India Cements

** Shares of India's UltraTech Cement ULTC.NS rise as much as 1.93% ahead of March-quarter results, last up 0.80% at 12,094 rupees

** Analysts on average expect India's largest cement maker by capacity to post a 10.2% year-on-year increase in consol revenue from operations to 254.12 billion rupees ($2.70 billion) - LSEG data

** Analysts on average expect a 13.2% jump in consol profit to 28.10 billion rupees - LSEG data

** Morgan Stanley (TP: 15,000 rupees) reiterates "overweight" rating after unit India Cements' ICMN.NS Q4 results, saying operating profitability improved strongly in March quarter

** Nomura ("buy") expects UltraTech's profitability per metric ton to improve sequentially as price gains and volume growth offset higher raw material and fuel costs

** ULTC rated "buy" on average by 39 analysts, median PT at 14,104.50 rupees - LSEG data

** YTD, stock up 1.82%

($1 = 94.2038 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

March 16 (Reuters) - Thermax Limited THMX.NS:

• FE8PL ENTERS SHARE SUBSCRIPTION AND SHAREHOLDERS AGREEMENT WITH INDIA CEMENTS

• INDIA CEMENTS TO SUBSCRIBE 13.3 MILLION FE8PL SHARES FOR 14.63% STAKE IN FE8PL

Source text: ID:nBSE5mVzQ8

Further company coverage: THMX.NS

(([email protected];;))

** Cement producer Shree Digvijay Cement SRDC.NS falls as much as 5.4% to 61.6 rupees; was down 4.2% before news

** India's antitrust watchdog finds evidence of wrongdoing, bid rigging by co, India Cements ICMN.NS, Dalmia Bharat-owned DLMI.NS Dalmia Cement, Reuters reports

** DLMI, ICMN down 3.7% and 4.2%, respectively, amid broader market sell-off; shares retain levels post report .BO

** Competition Commission of India initiated probe after Oil and Natural Gas Corp's ONGC.NS secret complaint against three firms, report says

** Dalmia Bharat declined to comment; other cement cos, ONGC, CCI did not respond to Reuters' requests for comment

** YTD, SRDC down ~32%, ICMN falls ~16%, DLMI sheds 14%

(Reporting by Nandan Mandayam in Bengaluru)

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

** Shares of India Cements ICMN.NS rise 4.2% to 449.55 rupees

** ICMN, owned by UltraTech Cement ULTC.NS, on Friday reported a smaller Q3 loss of 57.2 million rupees ($623,433.24) vs loss of 4.09 billion rupees a year earlier; revenue rose 23.5% to 11.14 billion rupees

** Motilal Oswal says ICMN is witnessing operational improvement under UltraTech's leadership with recovery in margins, steady improvement in capacity utilization

** Brokerage expects ICMN's revenue CAGR at ~11% over FY25-28, led by a volume/realization CAGR of ~9%/2%

** Avg rating of four analysts equivalent of "sell", median PT is 396 rupees - LSEG data

** Stock rose 15.6% in 2025, its sixth straight yearly gain

($1 = 91.7500 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

Jan 23 (Reuters) - India Cements Ltd ICMN.NS:

• DEC-QUARTER LOSS 57.2 MILLION RUPEES

• DEC-QUARTER REVENUE FROM OPERATIONS 11.14 BILLION RUPEES

Source text: [ID:]

Further company coverage: ICMN.NS

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Dec 30 (Reuters) - India Cements Ltd ICMN.NS:

• GETS TAX DEMAND FOR 64.2 MILLION RUPEES

Source text: ID:nnAZN4RNXUR

Further company coverage: ICMN.NS

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Aug 20 (Reuters) - UltraTech Cement ULTC.NS said on Wednesday that it will offload up to a 6.5% stake in its unit India Cements ICMN.NS via an open market offer for sale.

India's largest cement maker, which took control of India Cements in July last year, did not mention any deal value.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema)

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

** India Cements ICMN.NS jumps as much as 7.4% to six-month high of 369 rupees

** Parent UltraTech Cement ULTC.NS says rapidly integrating ICMN's operations, plans capex to drive efficiency

** Confident of reaching 1,000 rupees EBITDA/ton by fiscal year 2028 from current 400 rupees

** UltraTech acquired controlling stake in India Cements in a $472 million deal last year

** Motilal Oswal Financial Services expects productivity and energy efficiency initiatives to start yielding results for ICMN from Q4 of fiscal 2027

