ULTRACEMCO

April 28 (Reuters) - UltraTech Cement ULTC.NS, India's biggest cement maker by capacity, reported fourth-quarter profit below market expectations on Monday, pressured by weak pricing and higher costs.

Consolidated net profit for the company came in at 24.82 billion rupees ($292 million) in the three months ended March 31, compared to analysts' average estimate of 26.31 billion rupees, per data compiled by LSEG.

($1 = 84.9870 Indian rupees)

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

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April 16 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• TO ACQUIRE 26% EQUITY IN AMPIN C&I POWER EIGHT

Source text: ID:nBSE84jhmN

Further company coverage: ULTC.NS

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April 9 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ORDER DROPS TAX DEMAND, UPHOLDS TAX LIABILITY OF 9.2 MILLION RUPEES

Source text: ID:nBSE7d0hrN

Further company coverage: ULTC.NS

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April 3 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT LTD - TO ACQUIRE WONDER WALLCARE FOR 2.35 BILLION RUPEES

Source text: ID:nBSEbv1ptc

Further company coverage: ULTC.NS

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March 28 (Reuters) - India's Ambuja Cements ABUJ.NS has re-designated CEO Ajay Kapur as the managing director and named Vinod Bahety as its new chief, the Adani Group company said on Friday, effective April 1.

Kapur, who has spent three decades working in the cement, construction, power and heavy metals sectors, has been appointed for a two-year term while Bahety will serve as CEO for three years.

Bahety has been the finance chief for Ambuja and ACC ACC.NS, both subsidiaries of billionaire Gautam Adani's conglomerate, since September 2022.

The rejig comes as consolidation in India's cement sector intensifies, with Ambuja Cements charting an acquisition spree to rival the Aditya Birla Group-owned UltraTech Cement ULTC.NS. The two companies have jostled for market share amid expectations the government will continue to spend heavily on infrastructure.

(Reporting by Ashish Chandra in Bengaluru; Editing by Janane Venkatraman)

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March 27 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT - COMMISSIONING A BROWNFIELD CLINKER CAPACITY OF 3.35 MTPA IN MAIHAR, MP

• ULTRATECH CEMENT- COMMISSIONING OF BROWNFIELD EXPANSION OF GRINDING UNIT AT DHULE, AT 1.2 MTPA

• ULTRATECH CEMENT - COMMISSIONING ONE OUT OF TWO CEMENT MILLS WITH A CAPACITY OF 2.7 MTPA IN MAIHAR, MP

• ULTRATECH CEMENT- TOTAL DOMESTIC GREY CEMENT MANUFACTURING CAPACITY STANDS AT 183.36 MTPA

Source text: [ID:]

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** The rough patch for India's cement sector due to demand slowdown in fiscal year 2025 and rising competition after Adani's entry is coming to an end, says UBS

** Upgrades UltraTech Cement ULTC.NS to "buy" from "neutral" and hikes price target to 13,000 rupees from 9,000 rupees

** UBS also upgrades Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS to "buy" from "sell", while reiterating "buy" on ACC ACC.NS

** Forecasts demand to bounce back in fiscal year 2026 due to pick-up in government capex after an election-led slowdown in FY2025, housing upcycle, improving rural outlook and policy support

** Estimates core profit CAGR of 18%-43% over FY2025-27 for the four cement companies

** Expects market leaders ULTC and Adani group-owned ACC and ABUJ to have an upper hand as sectoral consolidation continues

** ULTC, ACC, Ambuja Cements shares are down 3.28%, 5.8% and 3.1%, respectively in 2025 so far; benchmark Nifty 50 .NSEI is little changed over the same period

(Reporting by Bharath Rajeswaran in Bengaluru)

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March 19 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT LTD - IDENTIFIES OPPORTUNITIES FOR DEBOTTLENECKING AND EFFICIENCY ENHANCEMENT

• ULTRATECH CEMENT LTD - COMPLETES INITIATIVES INCREASING PRODUCTION CAPACITY BY 1.2 MTPA

• ULTRATECH CEMENT LTD - GLOBAL CEMENT CAPACITY NOW 184.26 MTPA

• ULTRATECH CEMENT LTD - DOMESTIC GREY CEMENT CAPACITY NOW 178.86 MTPA

Source text: ID:nBSEd5QlG

Further company coverage: ULTC.NS

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In March 4 story, corrects paragraph 1 to clarify Ambuja Cements is buying Orient Cement, not India Cements

March 4 (Reuters) - India's antitrust watchdog, approved Ambuja Cements' ABUJ.NS acquisition of Orient Cement ORCE.NS on Tuesday, months after the Adani Group company first announced the deal.

