GRASIM

** Grasim Industries' GRAS.NS shares climb 2.2% to 2,751.9 rupees

** Top gainer on Nifty 50 .NSEI index, which is up 0.2%

** Aditya Birla Group holding company's Q1 EBITDA of 3.85 bln rupees ($44 mln) topped Jefferies and Morgan Stanley estimates

** Higher caustic soda volumes drove beat, new businesses like Birla Opus "delivering strongly on expectations" - Jefferies

** Jefferies and Motilal raise PT on stock to joint-street-high of 3,500 rupees

** At least 4 analysts raise PT, pushing median PT to 3,266.5 rupees vs 3,225 rupees month ago - data compiled by LSEG

** Eight analysts rate GRAS "buy" on avg - LSEG

** YTD, GRAS up 12.4% vs Nifty 50 3% gain

($1 = 87.5037 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

MUMBAI, Aug 5 (Reuters) - India's Aditya Birla Capital plans to raise 6 billion rupees ($68.3 million), including a greenshoe option of 4.5 billion rupees, through the reissue of 8.03% May 2035 bonds, three bankers said on Tuesday.

It has invited coupon and commitment bids for the issue on Wednesday, they said.

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

Here is the list of deals reported so far on August 5:

*Size includes base plus greenshoe for some issues.

($1 = 87.7900 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sumana Nandy)

(([email protected], [email protected]))

MUMBAI, Aug 1 (Reuters) - India's Aditya Birla Housing Finance accepts bids worth 15 billion rupees ($171.47 million) for bonds maturing in 10 years, three bankers said on Friday.

The company will pay an annual coupon of 7.58% and had invited bids from bankers and investors for the issue earlier in the day, they said.

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

Here is the list of deals reported so far on August 1:

*Size includes base plus greenshoe for some issues

($1 = 87.4800 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)

(([email protected]))

MUMBAI, July 31 (Reuters) - India's Aditya Birla Housing Finance plans to raise 15 billion rupees ($171.24 million), including a greenshoe option of 5 billion rupees, through a sale of bonds maturing in 10 years, three bankers said on Thursday.

The company has invited bids from bankers and investors for the issue on Friday, they said.

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

Here is the list of deals reported so far on July 31

*Size includes base plus greenshoe for some issues

($1 = 87.5970 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]))

MUMBAI, July 29 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise 13 billion rupees ($149.86 million), including 6.50 billion rupees of a greenshoe option, through the sale of bonds maturing in three years and two months and in five years, three bankers said on Tuesday.

The company has invited coupon and commitment bids for the issues on Wednesday, they said.

Aditya Birla Capital did not reply to a Reuters email seeking comment.

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

*Size includes base plus greenshoe for some issues

($1 = 86.7460 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)

(([email protected]))

By Aditya Kalra, Arpan Chaturvedi and Aditi Shah

NEW DELHI, July 25 (Reuters) - India's biggest paints maker, Asian Paints ASPN.NS, is seeking to quash an antitrust inquiry, arguing that officials damaged its reputation by publishing – and then deleting – allegations against its CEO from the investigation order, legal papers show.

Rapid infrastructure and real estate growth in India, one of the world's fastest-growing economies, has made the paints business a lucrative sector worth around $9.5 billion.

The Competition Commission of India is investigating Asian Paints, which has a 52% market share, after officials found merit in a complaint filed by rival Birla Opus that Asian Paints had abused its dominant position by offering discounts and incentives to dealers.

In a court challenge, Asian Paints told Mumbai judges the CCI's July 1 order contained an allegation that its CEO warned raw material suppliers in a meeting that they would get less business from the company if they dealt with Birla.

Within 24 hours, the reference was deleted and a new modified order was issued by the CCI, Asian Paints said in the filing, adding that both orders were still online and such an unexplained change was against legal procedures.

"The concurrent existence of two different orders ... has undermined the integrity of the proceedings, creating confusion in the market," Asian Paints said in its July 14 high court filing, seen by Reuters.

"The contents of the first impugned order have also caused grave reputational damage to the petitioner and to its CEO."

The CCI did not respond to Reuters queries on Asian Paints' lawsuit or why the changes were made to its order.