** More than 3.3 million ICMN shares change hands, ~5x 30 day average daily volume

** ICMN trims YTD losses to 2%

(Reporting by Vivek Kumar M)

(([email protected];))

** India Cements shares

** Co's units sell entire stake in Coromandel Travels for 362.7 mln rupees ($4.2 mln), while Co sells own stake for 398,000 rupees

** With session's gains, ICMN shares up just under 34% in last 12 months

($1 = 86.5190 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

Feb 5 (Reuters) - India Cements Ltd ICMN.NS:

• ULTRATECH CEMENT HOLDS 81.49% STAKE IN CO AFTER OPEN OFFER

Source text: ID:nBSE7CGqsM

Further company coverage: ICMN.NS

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Updates with details from post-earnings conference call

By Hritam Mukherjee

Jan 23 (Reuters) - UltraTech ULTC.NS, India's top cement maker by capacity, signalled better core profit in upcoming quarters as the market absorbed price hikes and demand picked up, after it reported an earnings beat on Thursday on strong volumes.

"We expect earnings before interest, taxes, depreciation and amortization (EBITDA) to further improve going forward," finance chief Atul Daga said in a post-earnings conference call.

The comments echo those of smaller peer Dalmia Bharat DALB.NS, which said it was confident about a stronger performance in the upcoming quarters.

Cement prices improved in January, extending their rise from December, Daga said, adding that the pricing "lull has ended".

The average cement price in India, which have been falling for the most of last year, improved in the reporting quarter as the market absorbed price hikes after earlier such attempts were rolled back.

However, data from brokerages Ambit and Nomura showed that they were still about 11% lower on-year.

Volumes grew 11% - higher side of the 8.4%-11% range estimated by four brokerages - cushioning the hit from the depressed prices.

Cement demand is "opening up," Daga said, adding that government capex programmes have gained momentum since end of last month.

UltraTech's upbeat results - a smaller-than-expected 17% profit fall and a revenue beat - drove its shares to close 8% higher. It also lifted cement stocks of its nearest rival, the Adani Group - Ambuja ABUJ.NS and ACC ACC.NS - by 2%.

"UltraTech's good set of numbers are being seen as signs of improvement in the sector, and is assuaging investors that the worst, in terms of cement demand and prices, may be behind," said Ashutosh Murarka, a research analyst with Choice Broking.

The company's focus will be on turning around subsidiary India Cements ICMN.NS, which had reported a wider loss earlier this week, by boosting capacity utilisation levels, Daga said.

($1 = 86.4820 Indian rupees)

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

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

** Shares of India Cements ICMN.NS fall as much as 13% to 303.40 rupees, lowest since July 15

** ICMN, owned by UltraTech Cement ULTC.NS, on Tuesday reported wider Q3 loss of 4.29 bln rupees ($49.6 mln) vs loss of 165.1 mln rupees a year ago; rev from ops fell 16.5% Y/Y to 9.03 bln rupees

** Data from Nomura and Ambit showed that pan-India average cement price for the Dec-qtr was still 11% lower on year

** Share price currently below 50-day, 100-day and 200-day exponential moving averages

** More than 5.4 mln shares change hands, 2.6x of 30-day avg

** Avg rating of four analysts equivalent of "sell", median PT is 239 rupees - LSEG data

** Stock rose 45.4% in 2024, its fifth straight yearly gain

($1 = 86.5190 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

Jan 21 (Reuters) - India Cements ICMN.NS reported a wider quarterly loss on Tuesday, hurt by soft demand and still-weak prices of the construction material, and also took one-time impairment charges.

The company, owned by UltraTech Cement ULTC.NS, said its losses before exceptional items and taxes, for the quarter ended December, widened to 3.07 billion rupees ($35.5 million), from a loss of 502.4 million rupees a year ago.

Cement prices, which had been falling for most of last year, were little changed through the quarter. Data from brokerages Nomura and Ambit showed that pan-India average cement price for the December quarter was still 11% lower on year.

Soft demand, triggered by a labour crunch in the company's core south Indian market, dragged the company's revenues down by 17% to 9.03 billion rupees.

During the reported quarter, India Cements incurred an exceptional cost worth nearly 2 billion rupees, consisting of impairment charges of certain assets and provisions for doubtful receivables from its units.

Earlier in the day, bigger rival Dalmia Bharat DALB.NS signalled optimism in cement demand and pricing going ahead after posting a slump in third-quarter earnings.

Late in the reported quarter, India's competition watchdog approved market leader UltraTech's over-55% stake buy in the company, one among the host of deals struck in the sector since ports-to-power Adani group's foray in 2022.

