ITDCEM

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

By Shritama Bose

MUMBAI, April 17 (Reuters Breakingviews) - It is not quite business as usual for industrialist Gautam Adani. His conglomerate has just issued its first dollar bond since U.S. authorities indicted him on charges relating to a $265 million Indian solar power bribery scheme. The tycoon denies the allegations but the offering shows how the saga is impacting the $135 billion group.

It's a coup for Adani that the world's largest asset manager subscribed to roughly one-third of the $750 million offshore bond this month. The private placement will help its unit acquire infrastructure developer ITD Cementation ITCM.NS. On Tuesday, though, it emerged that other backers who signed up are yield-hungry types.

Private credit providers Farallon Capital Management, Hillhouse-backed Elham Capital, King Street Capital and UK-based Sona Asset Management also picked up slices, the Economic Times reported, citing unnamed sources. King Street and Sona also helped Adani's Australian coal port unit to refinance borrowings through a loan in February.

That makes it look like global banks have become harder to tap for new loans. Barclays and Deutsche Bank were among a legion who extended $5.25 billion to the group for its purchase of two of India's largest cement makers in 2022. Indian banks are not allowed to finance onshore M&A; that limits the infrastructure giant from tapping funding at home where the central bank is cutting interest rates.

The coupon on Adani's bond is in the high single digits, two people familiar with the offering told Breakingviews. It's higher than the 7.45% rate at which Adani Green Energy ADNA.NS priced its aborted $600 million offshore bond in November. Prior to the U.S. charges, Adani disclosed its average financing cost at 8.18%.

All this suggests the Indian group is paying a price, albeit not a punishing one, for its U.S. problems. Shares of most of the group's 10 listed companies also have recovered from the indictment hit. Meanwhile, President Donald Trump's decision to pause enforcement of the Foreign Corrupt Practices Act has raised expectations that charges against Adani will ease. That hope might yet prove fleeting but for now, Adani is growing his business.

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CONTEXT NEWS

BlackRock subscribed to roughly one-third of a $750 million bond issued by a unit of India's Adani Group, two people familiar with the matter told Reuters Breakingviews. The bond will help to fund the Indian conglomerate's acquisition of a construction firm. Farallon Capital Management, Elham Capital and King Street Capital invested in the offering too, the Economic Times reported on April 15, citing unnamed sources.

(Editing by Una Galani and Aditya Srivastav)

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

March 28 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• ITD CEMENTATION INDIA LTD - RE-APPOINTS JAYANTA BASU AS MANAGING DIRECTOR

Source text: ID:nBSE3f6F67

Further company coverage: ITCM.NS

(([email protected];))

March 19 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• JV AWARDED 102.2 MILLION RUPEES IN ARBITRATION

Source text: ID:nBSEpJSPc

Further company coverage: ITCM.NS

(([email protected];;))

Jan 29 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• RENEW EXIM DMCC TO MAKE OPEN OFFER FOR 26% OF CO AT 571.68 RUPEES/SHARE

Source text: ID:nBSE7X3zHW

Further company coverage: ITCM.NS

(([email protected];;))

Jan 17 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• RECEIVES ARBITRAL AWARD

• AWARD PARTIALLY GRANTS CO CLAIMS IN CONTRACTUAL DISPUTES

• AWARD TOTALS 122.1 MILLION RUPEES

Source text: ID:nNSEbpt1g8

Further company coverage: ITCM.NS

(([email protected];;))

Dec 31 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• SECURES CONTRACT WORTH 16.48 BILLION RUPEES EXCLUDING GST

• SECURES MARINE CONTRACT FOR VADHVAN PORT

Source text: ID:nBSE5CtHrt

Further company coverage: ITCM.NS

(([email protected];;))

Nov 7 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• ITD CEMENTATION INDIA LTD SEPT-QUARTER PROFIT 720.4 MILLION RUPEES

• ITD CEMENTATION INDIA LTD SEPT-QUARTER REVENUE FROM OPERATIONS 18.98 BILLION RUPEES

Source text: ID:nBSE9x8Hcj

Further company coverage: ITCM.NS

(([email protected];))

Oct 3 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• ITD CEMENTATION INDIA - SECURED NEW CONTRACT WORTH 19.37 BILLION RUPEES

• ITD CEMENTATION INDIA - CONTRACT FOR CONSTRUCTING MULTISTORIED COMMERCIAL BUILDING

Further company coverage: ITCM.NS

(([email protected];))