Asian Paints, its CEO Amit Syngle and Birla Opus, the paints arm of billionaire Kumar Mangalam Birla's Grasim Industries GRAS.NS, also did not respond to queries.

Reuters is first to report the contents of Asian Paints' 250-page lawsuit, which is not public.

Birla has dented some of Asian Paints' dominance after it launched in February 2024 and grew rapidly to garner a near 7% market share by March this year, Elara Capital data shows.

Asian Paints also presented a table to the judge citing other changes made in the revised order, including the deletion of a reference that its representatives were allegedly concerned about some dealers using Birla's specialist paint devices.

Making such changes indicates the CCI took its decision with a "pre-meditated mind", Asian Paints' filing said.

Ahead of the CCI's decision to investigate, Reuters on June 6 first reported Birla's confidential antitrust complaint against Asian Paints. Asian Paints submitted that story to the CCI and also inquired about the case, the filing shows.

Asian Paints' court challenge will be heard on August 6.

(Reporting by Aditya Kalra, Arpan Chaturvedi and Aditi Shah
Editing by Mark Potter)

(([email protected];))

MUMBAI, July 10 (Reuters) - India's Aditya Birla Capital ADTB.NS has accepted bids worth 5.90 billion rupees ($68.90 million) for reissue of 7.9413% August 2028 bonds, three bankers said on Thursday.

The company had invited commitment bids for the issue earlier in the day, they said.

Aditya Birla Capital did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on July 10:

* Size includes base plus greenshoe for some issues

($1 = 85.6350 Indian rupees)

(Reporting by Dharamraj Dhutia)

(([email protected]))

MUMBAI, July 9 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise 10 billion rupees ($116.6 million) through the reissue of 7.9413% August 2028 bonds, three bankers said on Wednesday.

The company has invited commitment bids for the issue on Thursday, they said.

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

Here is the list of deals reported so far on July 9:

*Size includes base plus greenshoe for some issues

($1 = 85.7680 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

July 1 (Reuters) - Asian Paints Ltd ASPN.NS:

• INDIA ANTITRUST BODY ORDERS INVESTIGATION INTO ASIAN PAINTS FOLLOWING COMPLAINT BY BIRLA'S PAINTS UNIT-ORDER

• INDIA ANTITRUST BODY INITIAL REVIEW SHOWS ASIAN PAINTS HAS BREACHED COMPETITION LAWS-ORDERS

Source text: [ID:]

Further company coverage: ASPN.NS

(([email protected];;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.

By Shritama Bose

MUMBAI, June 27 (Reuters Breakingviews) - What’s good for Indian tycoons is not always good for India. Dutch paint maker AkzoNobel AKZO.AS is selling a controlling stake in its local unit to the domestic JSW Group. The deal fits into its goal to focus its global portfolio amid a hypercompetitive market – but it also deepens India’s capital outflow woes.

The $12 billion maker of the Dulux paint brand on Friday said it would offload up to a 75% stake in Akzo Nobel India to privately held JSW Paints for $1.1 billion. It will retain full control over its local powder coatings business and research unit. The proceeds from the sale will be used to cut debt and buy back shares of the parent.

The transaction comes at an opportune time for AkzoNobel, which decided last October to concentrate on coatings in key geographies. It eases the company away from a market shaken up by the entry last year of local tycoon KM Birla’s Grasim Industries GRAS.NS, whose discounts to grab market share are hurting the margins of incumbents. It makes financial sense too, valuing Akzo Nobel India at 22 times EBITDA, more than twice the multiple at which the parent’s Amsterdam-listed shares trade.

Inspired by these sorts of punchy valuations, multinationals in India have been paring stakes in local units. British American Tobacco BATS.L sold shares in ITC ITC.NS to raise $1.5 billion last month, and U.S. appliance maker Whirlpool WHR.N plans to slash its stake in its Indian business to 20% from 51%. Less benign reasons underpin other transactions. Germany’s Siemens sold 90% in its loss-making wind turbine division to TPG amidst cutthroat competition. Swiss drugmaker Novartis is looking for a buyer for its Indian operations, which it says are relatively small compared to other geographies.