UltraTech is set to report its quarterly results later this week.

($1 = 86.5680 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Vijay Kishore)

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

Dec 31 (Reuters) - India Cements Ltd ICMN.NS:

• APPOINTS SURESH VASANT PATIL AS CEO

• APPOINTS KRISHNAGOPAL LADSARIA AS CFO

Source text: [ID:]

Further company coverage: ICMN.NS

(([email protected];;))

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)

(([email protected]))

Dec 25 (Reuters) - India Cements Ltd ICMN.NS:

• INDIA CEMENTS LTD - N. SRINIVASAN RESIGNS AS CEO, MD

Source text: ID:nBSE4yB7Xk

Further company coverage: ICMN.NS

(([email protected];))

** India Cements shares ICMN.NS climb nearly 9% to ~369 rupees

** India's top cement maker UltraTech ULTC.NS up ~1%

** India's competition watchdog clears UltraTech's 32.7% stake buy in ICMN, announced on July 28 at 390 rupees/shr

** That was a month after UltraTech bought a 23% stake for 267 rupees/shr

** UltraTech's 50%-plus stake now triggers an open offer to buy more shares at 390 rupees/shr

** However, since the July-end deal, ICMN shares have traded between 385-331 rupees, below offer price

** ULTC, meanwhile, has shed 2% since the July deal

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Adds background in paragraph 2-4

BENGALURU, Dec 20 (Reuters) - India's antitrust watchdog on Friday approved UltraTech Cement's ULTC.NS acquisition of India Cements ICMN.NS.

The country's cement sector has seen a host of deals recently as billionaire Gautam Adani's ports-to-power conglomerate aims to challenge UltraTech Cement's pole position in the segment.

UltraTech Cement, part of the Aditya Birla group, signed a $472 million deal to gain control of India Cements, to bolster its position in the country's southern states and help it meet its production target of 183.5 million metric tons by fiscal year 2027.

This was in addition to an initial 23% stake UltraTech bought in India Cements in June.

(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala and Devika Syamnath)

(([email protected]))

Updates with deal details in paragraph 2, background in paragraphs 8-9

By Hritam Mukherjee

Oct 22 (Reuters) - Ambuja Cements ABUJ.NS, India's No.2 cement maker, said on Tuesday it would buy a nearly 47% stake in rival Orient Cement ORCE.NS for 37.91 billion rupees ($451 million), but analysts raised doubts about the deal winning regulatory approval.

Ambuja, part of billionaire Gautam Adani's ports-to-power conglomerate, said it would buy the entire 37.9% stake held by Orient's large shareholders, including Chairman CK Birla, and the rest from public shareholders in a deal that values the company at 81 billion rupees. This would trigger an open offer for an additional 26% stake in Orient.

This is the latest among a host of deals in the cement sector recently and the second by Ambuja this year as the firm aims to topple UltraTech Cement ULTC.NS, part of the Aditya Birla group, from the top position.

Orient -- which UltraTech and Sajjan Jindal's JSW Cement JSWC.NS were also interested in, per local newspaper Economic Times -- has two cement plants in the south and one in western India.

Ambuja, which expects the deal to boost Adani's market share by 2%, said it would pay 395.40 rupees per Orient share, a 12% premium to the stock's closing price on Monday.

Orient's shares jumped 7.5% to a record high of 379 rupees but soon reversed course to trade at 346.7 rupees, below the offer price, which analysts said was a sign of worries about potential regulatory concerns.

"Considering the backdrop of a slew of deals in recent past, investors are concerned if the deal will receive approval from the country's competition regulator," said Ashutosh Murarka, a research analyst at Choice Broking.

Ambuja acquired Penna Cement for $1.25 billion this June, and a month later, UltraTech bought a controlling stake in India Cements ICMN.NS for $472 million and is awaiting regulatory approvals for the deal.

The dealmaking has plagued the industry with oversupply, which combined with above-average monsoons, drove prices to five-year lows last quarter. UltraTech, however, said on Monday, it was seeing early signs of a recovery.