** ITD Cementation India ITCM.NS hits upper circuit of 20% to a 3-week high of 565.85 rupees

** Adani Group is set to buy ~47% stake in engineering and construction co, Economic Times reports, citing people aware of the matter

** Stock set for its best day in more than four years, to snap three straight sessions of declines

** More than 13 mln shares traded, 8.5x the 30-day avg, in stock's busiest day in more than a month

** YTD, ITCM has nearly doubled

(Reporting by Nishit Navin)

(([email protected];))

** Shares of ITD Cementation ITCM.NS jump ~7%

** The engineering and construction company posts near two-fold surge in Q1 consol net profit, rev from ops up 30% Y/Y

** Analysts, on avg, rate ITCM the equivalent of "buy", same as for rival IRB Infra Developers IRBI.NS -LSEG data

** ITCM has surged ~81% so far this year, while IRBI is up ~53%

(Reporting by Ashna Teresa Britto in Bengaluru)

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

Aug 7 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• ITD CEMENTATION INDIA JUNE-QUARTER CONSOL NET PROFIT 1 BILLION RUPEES

• ITD CEMENTATION INDIA LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 23.81 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: ITCM.NS

(([email protected];))

** Shares of ITD Cementation India ITCM.NS rise 4.7% to 535 rupees, their highest since July 4

** The engineering and construction co receives new contract worth 12.37 bln rupees ($147.75 mln) for constructing residential colony

** ITCM stock on track for a third straight day of gains

** Stock sees busiest month, with over 43 mln shares traded

** Stock up 85%, YTD

($1 = 83.7240 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

July 29 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• SECURED NEW CONTRACT WORTH 12.37 BILLION RUPEES

• CONTRACT FOR CONSTRUCTING RESIDENTIAL COLONY IN NEW DELHI

Source text for Eikon: ID:nBSEjJvQM

Further company coverage: ITCM.NS

(([email protected];))

** Shares of ITD Cementation India ITCM.NS down 7% at 533 rupees

** Stock marks steepest decline in over a month

** ITCM said its top shareholder Italian Thai Development Public Co was exploring a potential divestment

** Process is at a preliminary stage and no decision has been made, co adds

** Italian Thai Development holds a near 47% stake in co, as per exchange data

** More than 2 mln shares traded, vols cross 30-day avg of 1.53 mln in first half hour of trading

** Still, stock is up nearly 90% so far in 2024

(Reporting by Nishit Navin)

(([email protected];))

June 26 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• GETS NEW MARINE CONTRACT WORTH 10.82 BILLION RUPEES

Source text for Eikon: ID:nBSEb17Cjp

Further company coverage: ITCM.NS

(([email protected];;))

June 4 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• ITD CEMENTATION INDIA - CO INITIATED ARBITRATION PROCEEDINGS AGAINST RELIANCE INFRASTRUCTURE FOR NON-PAYMENT OF DUES

• ITD CEMENTATION INDIA - CO RECEIVED INTIMATION THAT RELIANCE INFRA FILED COUNTER CLAIMS FOR 598.3 MILLION RUPEES

Source text for Eikon: ID:nBSEYRqVM

Further company coverage: ITCM.NS

(([email protected];))

May 28 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• ITD CEMENTATION INDIA - DIVIDEND 1.7 RUPEES PER SHARE

• ITD CEMENTATION INDIA LTD MARCH-QUARTER CONSOL NET PROFIT 895.1 MILLION RUPEES VERSUS 377.9 MILLION RUPEES

• ITD CEMENTATION INDIA LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 22.58 BILLION RUPEES VERSUS 16.31 BILLION RUPEES

Source text for Eikon: ID:nBSE2xP1cS

Further company coverage: ITCM.NS

(([email protected];))

** Shares of ITD Cementation India ITCM.NS up as much as 5.5% to a record high of 352.7 rupees

** Engineering and construction co reported a more-than-two-fold jump in consolidated net profit for the Dec-qtr to 783.9 mln rupees ($9.4 million); rev from ops rose 52%

** More than 2.7 mln shares change hands, 2.6x its 30-day avg

** Stock last up 2.8%, pushing YTD gains to 20.2%

($1 = 83.0228 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

Feb 8 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• DEC-QUARTER CONSOL NET PROFIT 783.9 MILLION RUPEES VERSUS PROFIT 365.2 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 20.17 BILLION RUPEES VERSUS 13.27 BILLION RUPEES

Source text for Eikon: ID:nBSE31wnlf

Further company coverage: ITCM.NS

(([email protected];))

