Shree Cement

** Cement maker Shree Cement's shares SHCM.NS rise as much as 3.17% to 26,050 rupees apiece

** Rise after HSBC upgrades SHCM to "buy" from "hold" and raises price target to 30,780 rupees from 26,450 rupees, implying an upside of 22.4%

** HSBC expects SHCM's sales volume growth in FY2027 to outpace the industry, as the drag from its brand repositioning has largely faded and the revamped positioning is expected to support demand

** Raises FY2028 and FY2029 EBITDA estimates by 7%-8%

** Says sustained crude price decline is a positive for the cement sector and expects margins to improve in the second half of FY2027

** Average rating of 40 analysts tracking SHCM is "hold", median price target is 27,863 rupees, data compiled by LSEG shows

** SHCM shares are down 2.6% in 2026 so far, according to exchange data

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shree Cement SHCM.NS shares rise 3.1% to 25,750 rupees, set for a fourth straight session of gains

** Co reports 7.7% rise in Q4 revenue with total sales volumes up 11% year-on-year, though profit falls 4.3%

** Brokerage Systematix Institutional Equities raises rating to "buy"; says co is regaining market share as seen in its strong volume growth, which is a sign of relief

** CLSA says Shree could outperform peers, with volume growth now largely matching industry levels

** Ambit Capital raises TP on stock to 22,000 rupees, says despite a strong Q4 and low FY27 base, management's 10–11% volume growth guidance appears optimistic

** Emkay cuts co to "add", cautious on management's market-share push amid soft demand and high input costs through H1 2027

** YTD, stock down 3.2%

(Reporting by Abhinav Parmar in Bengaluru)

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May 6 (Reuters) - Shree Cement Ltd SHCM.NS:

• SHREE CEMENT LTD - FINAL DIVIDEND OF 70 RUPEES PER EQUITY SHARE

Source text: ID:nBSE5Z1tfD

Further company coverage: SHCM.NS

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April 16 (Reuters) - Shree Cement Ltd SHCM.NS:

• SHREE CEMENT LTD - RECEIVES TAX DEMAND OF 83.1 MILLION RUPEES

Source text: ID:nBSE86p2dK

Further company coverage: SHCM.NS

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March 24 (Reuters) - Shree Cement Ltd SHCM.NS:

• SHREE CEMENT LTD- RECEIVED DEMAND ORDERS IMPOSING PENALTY OF 6.86 MILLION RUPEES

Source text: ID:nnAZN4SMV4I

Further company coverage: SHCM.NS

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March 17 (Reuters) - Shree Cement Ltd SHCM.NS:

• DECLARED PREFERRED BIDDER FOR 373 HECTARE LIMESTONE BLOCK

Source text: ID:nBSE3f9D5P

Further company coverage: SHCM.NS

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Feb 24 (Reuters) - Shree Cement Ltd SHCM.NS:

• SHREE CEMENT LTD - COMMISSIONS 3.65 MTPA CLINKERISATION SECTION IN KARNATAKA

Source text: ID:nBSE39kt6C

Further company coverage: SHCM.NS

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** Shares of India's Shree Cement SHCM.NS drop 3% to 26505 rupees

** Cement maker reports Q3 earnings below expectations, misses volume growth view

** Qtrly performance below our estimates on lower volumes, expect vol growth of about 7% in Q4 - brokerage Motilal Oswal ("neutral"; TP 28000 rupees)

** SHCM, on an avg, rated "hold", with median TP 30000 rupees - data compiled by LSEG

** Day's move flips stock to YTD losses territory, last down 0.23%

(Reporting by Hritam Mukherjee in Bengaluru)

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Feb 6 (Reuters) - Shree Cement Ltd SHCM.NS:

• SHREE CEMENT Q3 PROFIT 2.79 BILLION RUPEES; IBES EST. 4.06 BILLION RUPEES

• SHREE CEMENT Q3 REVENUE FROM OPERATIONS 44.16 BILLION RUPEES; IBES EST. 48.99 BILLION RUPEES

Source text: [ID:]

Further company coverage: SHCM.NS

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Jan 2 (Reuters) - Shree Cement Ltd SHCM.NS:

• SHREE CEMENT LTD - INDIA GOVERNMENT ORDERS INVESTIGATION; HAS SOUGHT CERTAIN INFORMATION FROM CO

Source text: ID:nBSEXY3mR

Further company coverage: SHCM.NS

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Updates shares in paragraph 2, adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.

