unit of 2.4 million tonnes per annum (MTPA) in Assam

** Co's cement manufacturing capacity now totals 8 MnT in the North-East and 49 MTPA pan-India

** More than 241,000 shares change hands, 1x its 30-day avg

** 28 analysts covering the stock on avg have a "hold" rating; median PT is 1,965 rupees - LSEG data

** Stock down 9% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

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March 13 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT - NCLT APPROVED ARRANGEMENT BETWEEN DALMIA CEMENT (NORTH EAST), VINAY CEMENT

• DALMIA BHARAT - SCHEME INVOLVES DEMERGER, TRANSFER OF CEMENT, MINING BUSINESS OF VINAY CEMENT

Source text: [ID:]

Further company coverage: DALB.NS

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Feb 28 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT LTD - APPROVES CAPACITY INCREASE PROPOSALS IN 3 LOCATIONS

Source text: ID:nBSEcfBn0L

Further company coverage: DALB.NS

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Feb 26 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT - UNIT'S APPEAL ALLOWED BY TAX AUTHORITY; DEMAND OF TAX, INTEREST DROPPED

Source text: ID:nBSE71NcXJ

Further company coverage: DALB.NS

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Feb 11 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• UNIT RECEIVES TAX PENALTY ORDER OF 92 MILLION RUPEES

Source text: ID:nBSE6mr9gB

Further company coverage: DALB.NS

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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;))

** Dalmia Bharat DALB.NS up 1% at 1,786 rupees, reversing early losses

** Indian cement maker's Q3 profit tumbled 77% y/y and revenue also fell; however, it signalled improving results ahead

MARKET SHARE LOSS, PLANT ACCIDENT MAY HIT Q4

** JP Morgan ("underweight", TP cut to 1,478 rupees from 1490 rupees) says most of the Q3 profit miss was due to weaker volumes; adds recent Odisha plant accident could hurt Q4 volumes

** PhilipCapital ("neutral", TP: 1,900 rupees) says DALB "has not disappointed us" with two consecutive quarters of "reasonably large" earnings misses

** Sees no potential for rating upgrade until DALB addresses its earnings volatility

** Nomura ("reduce", TP: 1,680 rupees) assumes DALB has lost market share in its key south market due to increased competition

(Reporting by Hritam Mukherjee and Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Jan 21 (Reuters) - India's Dalmia Bharat DALB.NS signalled optimism in cement demand as well as prices and promised better quarters ahead on Tuesday, after its third-quarter profit nosedived.

"Cement demand growth in Q3 fell short of our earlier expectations... With demand now gaining traction and prices showing signs of optimism, we are confident about a stronger performance in the upcoming quarters," the company's finance chief Dharmender Tuteja said in a statement.

Cement prices bottomed out in October and kept on improving all the way up to December, Centrum analysts said in a note dated Jan. 10, as price hikes introduced by makers were absorbed after earlier such attempts were rolled back.

"Initial signs of demand and pricing recovery are visible as December saw both better demand and pricing. We believe this pricing growth is sustainable...," Centrum analysts said.

Consolidated net profit for the October-December period slumped 77% on-year to 610 million rupees ($7.05 million) and revenue fell 12% to 31.81 billion rupees.

The declines were exacerbated by price drops during the quarter in the south and east regions - markets core to India's fourth-largest cement maker. The pan-India average cement price for the reported quarter was 11% lower on-year, data from brokerages Nomura and Ambit showed.

Additionally, the company's sales volumes fell 2% on-year owing to soft demand, while analysts had expected volumes to grow between 4% to 4.8%, estimates from three brokerages showed.

($1 = 86.5680 Indian rupees)

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

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

Jan 17 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• TO ACQUIRE 26% STAKE IN SOLIS URJA ENERGY FOR 17.5 MILLION RUPEES

Source text: ID:nNSE5TFLBX

Further company coverage: DALB.NS

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By Rajendra Jadhav

MUMBAI, Dec 23 (Reuters) - Sugarcane yields in India are declining due to last year's drought and this year's excessive rains, which could reduce the country's sugar production below consumption levels for the first time in eight years, farmers and industry officials said on Monday.

Lower-than-expected output by the world's second-largest sugar producer could eliminate the possibility of India allowing exports in the current season ending in September 2025, supporting global sugar prices SBc1, LSUc1.

Maharashtra, Karnataka, and Uttar Pradesh account for more than 80% of the country's total sugar production, with lower cane yields in these states prompting trade houses to reduce their output estimates for the 2024/25 season.

The production could fall to around 27 million metric tons from the last year's 32 million tons and below annual consumption of more than 29 million tons, said India head of a global trade house, who declined to be named.

"During the summer months, the cane crop faced prolonged stress due to the lack of water," B.B. Thombare, president of the West Indian Sugar Mills Association told Reuters.

"When the monsoon season began, there was excessive rainfall and limited sunshine, which also adversely affected the crop's growth."

The adverse weather curtailed cane yields by 10 to 15 tons per hectare, Thombare said.

The western state of Maharashtra and neighbouring Karnataka, which together produce nearly half of India's sugar, received lower-than-average rainfall in 2023, bringing down reservoir levels.

