ULTRACEMCO

** Shares of UltraTech Cement ULTC.NS rise 2% to 10,912 rupees

** India's top cement maker by capacity said it implemented efficiency enhancement and debottlenecking initiatives, increasing its production capacity by 1.2 million tonnes per annum (MTPA)

** Co's global cement capacity now stands at 184.26 MTPA, while domestic grey cement capacity has reached 178.86 MTPA

** 37 analysts covering the stock on avg have a "buy" rating; median PT is 12,700 rupees - LSEG data

** Stock up 6% so far this month

(Reporting by Ashna Teresa Britto in Bengaluru)

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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)

(([email protected]))

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)

(([email protected]))

Feb 27 (Reuters) - Shares of India's UltraTech Cement ULTC.NS fell 5% to hit their lowest level in eight months on Thursday as analysts raised concerns over the top cement maker's plan to foray into the cables and wires business.

Shares of the cement maker were last trading 5.05% lower at 10,410.1 rupees and were the top percentage losers on the benchmark Nifty 50 .NSEI, which was little changed on the day.

($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

Further company coverage: ICMN.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;))

Updates with Heidelberg's response in paragraph 7, share move in paragraph 12

Jan 27 (Reuters) - UltraTech Cement ULTC.NS, India's top cement producer by capacity, is in advanced talks with German firm Heidelberg HEIG.DE to acquire its Indian unit, Moneycontrol reported on Monday, citing sources familiar with the matter.

Executives from the Aditya Birla Group, UltraTech's parent, met Heidelberg management to discuss the acquisition of HeidelbergCement India HEID.NS, the report said, without specifying the value of the deal.

The German parent's 69% stake in its local arm was valued at around 33.8 billion rupees ($391.08 million) as of Friday's close.

The talks come months after newspaper Economic Times reported that UltraTech's rival Adani Group was in talks to buy the German parent's stake.

It was not immediately clear if the talks with Adani fell through. Moneycontrol's report did not specify the status of Adani Group's talks.

Besides the two majors, Heidelberg had also drawn interest from IPO-bound JSW Cement, multiple media outlets reported last year.

Heidelberg said in an emailed response that it does not comment on market rumours.

UltraTech, HeidelbergCement India and the Adani Group did not immediately respond to Reuters' requests for comment.

UltraTech and the Adani Group - which entered the sector in 2022 by buying the cement assets of Swiss firm Holcim HOLN.S - are engaged in a turf war to expand capacities and shore up market share, with cement demand expected to remain healthy, according to analysts.

In July, Heidelberg CEO Dominik von Achten said the group's market position in India was "not perfect yet" and it was looking at all options.

The company, which entered India in 2006 with a series of domestic acquisitions, now has four plants with an annual capacity of 12.6 million tonnes, according to its website.

HeidelbergCement India's shares traded 6% higher following the report. It is due to report quarterly results later this week.

UltraTech reported an upbeat third-quarter results last week.

($1 = 86.4275 Indian rupees)

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

(([email protected];))

** 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)

(([email protected]; +918447554364;))

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;))

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)

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

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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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)

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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)

(([email protected]))

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

(([email protected];))

Nov 29 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT - INCREASES KUKURDIH UNIT CAPACITY BY 0.6 MTPA

• ULTRATECH CEMENT - TOTAL CAPACITY REACHES 156.66 MTPA

Further company coverage: ULTC.NS

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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

(([email protected];))

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)

(([email protected]))

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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Nov 15 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT - TO RAISE FUNDS BY ISSUANCE OF DEBENTURES WORTH UPTO 30 BILLION RUPEES

• ULTRATECH CEMENT - ISSUANCE OF DEBENTURES ON PRIVATE PLACEMENT BASIS

Further company coverage: ULTC.NS

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Nov 12 (Reuters) - UltraTech Cement Ltd ULTC.NS:

• ULTRATECH CEMENT LTD - TO RAISE UP TO 30 BILLION RUPEES VIA NCDS

• ULTRATECH CEMENT - TO CONSIDER ISSUANCE OF NCDS ON PRIVATE PLACEMENT ON OR AFTER NOV 15

Source text: ID:nBSE9VWpsL

Further company coverage: ULTC.NS

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By Bharath Rajeswaran, Hritam Mukherjee and Shubham Batra

Nov 11 (Reuters) - Top Indian companies registered their worst quarterly showing in more than four years for the July-September period, raising concerns that a lurking economic slowdown had begun to affect corporate earnings.

More than 50% of the 44 firms in the blue-chip Nifty 50 index .NSEI that have reported earnings so far have either missed analysts' estimates or reported results in line with expectations, according to data compiled by LSEG.

This is their worst performance since the March 2020 quarter at the start of the COVID-19 pandemic, when only about 20% of the Nifty 50 companies beat estimates.

Curbed government spending in April-June, due to the national elections, that spilled over into the September quarter and above-normal rains impacted earnings outcomes, analysts at Jefferies and Bernstein said.

Indian equities have dropped about 8% from their record closing high notched on Sept. 26, with October marking the worst monthly performance for the stock market since March 2020.

The selloff was also exacerbated by foreign investors moving out their investments in the wake of China's recent stimulus.

"It appears the waters may get a bit turbulent for Indian equities in the near term," said Motilal Oswal.

According to Jefferies, the current season has had the highest earnings downgrades since April-June 2020 among the 121 companies under its coverage that have reported results so far.