Here is how the industry has reacted so far:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system.

"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

"While it is anticipated that there will be lowering of the premiums due to lowering of the taxes, we are yet to understand the extent of this reduction as this will also depend upon availability of the input tax credit, which will become clearer over the coming days."

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian automotive sector. Making vehicles more affordable, particularly in the entry-level segment, these announcements will significantly benefit first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"The 56th GST Council meeting marks a watershed moment for India's automobile retail industry. This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

"One area that may need earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival by lifting consumption and supporting allied sectors.

"Our categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK

"Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts come at the right time which is just ahead of the festive season and against the backdrop of U.S. tariff tiffs. Lower taxes on essentials, FMCG products, autos and cement will leave consumers with more money in hand.

"This should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings. It also carries the potential to ease inflation. The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH, HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality, with rate reductions on essentials like dairy, medicines, and food directly benefiting consumers due to their inelastic nature.

"Combined with RBI rate cuts, FY26 income tax rebates, and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY

"The GST tax cuts are a major move by the government to further turbocharge growth. For our industry especially, it’s a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT

"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials, and enhances global competitiveness. As a key input for infrastructure and housing, fairer taxation is expected to boost consumption and support projects from affordable housing to large-scale infrastructure."

NITIN RAO, CEO, INCRED WEALTH

"History has shown that such measures add significantly to GDP growth and a repeat is expected.

"Positive this will play out, though a small concern remains wherein recent measures like the rate cuts + budgetary measures taken on reduced taxes have not created necessary consumption boosters. We will have to wait and see if this welcome third step reverses the consumption trend or there is a deeper problem around availability of money with consumers."

RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT

"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.

"This coupled with certain process reforms is also positive for SMEs (small and medium enterprises). While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs (non-bank financial companies)."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs (micro, small and medium enterprises), and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine.

"Timely implementation of these reforms ahead of the upcoming festival season will surely give a huge boost to consumption across categories, widen market access, and accelerate our collective journey towards a Viksit Bharat."

SHEETAL ARORA, CEO, MANKIND PHARMA

"The GST revisions go beyond tax rationalization, they represent a structural shift in how India is enabling healthcare access. By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signaled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The recent GST rationalization reflects the government’s commitment to India’s clean energy transition. The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets. It also sends a strong signal to investors, improving the financial viability and attractiveness of the renewable energy sector."

(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Aug 20 (Reuters) - Shree Cement Ltd SHCM.NS:

• TAX DEMAND REDUCED TO 2.22 BILLION RUPEES AFTER RECTIFICATION

Source text: ID:nBSE5lFgrM

Further company coverage: SHCM.NS

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Aug 12 (Reuters) - Shree Cement Ltd SHCM.NS:

• SHREE CEMENT: RAJASTHAN HIGH COURT QUASHED TAX RE-ASSESSMENT PROCEEDINGS

Source text: ID:nBSE8S7cfm

Further company coverage: SHCM.NS

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Aug 4 (Reuters) - Shree Cement Ltd SHCM.NS:

• SHREE CEMENT Q1 PROFIT 6.19 BILLION RUPEES; IBES EST. 5.43 BILLION RUPEES

• SHREE CEMENT Q1 REVENUE FROM OPERATIONS 49.48 BILLION RUPEES; IBES EST. 51.71 BILLION RUPEES

Further company coverage: SHCM.NS

(([email protected];))

** Shares of Shree Cement SHCM gain 3.5% to a more-than 4-yr high of 31,685 rupees

** Co reported fourth-quarter revenue ahead of estimates as sales volumes hit a record 9.84 million tonnes

** EBITDA or core profit stood at 13.81 billion rupees vs estimate of 13.45 billion rupees, per data compiled by LSEG

** Goldman Sachs (GS) said co's volume growth, premiumization strategy are upsides to its estimates on SHCM; raises TP to 30,380 rupees from 29,475 rupees, retains "neutral" rating

** Analysts at Morgan Stanley said a key positive to Q4 results was an improved share of premium products (at ~15.5% in Q4 vs ~15% in Q3)

** SHCM targets 80 million metric tonnes capacity by FY28; analysts at Nuvama said the plan would help co deliver sustained volume growth, lifts TP to 30,807 rupees from 27,715 rupees, keeps "hold"