Ambuja Cements, India's second-largest cement maker, in October revealed plans to buy stake worth $451 million in Orient Cement, intensifying competition with industry leader UltraTech Cement ULTC.NS.

Competition in the Indian cement sector has heated up recently, with UltraTech and the Adani Group companies striking a slew of deals to acquire smaller firms and expand their market share.

Analysts had doubted Ambuja's deal would win regulatory approval, considering recent acquisitions that have led to industry oversupply. Ambuja's shares fell 2.3% on October 22 when the deal was first announced.

Since October 22, Ambuja Cements' shares have dropped about 15%, while Orient Cements' shares have fallen nearly 5%.

In recent years, Ambuja has acquired smaller rivals Sanghi Industries SNGI.NS and Penna Cement PENC.NS.

(Reporting by Manvi Pant in Bengaluru; Editing by Tasim Zahid)

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MUMBAI, March 4 (Reuters) - India's UltraTech Cement ULTC.NS has accepted bids worth 20 billion rupees ($229 million) for bonds maturing in three years as well as five years, two merchant bankers said on Tuesday.

UltraTech Cement will pay an annual coupon of 7.34% on each option and has accepted bids worth 10 billion rupees each, they said.

The company had invited bids from bankers and investors for the issues earlier in the day.

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

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

*Size includes base plus greenshoe for some issues

($1 = 87.3340 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

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MUMBAI, March 3 (Reuters) - India's UltraTech Cement ULTC.NS plans to raise 20 billion rupees ($229 million) through a sale of bonds maturing in three years as well as five years, two merchant bankers said on Monday.

UltraTech Cement will raise 10 billion rupees from each option and has invited bids from bankers and investors for the issues on Tuesday, 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 3:

*Size includes base plus greenshoe for some issues

($1 = 87.3690 Indian rupees)

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

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Adds details, background, analyst comments from paragraph 3

By Manvi Pant

Feb 27 (Reuters) - Shares of UltraTech Cement ULTC.NS, India's top cement maker by capacity, fell about 6% to hit an eight-month low on Thursday as its plan to foray into the cables and wires business led to concerns over capital allocation and debt reduction.

The cement maker, a part of the Aditya Birla Group, was the top percentage loser on India's benchmark Nifty 50 .NSEI index, which was little changed. Its shares were last down 6.16% at 10,288.30 rupees.

The company announced on Tuesday it would spend 18 billion rupees ($206 million) to start the wires and cables business.

Competition in India's cement industry is intensifying, with leaders UltraTech and Adani Group companies striking a series of deals to acquire smaller firms and expand their market share.

"The key question is around diversification – is this spend justified at a time when its core business faces a larger, aggressive competitor," analysts at J.P.Morgan said.

Billionaire Gautam Adani's conglomerate entered the cement industry in 2022 and has snapped up several rivals.

Analysts, on average, have rated UltraTech stock a "buy", same as the Adani Group's Ambuja Cements ABUJ.NS and ACC ACC.NS, as per data compiled by LSEG.

Motilal Oswal analysts said they see near-term worries for the UltraTech stock as traders view the company as a 'pure-play cement firm', adding its capital allocation may be questioned.

Costs related to branding and setting up the distribution channel for the wires business would add to spending, which is estimated at 95 billion rupees for the year ending March, Macquarie said.

UltraTech's standalone net debt rose to 152.83 billion rupees in December 2024 from 5.71 billion rupees in March 2024.