Motilal Oswal, meanwhile, flagged an 8% decline in earnings growth for the 166 companies it covers - the worst in 17 quarters - compared to a pre-season estimated drop of 4%.

Bernstein, however, added that investors were still considering the weakness over the past several months as an anomaly due to an elongated period of strong growth.

"Once reality hits, we expect a further but limited moderation in the Nifty from current levels."

BLIP OR APPROACHING STORM?

The monsoon or election impact may only be a part of the problem, according to Bernstein, "with a broader economic slowdown seen across IIP, eight core industries, automobile demand or diesel consumption."

Construction firms UltraTech Cement ULTC.NS and Larsen & Toubro LART.NS flagged weak demand, while banks reeled under their inability to recover unsecured loans. FMCG giants Nestle India NEST.NS and Hindustan Unilever HLL.NS also noted dull urban consumption.

Factory growth slowed to an eight-month low in September, while economic growth slowed to 6.7% in April-June. Data for July-September will be released on Nov. 30.

Bernstein moderated its year-on-year growth expectations for September earnings to 0.6% for the top 100 stocks, from its previous 9% forecast, while retaining its full-year consensus earnings growth of 10.2%.

Venkatesh Balasubramaniam, managing director and co-head of research at JM Financial, said one quarter of earnings weakness was not enough to indicate an economic slowdown, saying it was "too soon" to make that call.

"There is a possibility that government capex picks up in the second half."

Jefferies, which also noted the earnings moderation as a reflection of a cyclical slowdown, said that things could pick up in the second half of fiscal 2025.

Government spending on capex has fallen 15% in the first half, it said. With weather disruptions behind, execution and spending will rise by 25% in the second half, supporting an earnings rebound and a bounce-back in markets, it said.

(Reporting by Shubham Batra, Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)

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Nov 6 (Reuters) - RAS AL KHAIMAH CO FOR WHITE CEMENT & CONSTRUCTION MATERIALS RAKWCT.AD:

• ULTRATECH CEMENT MIDDLE EAST INVESTMENTS ACQUIRED ADDITIONAL 57.8 MILLION SHARES IN CO

• TOTAL SHARES OWNED BY ULTRATECH FOLLOWING ACQUISITION IS 65.94%

Further company coverage: RAKWCT.AD

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Updates paragraph 1 with Ambuja-Orient deal

Oct 22 (Reuters) - Dealmaking in India's cement sector is in the spotlight again, after Ambuja Cements ABUJ.NS said on Tuesday it will buy a near-47% stake in smaller rival Orient Cement ORCE.NS for $451 million.

Billionaire Gautam Adani's conglomerate is locked in a fierce battle with UltraTech Cement ULTC.NS as the rivals snap up smaller firms in a bid to capitalise on expectations of heavy government spending on infrastructure.

Here is a timeline of some of the major deals announced in the sector since Adani's foray in 2022:

ADANI GROUP-HOLCIM AG, MAY 2022:

Adani Group entered the Indian cement sector by buying Ambuja Cements and ACC ACC.NS from Swiss construction material giant Holcim HOLN.S for $10.5 billion.

The deal remains the country's biggest in the cement sector.

DALMIA BHARAT-JAIPRAKASH ASSOCIATES, DEC. 2022:

Dalmia Bharat DALB.NS bought cement and other assets of Jaiprakash Associates JAIA.NS for $687 million to strengthen its presence in India's central region.

SAGAR CEMENTS-ANDHRA CEMENTS, FEB. 2023:

A company tribunal approved Sagar Cements' SGRC.NS $9.20 billion bid to take over Jaypee Group-owned Andhra Cements ANDC.NS.

AMBUJA CEMENTS-SANGHI INDUSTRIES, AUG. 2023:

Ambuja Cements bought a 83% stake in debt-laden Sanghi Industries SNGI.NS for $295 million in August 2023 - Adani Group's first major deal after U.S. short seller Hindenburg's report in January of the year.

ULTRATECH CEMENT-KESORAM INDUSTRIES, NOV. 2023:

UltraTech bought cement assets of Kesoram Industries KSRM.NS in a $645 million deal to boost its hold in the country's southern region.

AMBUJA CEMENTS-PENNA CEMENT INDUSTRIES, JUNE 2024:

Ambuja bought out Penna Cement Industries PENC.NS in a $1.25 billion deal. The deal likely lifted Ambuja to among the top three players in south India, analysts have estimated.

ULTRATECH CEMENT-INDIA CEMENTS, JULY 2024:

UltraTech inked a deal worth $472 million to gain control of India Cements ICMN.NS, after initially buying a 23% stake for $228 million.

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

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

Oct 21 (Reuters) - India's UltraTech Cement ULTC.NS reported a steeper-than-expected decline in second-quarter profit on Monday, hit by a slump in prices and demand in a seasonally weak quarter.

The company reported a consolidated net profit of 8.2 billion rupees ($97.5 million) for the quarter ended Sept. 30, down 36% from last year.

Analysts were expecting a profit of 10.53 billion rupees according to data compiled by LSEG.

($1 = 84.0725 Indian rupees)

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

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

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

• COMMISSIONING OF AN ADDITIONAL 1.2 MTPA GRINDING CAPACITY AT ARAKKONAM UNIT

• TOTAL CEMENT CAPACITY HAS REACHED 156.06 MTPA

Source text for Eikon: ID:nBSE40cRS5

Further company coverage: ULTC.NS

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