** Stock up 23% YTD

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Shree Cement Ltd SHCM.NS:

• SHREE CEMENT LTD - INCREASES CLINKER PRODUCTION CAPACITY AT NAWALGARH PLANT TO 4.50 MTPA

• SHREE CEMENT LTD - CAPACITY INCREASE ACHIEVED THROUGH INVESTMENT IN MINING EQUIPMENT AND ASSETS

Source text: ID:nBSE2864LR

Further company coverage: SHCM.NS

Feb 24 (Reuters) - Shree Cement Ltd SHCM.NS:

• SHREE CEMENT LTD - GETS TAX DEMAND OF 235.6 MILLION RUPEES

Source text: ID:nBSE4pTFC1

Further company coverage: SHCM.NS

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By Hritam Mukherjee

Feb 1 (Reuters) - Indian cement companies' shares fell in a special trading session on Saturday after the government announced a 'modest' spending hike for infrastructure projects in the annual budget , which failed to impress investors.

UltraTech Cement's ULTC.NS shares dropped 2.7%, while those of rival Adani Group's cement firms Ambuja ABUJ.NS and ACC ACC.NS slumped 4.5% and 2.3% respectively.

Other big cement firms - Shree SHCM.NS and Dalmia Bharat DALB.NS - declined 3% and 2% respectively.

The Indian government said it will spend a record 11.21 trillion rupees ($129.54 billion) on infrastructure in the upcoming financial year that begins on April 1, but the increase in planned spending disappointed markets.

"The capex outlay for fiscal year 2026.. looks modest compared to raises made in FY25 and FY24 budget, and misses market expectations slightly," said Amit Anwani, research analyst at Prabhudas Lilladher.

Cement, a key construction material, is a direct beneficiary of government's capital spending. India's infrastructure index .NIFTYINFR reversed gains following the budget announcement, and was last down 1.5%.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)

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

Jan 30 (Reuters) - Shree Cement Ltd SHCM.NS:

• DIVIDEND OF 50 RUPEES PER SHARE

• DEC-QUARTER CONSOL NET PROFIT 1.93 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 45.73 BILLION RUPEES

Source text: ID:nBSEWbkNG

Further company coverage: SHCM.NS

(([email protected];;))

** Shree Cement SHCM.NS falls 3.8% to 23,500 rupees, lowest since Aug. 21, 2023

** Cement maker's Q2 profit plunges 81% to 931.3 mln rupees ($11 mln), hurt by weak cement prices and demand; rev down 18% to 37.27 bln rupees

** SHCM sees busiest day in more than a week, with over 29,000 shares traded

** Stock rated "hold" on avg; median PT is 26,527.5 rupees - LSEG

** SHCM last down 1.5%, extending YTD fall to 15.9%

($1 = 84.3925 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

Nov 11 (Reuters) - Shree Cement Ltd SHCM.NS:

• Q2 PROFIT 931.3 MILLION RUPEES; IBES PROFIT EST. 765.8 MILLION RUPEES

• Q2 REVENUE FROM OPERATIONS 37.27 BILLION RUPEES; IBES EST. 38.91 BILLION RUPEES

Source text: ID:nBSE9wTw1Q

Further company coverage: SHCM.NS

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** Shares of India's third-largest cement maker by market cap Shree Cement SHCM.NS down 3%, set for fifth straight session of fall

** SHCM had missed profit estimates on Wednesday, hurt by dampened demand and lower pricing in its core north market

HEADWINDS AHEAD FOR THE NEXT TWO QUARTERS

** Centrum ("add", lowers TP to 26,300 rupees from 28,046 rupees) cuts volumes and pricing estimates for FY25/FY26 EBITDA by 6.1% each after SHCM lowered volume guidance and flagged delay in pricing recovery

** CLSA ("hold"; lowers TP to 28,775 rupees from 25,130 rupees) says meaningful demand uptick likely only at end of this calendar year, could weigh on prices

** Jefferies ("buy", lowers TP to 29,700 rupees from 30,300 rupees) cuts EBITDA by 7%-15% across FY25-FY27 on weak pricing

** Ambit Capital ("sell", raises TP to 21,000 rupees from 19,000 rupees) says with no visible improvement in realization and increased competition amongst its north market dealers, co needs clear strategy and better execution

(Reporting by Anisha Ajith in Bengaluru)

(([email protected];))

Aug 6 (Reuters) - Shree Cement Ltd SHCM.NS:

• Q1 PROFIT 3.18 BILLION RUPEES; IBES PROFIT EST. 5.25 BILLION RUPEES

• Q1 REVENUE FROM OPERATIONS 48.35 BILLION RUPEES; IBES EST. 49.78 BILLION RUPEES

Further company coverage: SHCM.NS

(([email protected];))

May 14 (Reuters) - Shree Cement, India's third-largest cement maker by market capitalisation, reported a bigger-than-expected fourth-quarter profit on Tuesday as lower cement prices helped boost volumes.

