KESORAMIND

July 10 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• KESORAM INDUSTRIES JUNE-QUARTER CONSOL NET LOSS AFTER TAX 620.2 MILLION RUPEES

• KESORAM INDUSTRIES JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 8.79 BILLION RUPEES

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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)

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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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April 22 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• KESORAM INDUSTRIES LTD MARCH-QUARTER CONSOL NET LOSS AFTER TAX 2.44 BILLION RUPEES VERSUS LOSS 261.3 MILLION RUPEES

• KESORAM INDUSTRIES LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 10.74 BILLION RUPEES VERSUS 10.55 BILLION RUPEES

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Adds details, background from paragraph 2

BENGALURU, April 2 (Reuters) - India's Ultratech Cement ULTC.NS said on Tuesday it would set aside 324 billion rupees ($3.89 billion) for ongoing capital expenditure over the next three years.

The move follows increased deal-making in India's cement industry since nearest rival Adani Group bought ACC ACC.NS and Ambuja Cements >, as well as strong demand from the housing and infrastructure sectors on government spending.

Ultratech also revealed on Tuesday the commissioning of two new cement units, bringing its total capacity to 151.6 metric tonnes per annum (MTPA), compared to the Adani Group's 76.1 mtpa as of end-2023.

The company, part of the Aditya Birla Group, also said it was in the process of closing its $645 million acquisition of Kesoram Cement KSRM.NS.

($1 = 83.3460 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Anil D'Silva and Ravi Prakash Kumar)

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March 28 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• APPROVED ISSUE OF NON-CONVERTIBLE DEBENTURES UPTO 3.20 BILLION RUPEES ON PRIVATE PLACEMENT BASIS

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March 19 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• CCI APPROVES ACQUISITION OF KESORAM CEMENT BUSINESS FROM KESORAM INDUSTRIES BY ULTRATECH CEMENT

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Feb 29 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• ENTERED INTO FACILITY AGREEMENT TO AVAIL FINANCIAL ASSISTANCE FROM TATA CAPITAL, TATA CAPITAL HOUSING FINANCE, HERO FINCORP

• ENTERED INTO FACILITY AGREEMENT FOR 18.5 BILLION RUPEES

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Jan 15 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• INDIA'S KESORAM INDUSTRIES LTD DEC-QUARTER CONSOL NET LOSS AFTER TAX 488.6 MILLION RUPEES VERSUS LOSS 479.8 MILLION RUPEES

• KESORAM INDUSTRIES LTD DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 9.61 BILLION RUPEES VERSUS 9.86 BILLION RUPEES

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** India's UltraTech Cement ULTC.NS on Thursday said it will buy Kesoram Industries' KSRM.NS cement business in a deal worth over $645 mln

** ULTC to get ownership of Kesoram's two cement units in Karnataka and Telangana with total capacity of 10.75 million tons per annum

DEAL TO STRENGTHEN ULTRATECH'S TOP INDUSTRY POSITION

** Morgan Stanley ("overweight"; PT 9,300 rupees) says deal should help co drive economies of scale and reduce risk of excess organic supply over medium term in industry

** Emkay Global ("add"; PT 9,550 rupees) says deal will solidify co's presence in south, where its hold is lowest at 11%;

** ULTC's market share to improve by 350-400 bps post acquisitions, capacity additions - Emkay

** Jefferies ("buy"; PT 9,700 rupees) says deal likely to strengthen ULTC's number one position in cement industry, but flags valuation appears to be "tad on the higher side" vs deals in the recent past

(Reporting by Hritam Mukherjee in Bengaluru)

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Adds analyst comment in paragraph 5

By Hritam Mukherjee

BENGALURU, Nov 30 (Reuters) - India's UltraTech Cement ULTC.NS said on Thursday it will buy the cement business of Kesoram Industries KSRM.NS in an all-stock deal valued at 53.79 billion rupees ($645.41 million), in a move to add heft to its hold in the southern part of the country.

As a part of the deal, UltraTech will issue one share for every 52 shares of Kesoram and give UltraTech ownership of two integrated cement units in southern Indian states of Karnataka and Telangana.