Ambuja's shares were down 1.3%, while UltraTech shares rose 0.6%.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Abinaya Vijayaraghavan and Savio D'Souza)

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

Aug 9 (Reuters) - India Cements Ltd ICMN.NS:

• INDIA CEMENTS Q1 PROFIT 574.6 MILLION RUPEES

• INDIA CEMENTS Q1 REVENUE FROM OPERATIONS 9.72 BILLION RUPEES; IBES EST. 11.37 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: ICMN.NS

(([email protected];))

** Shares of India Cements ICMN.NS rise as much as 3% to a record high of 385 rupees

** Board of UltraTech Cement ULTC.NS approved on Sunday a $472 million deal to gain control of India Cements

** Shares of ULTC rise 1.2%

** ICMN was operating below 65%-capacity potential over the past few years, ULTC likely to turn that around - brokerage Antique Stock Broking

** ICMN, on an average, rated "sell" vs "buy" on ULTC - LSEG data

** YTD, ICMN stock has risen more than 45%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

NEW DELHI, July 28 (Reuters) - UltraTech Cement ULTC.NS, India's No.1 cement maker, said its board on Sunday approved a $472 million deal to gain control of India Cements ICMN.NS, which will bolster its position in the country's southern states.

The deal comes as the country's top cement makers vie to dominate a market that is expected to roughly double to $49 billion by 2029 from 2022 levels with an expected infrastructure spending boom under the government of Narendra Modi.

Ultratech, part of India's Aditya Birla group will buy a 32.72% stake in India Cements from its promoters and their associates, adding to a 23% stake that it bought in June.

After the June stake sale, the promoters of India Cements offered to sell their holding to the Birla group company, UltraTech said in a statement.

UltraTech will pay 39.54 billion rupees ($472.38 million) at 390 rupees per share for the 32.72% stake in India Cements, the statement said.

The acquisition will also trigger the so-called open offer requirement that allows Ultratech to buy more shares from public shareholders at the same price, which was a 4.3% premium to India Cement's last close.

($1 = 83.70 rupees)

(Reporting by Neha Arora and Sethuraman NR; Editing by Sonali Paul)

(([email protected]; Twitter: @MayankBhardwaj9;))

Rewrites with details from post-earnings call

By Hritam Mukherjee

BENGALURU, July 19 (Reuters) - UltraTech Cement ULTC.NS, India's No.1 cement maker, reported first-quarter earnings below estimates on Friday, hurt by soft demand and muted prices amid intensifying competition, and said growth would pick up only next quarter.

Cement prices were hovering around more-than-three-year lows from April to June as attempts to raise prices were stymied by soft demand and an aggressive fight for market share, analysts said.

Prices have softened sequentially in July and will likely only start improving from October onwards, Atul Daga, UltraTech's finance chief, said in a post-earnings call.

The company's first-quarter profit and revenue both came below analysts' average estimates, according to LSEG data.

Its revenue growth of 2% was the slowest in at least five quarters due to an election-linked slowdown in government construction spending. Sales volumes increased 6%, on the lower end of the 5%-11% band estimated by analysts.

UltraTech has been fighting to protect its market share, especially from the billionaire Adani Group which has risen to the No.2 spot in just two years via multiple big-ticket acquisitions.

The Aditya Birla Group-backed UltraTech has taken the same route, with its last deal being buying a 23% stake worth up to $228 million in India Cements ICMN.NS last month.

There was speculation UltraTech could increase its stake but Daga, on Friday, said it "can't go beyond" that 23% stake.

UltraTech's shares ended 3.3% lower after the results.

($1 = 83.6425 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K and Savio D'Souza)

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

July 1 (Reuters) - India Cements Ltd ICMN.NS:

• CLARIFIES ON NEWS INDIA CEMENTS IN TALKS WITH BOFA, NOMURA TO RAISE RS 500 CRORE

• CO EXPLORES VARIOUS OPTIONS TO MEET FUNDING REQUIREMENTS, NO PROPOSALS THAT MERIT ANY DISCLOSURE

Further company coverage: ICMN.NS

(([email protected];))

Updates with background on India's cement industry and on Adani group; adds details from NDTV report

By Hritam Mukherjee

BENGALURU, June 27 (Reuters) - UltraTech Cement ULTC.NS said it is buying a stake worth up to $228 million in rival India Cements ICMN.NS, intensifying a battle with the Adani group which is challenging its position as the South Asian nation's top cement maker.

India's cement market, expected to roughly double to $49.24 billion by 2029 from 2022 levels, was long dominated by billionaire Kumar Mangalam Birla's company until Gautam Adani entered the sector in 2022 and quickly rose through the ranks to become the second biggest player.

The deal for a 23% stake, which UltraTech said is a non-controlling financial investment, comes as cement makers stand to benefit from Narendra Modi's return to power and an expected infrastructure spending spurt in Asia's No. 3 economy.