The slate of assets on offer bodes well for Indian founders looking to grow through acquisitions. But it undermines India’s vaunted position as a haven for global capital. Net foreign direct investment during the eight months to the end of November 2024 dropped to $500 million from $8.5 billion in the same period of 2023, per data from the Reserve Bank of India. Blame it on repatriations by global firms, which stood at $44.5 billion for the 12 months ended March 2024, having risen every year since March 2020.

Strong valuations aren’t exactly bad news. But if they wind up making India look less of a magnet for global capital, they’re not uniformly good news either.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

Dutch paint manufacturer AkzoNobel on June 27 said it had signed an agreement to sell up to a 75% stake in its Indian unit to privately held JSW Paints. The transaction is based on a total enterprise value of approximately 1.4 billion euros ($1.64 billion) and includes AkzoNobel’s liquid paints and coatings business in India.

The Amsterdam-listed company expects the net cash proceeds to be approximately 900 million euros, of which around 500 million euros will be used for deleveraging. AkzoNobel intends to launch a 400 million euro share buyback programme after the deal is closed.

“This divestment is a first step in the strategic portfolio review announced in October 2024, aimed at focusing the company’s capital and capabilities on leading positions in key global coatings markets,” AkzoNobel said.

Akzo Nobel India shares were up 8.2% as of 0852 GMT on June 27. AkzoNobel group shares were up 0.2%.

(Editing by George Hay; Production by Oliver Taslic)

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

June 25 (Reuters) - Grasim Industries Ltd GRAS.NS:

• GRASIM - COMMERCIAL PRODUCTION OF RESIN MANUFACTURING BLOCK HAS NOW STARTED AT MAHAD PLANT

Further company coverage: GRAS.NS

(([email protected];))

MUMBAI, June 24 (Reuters) - India's Aditya Birla Housing Finance plans to raise 5 billion rupees ($58.03 million), including a greenshoe option of 3 billion rupees, through a sale of bonds maturing in five years, three bankers said on Tuesday.

The company will pay a coupon that is 162 basis points over the 364-day treasury bill yield, which works out to be 7.08%.

It has invited bids from bankers and investors for the issue on Wednesday, they said.

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

Here is the list of deals reported so far on June 24:

*Size includes base plus greenshoe for some issues

($1 = 86.1660 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]))

** Shares of Grasim Industries Ltd GRAS.NS rise 4.1% to 2,714.60 rupees

** Morgan Stanley upgrades GRAS' rating to overweight" from "equal weight", raises PT to a Street-high 3,500 rupees and selects stock as the top pick in its coverage universe

** Stock is top gainer in blue-chip Nifty 50 .NSEI index

** GRAS is the holding company of Aditya Birla Group firms Ultratech Cement ULTC.NS, Birla Opus Paints, among others

** Brokerage's rating upgrade, PT raise driven by four scenarios – further value unlocking of paints business, improving earnings at ULTC, quick scale-up of newer verticals and narrowing holding company discount

** Analysts tracking stock rate it "buy" on average; median PT is 3,225 rupees - as per data compiled by LSEG

** Stock up 11% so far this year, outperforming Nifty 50's 6.3% climb

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

June 2 (Reuters) - Grasim Industries Ltd GRAS.NS:

• GRASIM INDUSTRIES LTD - APPROVES ISSUANCE OF NCDS AGGREGATING UP TO 10 BILLION RUPEES

Further company coverage: GRAS.NS

(([email protected];))

MUMBAI, May 26 (Reuters) - India's Aditya Birla Capital ADTB.NS has accepted bids worth 17.75 billion rupees ($208.75 million) for multiple-tenor bonds, three bankers said on Monday.

The company sold bonds maturing in two years and nine months, in four years and six months, and reissued 8.02% February 2030 bonds. It had invited commitment bids for all the options on Friday, they said.