Cement makers usually report strong volumes in the March-quarter as they push down prices to clear fiscal year-end inventory backlogs. Analysts had expected lower fuel costs to help offset the dip in prices.

Shree Cement's profit for the quarter ended March 31 rose to 6.62 billion rupees ($79.3 million), beating street expectations of 6.20 billion rupees, according to LSEG data. The company had reported a profit of 5.46 billion rupees a year earlier.

The company's total sales volumes increased 8% to 9.53 million tonnes during the quarter, leading to a 6.6% rise in revenue to 51.01 billion rupees.

Peers UltraTech Cement ULTC.NS, ACC ACC.NS and Dalmia Bharat DALB.NS have also reported better-than-expected quarterly profit, aided by volume growth.

Shree Cement on Tuesday recommended a final dividend of 55 rupees per share.

Shares of Shree Cement have fallen about 9.17% so far this year vs a 15.23% climb in the Nifty infrastructure index .NIFTYINFR.

India's ongoing general elections are expected to dampen demand for cement in the first quarter of this fiscal year as infrastructure and real estate companies slow down construction activity.

($1 = 83.5023 Indian rupees)

(Reporting by Anisha Ajith in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected];))

By Neha Arora

NEW DELHI, April 25 (Reuters) - India is in talks with several countries seeking partnerships for technical help on lithium processing, said four sources familiar with the matter, to bolster its nascent lithium mining and electric vehicle industries and avoid relying on China.

India's Ministry of Mines began discussions with Australia and the United States last year, said the four sources, two from India's government and two industry participants. The Indian government and some private companies have also sought help from Bolivia, Britain, Japan, and South Korea, said the sources, who did not wish to be identified as the discussions were not public.

Executives from Russia's TENEX, part of state-owned nuclear energy company Rosatom, approached the Indian government and have held at least two meetings with Indian officials this year, offering lithium processing technology and the possibility of collaborating with Indian companies, said one of the sources, a senior government official with direct knowledge of the plans.

The discussions illustrate efforts by India, the world's third-largest carbon emitter and oil importer, to develop a lithium mining industry that could provide the chemical feedstocks for batteries for its domestic electric vehicle (EV) industry which could help cut its greenhouse gas emissions and oil dependence.

"India needs technology to process lithium and we are looking to collaborate with other countries which have some experience," said the senior government official. "We are aiming to be self-reliant and one of the ways is through partnerships."

TENEX, Russia's Ministry of Industry and Trade and India's Ministry of Mines did not respond to emails from Reuters seeking comments. Russia's Rosatom declined to comment.

New Delhi is in the process of auctioning its first mining rights to lithium blocks, which were discovered last year in the Jammu and Kashmir region and the states of Chhattisgarh.

Companies including SoftBank-backed e-scooter maker Ola Electric, Shree Cement SHCM.NS, state-run Coal India COAL.NS, miner Vedanta Ltd VDAN.NS and Jindal Power are among those bidding for critical minerals blocks, which include lithium, with a shortlist expected by July.

Winners will receive licences to explore and mine lithium, and will also be responsible for processing it as lithium concentrates or lithium chemicals for the battery industry.

Some of the companies that have bid for the lithium mining rights have sought technical help from companies in other countries to set up refining plants, the sources said.

Shree Cement is in talks with an Australian firm seeking technical assistance for a lithium refinery that would cost between $600 million and $700 million, a company source said, without giving the name.

'LONG AND BUMPY'

Even with outside help, it will take a few years before India is ready to convert lithium ores into material for battery manufacturing, analysts said.

"The path to commercialisation is likely to be long and bumpy, especially given that it typically takes anywhere between four to seven years from discovery to commercial production for lithium mines," said Ritabrata Ghosh, vice-president and sector head of corporate ratings at ICRA Ltd.

