News for The India Cements Limited (INDIACEM.NS)

UltraTech Cement reported a drop in Q3 profit despite a rise in sales to ₹16,971 cr; achieved 73% capacity utilisation and 10% domestic sales volume growth

N Srinivasan resigns from India Cements after UltraTech Cement deal worth over ₹7,000 crore approved by CCI.

UltraTech Cements anticipates a 7-8 per cent volume growth in the coming years due to rising government infrastructure spending and urban housing demand. The company plans to expand its capacity to meet the growing national cement demand. However, it reported a 36 per cent decline in net profit for the quarter ended September 2024, missing expectations.

The Supreme Court ruled that states can tax mineral rights and mineral-bearing land retrospectively, dismissing the Union’s plea for prospective application to avoid burdening mining firms. Past tax dues can be recovered from April 1, 2005, but interest and penalties before July 25, 2024are waived.

NTPC, Power Grid contributed over 100 points to the BES Sensex so far; while, heavyweights HDFC Bank, Reliance and ICICI Bank were the chief laggards.

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.

India Cements shares soared 10% during early trading on the Bombay Stock Exchange, reaching a new 52-week high of Rs 289.20. This surge followed UltraTech Cement's board approval to acquire a non-controlling 23% stake in India Cements. The deal, valued at approximately Rs 1,885 crore, involved the exchange of about six crore shares, with UltraTech Cement purchasing India Cements' shares at Rs 267 each during the pre-market session.

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

Benchmark indices open lower, Nifty media, metal, healthcare, realty, consumer durables, and oil & gas trade positive.