"Usually, we harvest 120 to 130 tons of cane from one hectare of land, but this year yields have fallen to 80 tons despite all our efforts," says Shrikant Ingle, who cultivated cane on five acres of land in Maharashtra's Solapur.

Drought did not affect the crop in Uttar Pradesh, the country's leading sugar-producing state in the north.

However, plantations in the state were impacted by red rot disease, which reduced sugarcane yields, said a senior state government official.

"To control the spread of the disease, we are advising farmers to adopt new cane varieties," the official said.

The downward revision in the production estimate has eliminated the possibility of any exports in the current season, the head of the trade house said.

Sugar industry seeks 2 million tons of exports, while the government says it may allow limited exports, if any surplus remains after ethanol needs are met.

(Reporting by Rajendra Jadhav; Editing by Janane Venkatraman)

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** Shares of Dalmia Bharat DALB.NS slips as much as 4.9% to 1,760.8 rupees, lowest since mid-Aug; last down 0.8%

** The cement maker's Q2 consol net profit fell 61% y/y to 460 mln rupees ($5.5 mln)

** Stock eyes busiest trading day in 15 sessions, volumes at 2.4x the 30-day avg

** Analysts' avg rating on stock is "buy", median PT is 2,050 rupees - LSEG data

** Stock extends YTD losses to ~19%

($1 = 84.0700 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

July 18 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT Q1 CONSOL NET PROFIT 1.41 BILLION RUPEES; LSEG IBES PROFIT EST. 1.43 BILLION RUPEES

• DALMIA BHARAT Q1 CONSOL REVENUE FROM OPERATIONS 36.21 BILLION RUPEES; LSEG IBES EST. 35.68 BILLION RUPEES

Source text for Eikon: ID:nBSE2bhQLZ

Further company coverage: DALB.NS

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July 4 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT LTD - COMMENCEMENT OF COMMERCIAL PRODUCTION AT KADAPA, ANDHRA PRADESH

Source text for Eikon: ID:nBSE9m8yKP

Further company coverage: DALB.NS

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Adds details, background, analyst quote in paragraph 4

By Hritam Mukherjee

BENGALURU, June 13 (Reuters) - Adani-backed Ambuja Cements ABUJ.NS bought out smaller rival Penna Cement Industries PENC.NS on Thursday for an enterprise value of 104.22 billion rupees ($1.25 billion), dialling up its presence in India's southern region.

The deal comes nearly a year after the conglomerate, through Ambuja, bought a majority stake in debt-ridden Sanghi Industries SNGI.NS, to boost its cement presence in the country and compete with market leader UltraTech Cement ULTC.NS.

Ambuja said the buyout of Penna Cement will help improve Adani's share in India's southern cement market by roughly 8%, with the deal coming a few months after UltraTech bolstered its own hold in the region by buying Kesoram's KSRM.NS cement assets.

"The acquisition of Penna is very favourable for Ambuja, as Adani's plants in the southern region were unmatched to UltraTech before. This region is key to Adani to boost its pan-India market share and narrow the lead UltraTech has across the country," said Ashutosh Murarka, research analyst at Choice Broking.

Indian cement makers are looking for ways, including dealmaking, to ramp up production and meet demand for the construction material amid upbeat housing momentum and strong government spending on infrastructure.

Adani Group, the ports-to-power conglomerate, had said in December it plans to spend $84 billion over the next decade towards infrastructure projects.

Ambuja will fund the buyout of Penna through internal accruals. The deal will give Ambuja access to Penna's operational facilities in Andhra Pradesh and Telangana, and under-construction facilities in Rajasthan.

Penna's cement assets, which total to 14 million tons per annum (MTPA), will help the conglomerate beef up its capacity as it aims to reach 140 MTPA by 2028. The latter's capacity, as of March-end, stood at 79 MTPA.

($1 = 83.5406 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala, Varun H K and Krishna Chandra Eluri)

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** Shares of cement maker Dalmia Bharat DALB.NS down 2.73% after dropping as much as 4.1% earlier in the session

** DALB biggest loser on the Nifty Mid-cap 100 .NIFMDCP100, which is down 0.15%

** Co reported smaller-than-expected Q4 profit fall, aided by higher volumes in a seasonally strong quarter

** Core profit per ton of cement - a key profitability metric for cement cos - fell 22.2% Y/Y

** InCred Equities expected a 4% decline in core profit/ton, while Antique Stock Broking estimated 0.4% dip

** Co rated "buy" on avg, as per LSEG data

** DALB on track for third straight week of declines

** YTD, stock has fallen ~15%, while Nifty Mid-cap 100 is up 8.4%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

April 24 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT MARCH-QUARTER CONSOL NET PROFIT 3.15 BILLION RUPEES; LSEG IBES PROFIT EST. 2.89 BILLION RUPEES

• DALMIA BHARAT MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 43.07 BILLION RUPEES; LSEG IBES EST. 41.78 BILLION RUPEES

• DALMIA BHARAT YEAR AGO MARCH-QUARTER CONSOL NET PROFIT 5.89 BILLION RUPEES, REVENUE FROM OPERATIONS 39.15 BILLION RUPEES