Still, the foray could cause some disruption in the wires industry, where shares of dominant players Polycab POLC.NS, Havells HVEL.NS and KEI Industries KEIN.NS fell 15%, 5% and 7%, respectively.

($1 = 87.3830 Indian rupees)

(Reporting by Manvi Pant and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)

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Feb 25 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT LTD - TO ENTER WIRES AND CABLES SEGMENT WITH 18 BILLION RUPEES CAPEX

• ULTRATECH CEMENT LTD - WIRES AND CABLES PLANT TO BE SET UP IN GUJARAT BY DEC 2026

Source text: ID:nBSE9QWRzg

Further company coverage: ULTC.NS

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Feb 20 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT - GOT ORDER CONFIRMING TAX DEMAND OF 6.5 MILLION RUPEES

• ULTRATECH CEMENT - GOT ORDER DROPPING TAX OF 25.7 MILLION RUPEES

Source text: ID:nBSE4Frx1v

Further company coverage: ULTC.NS

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

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

Source text: ID:nBSE7CGqsM

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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)

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Jan 27 (Reuters) - India's largest cement producer UltraTech Cement ULTC.NS is in talks with German firm Heidelberg to acquire its listed Indian business, HeidelbergCement India HEID.NS, Moneycontrol reported on Monday, citing people familiar with the matter.

(Reporting by Chris Thomas in Bengaluru; Editing by Janane Venkatraman)

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** Shares of UltraTech Cement ULTC.NS rise 2.3% to 10,939 rupees ahead of Q3 results later in the day

** Analysts, on avg, expect cement maker to report ~22% y/y drop in Q3 consol profit - LSEG data

** Industry-wide demand continued to remain modest due to subdued construction activity and lack of government projects - PL Capital

** Adds, cement prices improved sequentially but could not be sustained across the country due to delays in projects

** Cement prices have steadily picked up since Oct but remain lower than year-ago prices, analysts at Elara and Centrum say

** Peer Dalmia Bharat DALB.NS posted drop in Q3 results, while ACC ACC.NS, Ambuja Cements ABUJ.NS is set to report results later this month

** ULTC, ACC, ABUJ rated "buy" on avg, DALB rated "hold"- LSEG data

** ULTC, ABUJ gained ~9%, ~3% in 2024, respectively, ACC and DALB lost 7% and 22%

(Reporting by Manvi Pant in Bengaluru)

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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)

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Updates with analyst comments in paragraphs 4,6, background in paragraphs 5,7

By Hritam Mukherjee

Jan 13 (Reuters) - India's markets regulator has approved JSW Cement's JSWC.NS initial public offering, a notification on the regulator's website showed on Monday, four months after it put the IPO on hold for reasons it did not disclose.

The cement-making arm of the steel-to-energy JSW group filed for an IPO worth up to 40 billion rupees ($461.52 million) in August, aiming to capitalise on the country's booming stock market and long-term demand growth expectations for the building material.

In 2024, 91 large firms went public and raised a record 1.6 trillion rupees via IPOs, according to analytics firm Prime Database, with the bull run expected to continue in 2025.

"The approval came later than expected but came at the right time for the company as investor focus now shifts towards capital expenditure allocations in the upcoming federal budget, which would bring sectors like cement under the spotlight," said Mahesh Ojha, a research analyst at Hensex Securities.

India's finance minister will present the country's annual budget for 2025/2026 on Feb. 1.

"Plus, the parent group is well-known, so I expect strong investor interest in this IPO, especially from institutions for their long-term investment priorities," Ojha added.

The sector has been witnessing increased dealmaking recently, led by a face-off between Aditya Birla Group's UltraTech ULTC.NS - the market leader - and its challenger, Adani-owned Ambuja Cements ABUJ.NS, while depressed prices and demand cool-down also weigh on the earnings of listed firms.

JSW Cement had said it would issue fresh shares worth 20 billion rupees, with existing shareholders also selling shares worth the same amount.