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

Here is the list of deals reported so far on May 26:

*Size includes base plus greenshoe for some issues

($1 = 85.0300 Indian rupees)

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

(([email protected]))

** Grasim Industries GRAS.NS climbs 1.3% to 2,708.6 rupees; set to snap five straight sessions of losses

** Co's Q4 loss narrows to 2.88 bln rupees ($33.6 mln) vs year-ago loss of 4.41 bln rupees; rev grows ~22% y/y

** GRAS garnered 10% market share in one year of paints business launch, above its target of high single-digit market share by FY25-end

** Jefferies says co's Birla Opus has become India's third decorative paints band after Q4

** Stock rated "buy" on avg, rival Asian Paints ASPN.NS rated "sell", per data compiled by LSEG

** YTD, GRAS gains ~11% YTD

($1 = 85.7950 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

May 22 (Reuters) - Grasim Industries Ltd GRAS.NS:

• GRASIM - IN Q4 CROSSED 10% REVENUE MARKET SHARE IN PAINTS, COMBINING BIRLA OPUS, BIRLA WHITE PUTTY REVS

Source text: ID:nBSE2gyZYQ

Further company coverage: GRAS.NS

(([email protected];))

May 14 (Reuters) - MSCI included two Indian companies fertilisers maker Coromandel International CORF.NS and beauty products retailer Nykaa FSNE.NS to its Global Standard index earlier on Wednesday, as part of its May 2025 index rejig.

No Indian stock has been deleted from the key global index. The changes will come into effect as of the markets close on May 30.

The inclusion could bring passive inflows worth $216 million-$227 million into Coromandel and $172 million - $181 million into Nykaa, according to IIFL Alternate Research and JM Financial estimates.

MSCI also added Coromandel and airport operator GMR Airports GMRI.NS into its India domestic index, while removing auto parts maker Sona BLW Precision Forgings SONB.NS.

While the flagship Global Standard index and Indian domestic indexes only saw minor tweaks, MSCI added 11 new stocks and deleted 21 stocks from its global small-cap index.

The more specific MSCI India domestic small-cap index saw the addition of 12 stocks and removal of 21 stocks.

Besides the additions, drug maker Cipla CIPL.NS, telecom infrastructure provider Indus Towers INUS.NS and textiles, cement and chemicals maker Grasim Industries GRAS.NS are likely to see passive inflows of $33 million-$45 million, $36 million-$40 million and about $17 million due to the increase in their weights in the Global Standard index.

Astral could see outflows worth $15 million-$17 million due to weight reduction, according to IIFL Alternate Research and JM Financial estimates.

India's weight in the MSCI Global Standard index rose marginally to 19.4%, according to the IIFL Alternate Research. India had a weightage of about 19% in the index as of the previous revision in February.

In its last rejig in February, MSCI added carmaker Hyundai Motor HYUN.NS and removed Adani Green Energy ADNA.NS from its global standard index.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)

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

BENGALURU, May 13 (Reuters) - Diary of India economic, corporate events on May 13

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled'

(Compiled by Bengaluru Newsroom)

(([email protected]))

Rewrites with management commentary from analyst call, more background

By Hritam Mukherjee

April 28 (Reuters) - UltraTech Cement ULTC.NS reported fourth-quarter profit below market expectations on Monday and said soaring summer temperatures are hitting construction activity in India and curbing cement demand.

The company's finance chief Atul Daga said in an analyst call he sees challenging demand span April and May - the months of peak summer in India. Earlier in the day, India's biggest cement maker by capacity had mentioned "short-term challenges" in a statement, without elaborating.

Shares of UltraTech closed 1% lower, after its consolidated net profit was below estimates at 24.82 billion rupees ($292 million) for the January-March period.

Revenue, which took a marginal lift from the company's Kesoram KSRM.NS deal, was 230.63 billion rupees, in line with analyst expectations.

Cement companies usually push to achieve more volume and meet fiscal year-end targets in the fourth quarter, when favourable weather conditions drive up construction activity.

Although cement prices are recovering, they were on average still about 2% down from a year earlier in the fourth quarter, data from Ambit Capital showed. Daga said April prices "have seen improvement" compared to the end of March.

UltraTech's volume jumped 17% year-on-year, within the 14%-21% range estimated by at least three brokerages who were rated the highest on LSEG for their earnings accuracy.

The sector has so far furnished a mixed bag of earnings, with higher expenses weighing on ACC's ACC.NS profit, while cost controls helped Dalmia Bharat DALB.NS offset a hit from soft prices and lower volume.

UltraTech had also announced in February it would spend 18 billion rupees on its foray into India's wires and cables sector, a move which drew analyst skepticism over its capital allocation.