India needs technical help in ore processing steps such as beneficiation to separate waste rock from ore, and hydrometallurgy, leaching, and pyrometallurgy for separating the metal from the ore, Ghosh said.

In the absence of processing plants, Indian companies would likely ship lithium ores to China and bring the processed metal back to India, said Ganesh Sivamani, research associate at the Centre for Social and Economic Progress, a New Delhi-based think tank.

Neighbour and rival China accounts for almost two-thirds of the world's lithium processing capacity.

The government's top policy think-tank NITI Aayog has recommended incentives for setting up lithium processing plants. India's battery industry will require an annual 56,000 metric tons of lithium carbonate by 2030, according to NITI Aayog.

(Reporting by Neha Arora; Additional reporting by Moscow Bureau, Melanie Burton in Melbourne and Aditi Shah in New Delhi; Editing by Mayank Bhardwaj, Tony Munroe and Christian Schmollinger)

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

April 15 (Reuters) - Shree Cement Ltd SHCM.NS:

• NCLT ALLOWED WITHDRAWAL OF SCHEME TO AMALGAMATE TWO UNITS WITH CO

Source text for Eikon: ID:nBSE6cx62Y

Further company coverage: SHCM.NS

(([email protected];))

April 2 (Reuters) - Shree Cement Ltd SHCM.NS:

• COMMISSIONED INTEGRATED CEMENT PLANT AT GUNTUR DISTRICT OF ANDHRA PRADESH

• COMMISSIONED INTEGRATED CEMENT PLANT WITH CEMENT CAPACITY AT 3.0 MILLION TONNES PER ANNUM

Source text for Eikon: ID:nBSEbRX0Nk

Further company coverage: SHCM.NS

(([email protected];))

March 21 (Reuters) - Shree Cement Ltd SHCM.NS:

• DECIDED TO WITHDRAW SCHEME OF AMALGAMATION WITH UNITS

Source text for Eikon: ID:nBSE7ZTVTL

Further company coverage: SHCM.NS

(([email protected];;))

March 12 (Reuters) - Shree Cement Ltd SHCM.NS:

• ENTERED INTO AN ASSET PURCHASE AGREEMENT WITH STARCRETE LLP

• AGGREGATE AT AGGREGATE CONSIDERATION OF 335 MILLION RUPEES

• CO FORAYS INTO RMC BUSINESS

• AGREEMENT FOR PURCHASE OF FIVE READY MIX CONCRETE PLANT LOCATED IN MUMBAI METROPOLITAN REGION OF MAHARASHTRA

Source text for Eikon: ID:nBSE9fy4Zd

Further company coverage: SHCM.NS

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Adds details from the press conference, background

By Neha Arora and Hritam Mukherjee

NEW DELHI/BENGALURU, Feb 29 (Reuters) - India launched the second part of its critical minerals auction worth an estimated 30 trillion rupees (about $362 billion), the country's mines minister, Pralhad Joshi, said on Thursday.

A total of 18 critical mineral blocks, including tungsten, vanadium, cobalt and nickel, will be auctioned in eight states across the country, including Chhattisgarh, Madhya Pradesh, Karnataka, Maharashtra and Rajasthan, a government statement said.

Seventeen mineral blocks have been put up for a composite licence, while one block is for a mining lease, it added. A composite licence includes a licence to examine a block and mine it afterwards.

Joshi added that five states - Maharashtra, Madhya Pradesh, Haryana, Chhattisgarh and Rajasthan - will auction blocks for exploration licence of critical minerals, separately.

Further, he said that in the first round of the first part of auctions launched in November last year, the government received 56 bids from entities, including Vedanta Ltd VDAN.NS, Coal India COAL.NS, Shree Cement SHCM.NS, Ola Electric, Dalmia group and Jindal Power.

The second round of bidding for the first tranche of auctions will be held in mid-March and the bid winner will be announced in mid-April.

Separately, Joshi said there will be no shortage of coal in the country this year.

His comments come after the Coal India, the world's largest miner, lowered its annual production target for the financial year 2025 on adequate stockpiles, last week.

($1 = 82.8859 Indian rupees)

(Reporting by Neha Arora in New Delhi and Hritam Mukherjee in Bengaluru; Editing by Tasim Zahid and Sohini Goswami)

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