India Cements

In June, UltraTech announced it would acquire about a 23 per cent stake in India Cements

Firm may gradually phase out CSK Cement, known as Dhoni Cement

The India Cements Ltd (ICL) on Friday reported widening of consolidated net loss to Rs 339.13 crore for the second quarter ended September 2024. It had incurred a loss of Rs 80.07 crore in the July-September period a year ago, according to a BSE filing from ICL, in which rival Aditya Birla group firm UltraTech Cement has announced to acquire a majority stake. Revenue from operations of ICL was down 18.4 per cent to Rs 1,031.80 crore as against Rs 1,264.39 crore in the corresponding quarter last fiscal. Total expenses were at Rs 1,322.98 crore, down 3.8 per cent. Total income, which includes other income, in the September quarter was down 6.41 per cent to Rs 1,190.75 crore. Shares of ICL were trading at Rs 355.65 per scrip on BSE, down 1.28 per cent.

Derivative market update for Tuesday, August 27: The Nifty September futures traded at 150-odd points premium, while Bank Nifty at 330 points. Last 3 days for India Cements in F&O segment.

UltraTech Cement's Rs 3,142 crore open offer for acquiring 26 per cent stake in India Cements Ltd (ICL) will tentatively open on September 19 and close on October 3. The Aditya Birla group flagship company has proposed to acquire 8.05 crore shares of ICL at Rs 390 apiece, said the draft of the offer submitted to bourses. The offer price is 6.3 per cent higher than the closing price of Rs 366.90 of ICL at BSE. The mandatory open offer was triggered after UltraTech on July 28 announced to acquire 32.72 per cent stake in ICL from promoters and their associates for Rs 3,954 crore. If subscribed fully, then based of the Rs 390 price, the open offer will come in at Rs 3,142.35 crore. Before this, UltraTech had acquired a non-controlling stake of around 23 per cent in ICL through two block deals, at around Rs 1,900 crore. The shareholding of UltraTech after the acquisition of 32.72 per cent stake in ICL from promoters and their associates, will be 55.49 per cent. UltraTech in the draft

Capacity utilisation for the company was adversely affected due to the free fall in cement prices, resulting in a suboptimal operating performance for the quarter

UltraTech's buy is latest in four deals southern market has seen in less than a year, with Adani Cement being the other buyer. These deals combined, industry experts say, could spur consolidation

"I am going to leave India Cements," he declared. "The reason is that our competitors can crush us with lower prices. With slightly higher cost of productions, we had taken all steps to reduce costs."

India Cements, the original owner of the Chennai Super Kings, will transfer control to the Aditya Birla Group following the sale of a 33.72% stake

The clash of titans is likely to intensify as the deep-pocketed tycoons seek to dominate supplies of a building material that is critical to sustaining India's infrastructure boom

Open offer may raise total cost to Rs 7,100 cr

India Cements stock hit a new high of Rs 343.85, surging 6% in an otherwise volatile market. The stock has zoomed 50% since June 25.

Markets fluctuated sharply within a range and ended up losing nearly half a percent, wiping out the gains from Tuesday's session

News report of funding talks emerged after UltraTech Cement announced its plans to acquire over 70 million shares in India Cements

Aditya Birla Group-owned UltraTech Cement to purchase 70.6 mn shares for non-controlling financial investment

UltraTech Cement's board has approved making a financial investment to purchase up to 70.6 million equity shares of The India Cements

In the derivatives segment, stocks such as India Cement, GMR Infra, Chambal Fertilizers seem to have witnessed long unwinding in recent trading sessions owing to the sharp rally in share prices.

Despite tech shares propelling the Nasdaq Composite to record highs, most Asia-Pacific markets saw declines

India Cements Ltd on Monday reported a narrowing of consolidated net loss to Rs 50.06 crore in the fourth quarter ended March 31, 2024, helped by improved sales volume. The company had posted a net loss of Rs 243.77 crore in the same quarter a year ago, India Cements Ltd said in a regulatory filing. Consolidated revenue from operations in the quarter under review was at Rs 1,266.65 crore as against Rs 1,485.73 crore in the corresponding period a year ago. "With the improved sales volume, India Cements Ltd could turn out a better operating performance and pared the losses for the fourth quarter under review," the company said. The cement and clinker volume for the fourth quarter was 24.36 lakh tonne as compared to 27.85 lakh tonne in the same period of the previous year, it added. Together with the profit arising from the sale of land, the company has made a cash profit of Rs.24 crore for the quarter despite the setback caused by the fall in selling prices of cement, the company ..

Aditya Birla group company UltraTech Cement has announced the acquisition of a grinding unit from India Cements for Rs 315 crore and said it will invest an additional Rs 504 crore to expand capacity of two units. In a stock exchange filing, UltraTech said its board has approved acquisition "of a grinding unit having installed capacity of 1.1 million tonnes per annum in addition to a captive railway siding at Parli, Maharashtra from The India Cements Limited... for a consideration of Rs 315 crores". The company said it has entered into an Asset Purchase Agreement with the seller. "This purchase will help the Company to strengthen its presence in the rapidly growing Maharashtra markets." Making a similar regulatory filing, The India Cements said out of the total consideration of Rs 315 crore (exclusive of taxes and levies), "Rs 307 crore will be received by the company shortly and the balance Rs 8 crore within nine months from the date of the agreement." The unit being sold had a ...