($1 = 86.6710 Indian rupees)

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

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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)

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Dec 24 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• GETS TAX ORDER OF 9.9 MILLION RUPEES PLUS INTEREST, PENALTY OF 10.4 MILLION RUPEES

Source text: ID:nBSECkQ3J

Further company coverage: ULTC.NS

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Corrects spelling of UltraTech Cement and "acquisition" in headline and paragraph 1

BENGALURU, Dec 20 (Reuters) - Competition Commission Of India on Friday approved UltraTech Cement's ULTC.NS acquisition of India Cements ICMN.NS, the antitrust watchdog said in a post on social media platform X.

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

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Dec 17 (Reuters) - India's Ambuja Cements ABUJ.NS will merge two of its recently purchased units into the company, it said on Tuesday, in a bid to streamline the structure of the Adani Group's cement businesses and simplify compliance requirements.

Ambuja acquired Penna Cement in a $1.25 billion deal in June, while it had picked up a majority stake in operations of Sanghi Industries SNGI.NS last year.

The company said it would merge the publicly listed Sanghi Industries by offering 12 Ambuja shares for every 100 Sanghi shares held.

Led by billionaire Gautam Adani, the group entered India's cement industry in 2022 by buying Holcim's HOLN.S local units — ACC and Ambuja. The group has made a string of acquisitions since as it wrestles for market share with the country's top producer UltraTech Cement ULTC.NS.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Shilpi Majumdar)

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** Shares of India's biggest cement maker UltraTech Cement ULTC.NS rise as much as 2.7% to 12,065 rupees, highest in over 2 months

** Stock top gainer on Nifty 50 index .NSEI, which is up 0.03%

** CLSA says it remains selective on India's cement sector and relatively prefers ULTC

** After a weak Oct, there was gradual volume recovery in late Nov; expect positive demand rebound at industry level in H2FY25 and FY26, CLSA says

** Cement prices up 3.5% Q/Q in Q3, but down 5% Y/Y; sustainability of price hikes through March key to attain FY25 earnings estimates - CLSA

** ULTC on track to snap three-day losing streak; on Friday, it had got adverse communication from competition regulator on India Cements ICMN.NS acquisition

** Stock up 14% YTD vs 11% and 3.5% rise in Ambuja Cements ABUJ.NS and ACC ACC.NS, respectively, and 4% and 14% decline in Shree Cement SHCM.NS and Dalmia Bharat DALB.NS

(Reporting by Ashna Teresa Britto in Bengaluru)

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Dec 6 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• RECEIVES COMMUNICATION FROM CCI ON ICEM ACQUISITION

• SOUTHERN GREY CEMENT MARKET HIGHLY COMPETITIVE WITH 35+ MANUFACTURERS

• CO CONFIDENT OF THE MERITS OF THE CASE, WILL RESPOND TO THE COMMUNICATION

Source text: ID:nBSE3jrPY2

Further company coverage: ULTC.NS

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MUMBAI, Nov 29 (Reuters) - India's Ultratech Cement ULTC.NS raised 10 billion rupees ($118.36 million) by issuing bonds maturing in 10 years, the company said in a notice to the stock exchanges earlier this week.

Ultratech Cement will pay an annual coupon of 7.22% to the investors of this issue.

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

* Size includes base plus greenshoe for some issues

($1 = 84.4870 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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Nov 27 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT - APPROVED ALLOTMENT OF NCDS AMOUNTING TO 10 BILLION RUPEES ON PRIVATE PLACEMENT BASIS

Source text: ID:nBSE7tTC55

Further company coverage: ULTC.NS

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MUMBAI, Nov 22 (Reuters) - India's Ultratech Cement ULTC.NS plans to raise 10 billion rupees ($118.3 million) through the sale of bonds maturing in 10 years, two merchant bankers said on Friday.

The company will pay an annual coupon of 7.22% and has invited bids from bankers and investors on Monday, they said.

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

Here is the list of deals reported so far on Nov. 22

*Size includes base plus greenshoe for some issues

($1 = 84.5050 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sumana Nandy)

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Nov 18 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT - TO DEPLOY 100 MORE EV TRUCKS IN ITS LOGISTICS OPERATIONS

Source text: [ID:]

Further company coverage: ULTC.NS

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