** Shares of ITD Cementation India ITCM.NS rise as much as 12.9% to a record high of 304.85 rupees

** Engineering and construction co secures orders worth 10.01 bln rupees ($120.16 mln)

** ITCM up over 35% in Nov., marking its best month since June 2020

** Stock hit record highs five times in Nov.

** Stock most active in nearly 3 months, trading volume at 3x the 30-day avg

** Stock last up 7.5%, taking YTD gains to ~144%

($1 = 83.3075 Indian rupees)

(Reporitng by Nishit Navin)

(([email protected];))

Nov 30 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• GOT NEW ORDER WORTH ABOUT 10.01 BILLION RUPEES

• CONTRACT FOR CIVIL & HYDROMECHANICAL WORKS OF 500 MW HYDEL POWER, PUMPED STORAGE PROJECT

Further company coverage: ITCM.NS

(([email protected];))

** Shares of ITD Cementation India ITCM.NS rise as much as 5.6% to a fresh record at 280.50 rupees

** The engineering and construction co's stock hit a record high for the 5th time this month

** Share price above 50-day, 100-day and 200-day exponential moving averages since Nov. 7

** More than 2.4 mln shares change hands by 12:12 p.m. IST, 1.8x the 30-day avg

** Avg rating of three analysts equivalent of "buy;" median PT is 254 rupees - LSEG data

** Stock last up 3.2%, bumping YTD gains to 130%

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

** Shares of engineering, construction company ITD Cementation India ITCM.NS rise as much as 13.4% to 246.5 rupees, a record high

** Stock of ITCM sees sharpest intraday pct gain since June 8, 2022, on track for a fourth consecutive session of gain, if trend holds

** ITCM on Thursday secured a marine contract worth 32.9 billion rupees ($398.20 million)

** More than 5.6 mln shares change hands by 09:33 a.m. IST, 3.6x the 30-day avg

** Stock up 82.5% so far this year, up as much as ~15.6% in the week

($1 = 82.6225 Indian rupees)

(Reporting by Anisha Ajith in Bengaluru)

(([email protected];))

Aug 31 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• SECURED MARINE CONTRACT WORTH APPROXIMATELY 32.90 BILLION RUPEES

Source text for Eikon: ID:nBSE2Vlfs5

Further company coverage: ITCM.NS

(([email protected];))

Aug 25 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• GOT ARBITRATION AWARD CLAIMS WORTH 47.1 MILLION RUPEES

• ARBITRATION AWARD IN RESPECT OF CONTRACTUAL DISPUTES

Source text for Eikon: ID:nBSE2lKsDb

Further company coverage: ITCM.NS

(([email protected];))

** Shares of India's ITD Cementation ITCM.NS up as much as 9.69% at 214.55 rupees, highest since Jan. 24, 2018

** The engineering and construction co said its joint venture in Bangladesh secured contract worth about $205 million

** Shares trading above 50-day and 100-day simple moving averages, suggesting bullish trend

** More than 1.8 mln shares changed hands by 9:46 a.m. IST, 1.4x 30-day avg

** Including session's gains, stock has jumped ~75% YTD

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

Aug 9 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• ITD CEMENTATION INDIA LTD - SECURED NEW ORDER WORTH AROUND $205 MILLION

Source text for Eikon: ID:nBSE6drCxg

Further company coverage: ITCM.NS

(([email protected];;))

Aug 7 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• JUNE-QUARTER CONSOL NET PROFIT 522.1 MILLION RUPEES VERSUS PROFIT 300.6 MILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 18.33 BILLION RUPEES VERSUS 10.98 BILLION RUPEES

Source text for Eikon: ID:nBSEKRqbP

Further company coverage: ITCM.NS

(([email protected];;))

** Shares of ITD Cementation India Ltd ITCM.NS climb as much as 5.86% to 155.45 rupees

** Stock gains after the engineering and construction firm reported consolidated net profit that more than doubled Y/Y in March quarter to 377.9 mln rupees ($4.62 mln) nFWN37M0YP

** Revenue up 39% at 16.31 bln rupees

** Co also approves final dividend of 0.75 rupees per share, subject to shareholders' approval

** Trading volume is 2.09 mln shares, 1.7x the 30-day avg - Refinitiv data

($1 = 81.7800 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

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

May 25 (Reuters) - ITD Cementation India Ltd ITCM.NS:

• ITD CEMENTATION INDIA MARCH-QUARTER CONSOL NET PROFIT 377.9 MILLION RUPEES VERSUS 163.8 MILLION RUPEES

• ITD CEMENTATION INDIA MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 16.31 BILLION RUPEES VERSUS 11.74 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: ITCM.NS

(([email protected];))