The deal implies an offer price of 173.15 rupees per share, a 24.2% premium to Kesoram's last close.

Market leader UltraTech is looking to boost its capacity ambitions in a highly competitive Indian cement sector, months after smaller peer Ambuja Cements ABUJ.NS, owned by billionaire Gautam Adani, bought a majority stake in Sanghi Industries SNGI.NS.

"UltraTech already has one of the best brownfield potential in industry. This deal, if it does go through, would be additive to that and help cement its capacity lead over others, even as other players with larger ambitions ramp up," said Satyadeep Jain, research analyst at Ambit Capital.

The transaction, expected to be completed within 9-12 months, will provide the company "the opportunity to extend its footprint in the highly fragmented, competitive and fast growing Western and Southern markets in the country," UltraTech said.

The proposed transaction will accelerate UltraTech's path to achieving its stated goal of 200 million tons per annum (mtpa) cement capacity in India, it added. According to the company's website, it currently has a consolidated capacity of 137.85 MTPA, with 23 integrated manufacturing units.

With this deal, Kesoram would be left with its smaller business segment - rayon, transparent paper and chemicals.

($1 = 83.3430 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee and Krishna Chandra Eluri)

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** Shares of cement and clinker maker Kesoram Industries KSRM.NS locked in upper circuit after rising as much as 4.98% to 132.85 rupees

** Stock hits highest level since Jan. 16, 2018

** Over 5.5 mln shares change hands in seven blocks at a price range of 130.10-132.85 rupees apiece

** A CNBC-TV18 report on Nov. 23 said UltraTech Cement ULTC.NS is conducting due diligence at KSRM, exploring buying out major shareholder's stake or its cement business

** Stock has hit the upper circuit thrice since then, gaining 12.6%

** Shares witnessing their most active trading session since June. 23, 2021 on Wednesday

** Stock up ~122% YTD

(Reporting by Ashish Chandra)

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Nov 27 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• TO CONSIDER WITHDRAWAL OF CO'S PROPOSED SCHEME OF ARRANGEMENT WITH CYGNET INDUSTRIES

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Nov 23 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• ULTRATECH CEMENT CONDUCTING DUE DILIGENCE ON KESORAM INDUSTRIES' CEMENT ASSETS - CNBC-TV18

• ULTRATECH CEMENT EXPLORING EXISTING PROMOTER BUYOUT OR CEMENT BUSINESS ACQUISITION OF KESORAM - CNBC-TV18

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Oct 12 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• SEPT-QUARTER CONSOL NET LOSS AFTER TAX 583.7 MILLION RUPEES VERSUS 590.5 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 9.54 BILLION RUPEES VERSUS 8.45 BILLION RUPEES

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** Shares of Kesoram Industries KSRM.NS rise as much as 3.06% to 72.45 rupees

** The clinker and cement maker reports narrowing of loss in June quarter to 324.4 mln rupees from 612.5 mln rupees year-on-year

** Revenue from operations up 12% Y/Y to 9.99 bln rupees; core profit triples to 1.04 bln rupees from 304.8 mln rupees Y/Y

** Trading volume is 4.33 mln shares as of 1:08 p.m. IST, 2.6x the 30-day avg - Refinitiv data

** Stock up 20% compared to 8% rise for Nifty 50 .NSEI in 2023 so far

(Reporting by Bharath Rajeswaran in Bengaluru)

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July 14 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• INDIA'S KESORAM INDUSTRIES JUNE-QUARTER CONSOL NET LOSS AFTER TAX 324.4 MILLION RUPEES VERSUS LOSS 612.5 MILLION RUPEES

• KESORAM INDUSTRIES JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 9.99 BILLION RUPEES VERSUS 8.91 BILLION RUPEES

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April 28 (Reuters) - Kesoram Industries Ltd KSRM.NS:

• INDIA'S KESORAM INDUSTRIES MARCH-QUARTER CONSOL NET LOSS AFTER TAX 261.3 MILLION RUPEES VERSUS LOSS 461.4 MILLION RUPEES YEAR AGO

• KESORAM INDUSTRIES MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 10.55 BILLION RUPEES VERSUS 10.32 BILLION RUPEES YEAR AGO

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