The investment in Chennai-based India Cements will help UltraTech guard its turf in the country's southern markets, at a time when Adani firms are attempting to boost their hold in the region.

Between November and June, UltraTech and Adani's Ambuja ABUJ.NS have added heft to their own southern holds by signing deals with Kesoram Industries and Penna Cement Industries respectively.

As of end-March, UltraTech had an 11% market share in the region, with the Adani group having a 6% share, an industry estimate showed.

"It is becoming clearer that larger incumbents are vying for a slice of the pie in South India," said Choice Broking's Ashutosh Murarka.

The Adani group was known for its aggressive expansion strategies across sectors, including deals at NDTV, Ambuja and ACC, before falling prey to a damning report from a U.S. short seller early last year.

The group has subsequently bounced back and has also resumed making acquisitions.

Broadcaster NDTV reported that UltraTech is buying the stake mainly from investor Radhakishan Damani and his associated entities, who together hold a 20.78% stake in India Cements.

UltraTech and Damani, who is also the founder of India's top retail chain DMart AVEU.NS, did not immediately respond to Reuters' requests for comments.

India Cements' shares jumped 14% on Thursday after the news, while UltraTech's shares rose nearly 7% to hit a record high.

($1 = 83.5050 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Muralikumar Anantharaman)

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

** KCP KCP.NS drops 0.8%, only Indian cement stock in the red

** Bigger rival Ambuja Cements ABUJ.NS buys Penna Cement in a $1.25 bln deal, bolstering south India presence

** ~60% of Penna's capacity is in Andhra Pradesh, while KCP's two cement plants are also in that state

** Ambuja and fellow Adani-group cement stock ACC ACC.NS are both up ~2% on the day

** Other cement firms with Andhra Pradesh presence also gain: India Cement ICMN.NS 1.8%, Ramco Cements TRCE.NS 0.5%, Sagar Cement SGRC.NS 4%

** KCP has surged ~27% since India's elections, in which Telugu Desam Party (TDP) chief Chandrababu Naidu returned to power in A.P.

** Analysts say Naidu could revive his ambitious project to develop Amravati, which he has suggested as state capital

** Sagar up 20% since election results, Ramco ~13%, India Cements ~3%; Ambuja has gained ~1% and ACC is flat

(Reporting by Savio Dsouza)

(([email protected];))

May 20 (Reuters) - India Cements Ltd ICMN.NS:

• INDIA CEMENTS MARCH-QUARTER LOSS 293.3 MILLION RUPEES VERSUS LOSS 2.18 BILLION RUPEES

• INDIA CEMENTS MARCH-QUARTER REVENUE FROM OPERATIONS 12.45 BILLION RUPEES VERSUS 14.6 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: ICMN.NS

(([email protected];))

** Shares of India's UltraTech Cement ULTC.NS up ~2%, cooling off from session-high 2.3% rise

** Market leader, over the weekend, announced plans to buy grinding unit in Maharashtra state from India Cement ICMN.NS for 3.15 bln rupees (roughly $38 million)

** Also approved brownfield capacity expansions in Maharashtra

** Announcements to further boost ULTC's already strong presence in the state and surrounding regions, including south where co has relatively lower presence, says Morgan Stanley

** ULTC has one-third market share in the state vs 24% pan-India share, adds MS

** Brokerage rates co "overweight" with 11,600 rupees PT, analysts' avg rating "buy" with median PT 11,041 rupees - LSEG

** YTD stock has fallen over 9% after a ~51% jump in 2023

($1 = 83.4175 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Earnings of India's J K Cement JKCE.NS likely to outperform peers on higher volume growth - Antique Stock Broking

** Brokerage expects JKCE's volume CAGR of ~13% over FY19-24 led by accelerated ramp-up of capacities vs ~5% volume CAGR for the industry

** Company aims to more than double capacity to ~50 mtpa by 2030-31, implying near double-digit volume CAGR in medium term - brokerage

** Brokerage retains "buy" rating, PT at 4,500 Indian rupees; adds company remains top pick among mid-caps

** Avg recommendation of 20 analysts is "buy", median PT 4,456.50 rupees - LSEG

** UltraTech Cement ULTC.NS, ACC ACC.NS, Ambuja Cements ABUJ.NS also rated "buy"; Shree Cement SHCM.NS, Ramco Cements TRCE.NS "hold", India Cements ICMN.NS "sell"

** JKCE up 6% YTD vs Nifty mid-cap index's .NIFSMCP100 1% decline

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607))