• FINAL DIVIDEND OF 5 RUPEES PER SHARE

Further company coverage: DALB.NS

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April 5 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT LTD - UPDATE ON ONGOING LITIGATION

• DALMIA BHARAT LTD - DIVISION BENCH OF CALCUTTA HIGH COURT DISMISSED WRIT APPEALS FILED BY WBSIDC

Source text for Eikon: ID:nBSE31QLL0

Further company coverage: DALB.NS

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** Shares of cement maker Dalmia Bharat DALB.NS fall 1% to 1,971.6 rupees

** Motilal Oswal cuts PT to 2,500 rupees from 2,800 rupees, maintains "Buy" rating on stock

** Brokerage says co’s key markets witnessed higher price correction (down 8-9% Q/Q) vs. other regions (down 3-7% Q/Q) in Q4 FY24

** Estimates higher decline in cement prices in co's core markets to lead to higher contraction in co's realization in Q4

** Cuts EBITDA estimates by 4% for FY24 and 8% for FY25 and FY26 due to weak pricing

** However, adds co likely to report double-digit volume growth in Q4 FY24, supported by healthy demand and market share gains

** Average rating of 27 analysts covering the stock, including Motilal Oswal, is 'buy'; stock currently trading below median PT of 2525 rupees - LSEG data

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

** Shares of Dalmia Bharat DALB.NS rise 2% to 2,198 rupees

** DALB among top gainers on Nifty Mid-cap 50 Index .NIMDCP50

** Cement maker said on Wednesday its Q3 consol net profit rose 29% to 2.63 bln rupees (~$32 mln), rev from ops up 7.3% Y/Y

** 26 analysts covering the stock on average have a "buy" rating; stock currently trading at ~14% discount to median PT of 2,550 rupees - LSEG data

** Stock rose 22% in 2023, logging fourth straight yearly gain

($1 = 83.1250 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

BENGALURU, Jan 24 (Reuters) - Indian cement manufacturer Dalmia Bharat DALB.NS reported a 29% rise in third-quarter profit on Wednesday, helped by sustained infrastructure demand.

The New Delhi-based company's consolidated net profit rose to 2.63 billion rupees ($31.7 million) for the quarter ended Dec. 31 from 2.04 billion rupees year ago.

Revenue from operations rose 7.3% to 36 billion rupees, while sales volume rose 8.1% to 6.8 million tonnes.

KEY CONTEXT

Cement makers have been benefiting from a demand surge in the housing and infrastructure sectors, aided further by the government's spending push.

Cement prices in India, on average, rose 2.5% sequentially during the quarter, brokerage Systematix said, helping manufacturers make more from their sales.

Last week, India's top cement manufacturer UltraTech Cement ULTC.NS reported a 68% jump in profit.

OCTOBER-DECEMBER STOCK PERFORMANCE

PEER COMPARISON

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

-- All data from LSEG

($1 = 83.0950 Indian rupees)

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

)

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

** Shares of Dalmia Bharat DALB.NS up ~3.5%, while other cement maker's are flat to up 2%

** Motilal Oswal says DALB among its top picks for 2024

** Says optimistic on DALB's long-term outlook due to capacity increase plans; strong balance sheet; and focus on sustainable growth via higher blended cement, green energy mix

** Says DALB's underperformance in past six months vs most cement stocks mainly due to delay in buying Jaiprakash Associates' JAIA.NS cement assets and demand slowdown in east

** Says DALB's expected earnings improvement as well as scale, capacity growth (without balance sheet leverage) to boost stock's multiples

** Brokerage reiterates "buy" and 2,800 rupees TP, vs current stock price of 2,357.30 rupees

** Avg rating of 27 brokers on DALB is also equivalent of "buy" but median TP is lower at 2,525 rupees - LSEG data

(Reporting by Dimpal Gulwani in Bengaluru)

(([email protected]))

Dec 5 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• NAMES PUNEET YADU DALMIA AS MANAGING DIRECTOR & CEO

• TENURE OF MAHENDRA SINGHI AS MD, CEO WILL CULMINATE ON DECEMBER 8

Source text for Eikon: ID:nNSE3Gt5mR

Further company coverage: DALB.NS

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** Shares of cement manufacturer Dalmia Bharat DALB.NS fall as much as 4.1% to 2,226.15 rupees, mark sharpest intraday pct loss since Aug. 14

** Nomura says DALB lost market share in Q2, especially in the east; believes co will struggle to regain market share in FY24; downgrades DALB to "neutral" from "buy", TP at 2,600 rupees

** Jefferies says DALB volume growth is likely below industry growth in Q2, maintains "buy" while raising TP to 2,680 rupees from 2,440 rupees

** Ambit Insights believes till the deal to acquire cement business of Jaiprakash Associates JAIA.NS is completed, concerns of competing bids remains

** Believes industry's pricing power should sustain through 4QFY24, but will be temporary due to post-election demand moderation among others in FY25

** DALB on Saturday reported 156.5% Y/Y rise in Q2 consolidated net profit while rev rose 6% Y/Y

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))