($1 = 84.9870 Indian rupees)

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

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

MUMBAI, April 4 (Reuters) - India's Aditya Birla Housing Finance has accepted bids worth 6.65 billion rupees ($78 million)for bonds maturing in three years and five months, three bankers said on Friday.

The company will offer a yield of 7.7224%, and had invited bids from bankers and investors earlier in the day, they said.

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

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

*Size includes base plus greenshoe for some issues

($1 = 85.2730 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Varun H K)

(([email protected]; [email protected]))

MUMBAI, April 3 (Reuters) - India's Aditya Birla Housing Finance plans to raise 10 billion rupees ($116.8 million), including a greenshoe option of 7 billion rupees, through the sale of bonds maturing in three years and five months, three bankers said on Thursday.

The company will pay an annual coupon of 7.8618% and has invited bids from bankers and investors on Friday, they said.

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

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

*Size includes base plus greenshoe for some issues

($1 = 85.6525 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sumana Nandy)

(([email protected]))

MUMBAI, March 18 (Reuters) - India's Aditya Birla Finance has accepted bids worth 37.15 billion rupees ($428 million) for multiple maturity bonds, three bankers said on Tuesday.

The company had invited bids from bankers and investors for all the options on Monday, they said.

Here is the list of deals reported so far on March 18:

*Size includes base plus greenshoe for some issues

($1 = 86.7000 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, March 13 (Reuters) - India's Aditya Birla Finance plans to raise 37.5 billion Indian rupees ($430.86 million), which includes a greenshoe option of 25 billion rupees through sale of bonds maturing in four years and two months and in four years and 11 months, three bankers said on Thursday.

The company has invited bids from bankers and investors for the issue on Monday, they said.

Aditya Birla Finance did not immediately respond to a request for comment.

Here is the list of deals reported so far on March 13:

* Size includes base plus greenshoe for some issues

($1 = 87.0360 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Shounak Dasgupta)

(([email protected]))

MUMBAI, March 11 (Reuters) - India's Aditya Birla Finance plans to raise 7.5 billion rupees ($86 million) through reissue of 7.90% June 2028 bonds, three bankers said on Tuesday.

The company will invite bids from bankers and investors for the issue next week, they said.

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

Here is the list of deals reported so far on March 11:

*Size includes base plus greenshoe for some issues

($1 = 87.1730 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, March 10 (Reuters) - India's Aditya Birla Housing Finance has accepted bids worth 2.50 billion rupees ($28.64 million) for sale of bonds maturing in three years and five months, three bankers said on Monday.

The company will pay an annual coupon of 7.9015% and had invited bids from bankers and investors earlier in the day, they said.

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

Here is the list of deals reported so far on March 10:

*Size includes base plus greenshoe for some issues

($1 = 87.3000 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)

(([email protected]))

MUMBAI, March 7 (Reuters) - India's Aditya Birla Housing Finance plans to raise 15 billion rupees ($172 million) including a greenshoe option of 12.50 billion rupees, through a sale of bonds maturing in three years and five months, three bankers said on Friday.

The company will pay an annual coupon of 7.9015% and has invited bids from bankers and investors on Monday, they said.

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

Here is the list of deals reported so far on March 7:

*Size includes base plus greenshoe for some issues

($1 = 86.9725 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, March 6 (Reuters) - India's Aditya Birla Finance has accepted bids worth 3.40 billion rupees ($39 million) for the sale of bonds maturing in three years and five months, three bankers said on Thursday.

The company will pay an annual coupon of 7.9413% on this issue and had invited bids from bankers and investors earlier in the day, they said.

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

Here is the list of deals reported so far on March 6:

*Size includes base plus greenshoe for some issues

($1 = 87.0800 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, March 5 (Reuters) - India's Aditya Birla Finance plans to raise 15 billion rupees ($171.91 million), including a greenshoe option of 12.50 billion rupees through a sale of bonds maturing in three years and five months, three bankers said on Wednesday.

The company will pay an annual coupon of 7.9413% on this issue and has invited bids from bankers and investors on Thursday, they said.

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

Here is the list of deals reported so far on March 5:

*Size includes base plus greenshoe for some issues

($1 = 87.2560 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

(([email protected]))