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Shares of <keyword id="20415123" type="General" weightage="20" keywordseo="India-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="India Cements" meta.hostid="261" meta.entityid="India Cements">India Cements</keyword> Ltd jumped nearly 14 per cent on Thursday morning after leading <keyword id="6378916" type="General" weightage="20" keywordseo="cement" source="Orion">cement</keyword> maker <keyword id="19963567" type="General" weightage="100" keywordseo="UltraTech-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="UltraTech Cement" meta.hostid="261" meta.entityid="UltraTech Cement">UltraTech Cement</keyword> said it will acquire around 23 per cent stake in the Chennai-based firm for up to Rs 1,885 crore. The stock soared 13.70 per cent to hit 52-week high of Rs 299 on the BSE. On the NSE, the stock climbed 13.77 per cent to Rs 298.80 -- its 52-week high. Shares of UltraTech Cement also jumped 6.51 per cent to hit the one-year peak of Rs 11,875.95 on the BSE. The board of directors of the company at its meeting held on Thursday approved "making a financial investment to purchase up to 7.06 crore equity shares of the India Cements Ltd," a regulatory filing by UltraTech Cement said. The deal would be at "at a price of up to Rs 267 per share," and this non-controlling financial investment constitutes around 23 per cent of the equity share capital of India Cements, the filing said. India Cements' turnover for financial year 2023-24 stood at Rs 5,112 crore. UltraTech Cement has a consolidated capacity of 152.7 Million Tonnes Per Annum (MTPA) of grey cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit and 8 bulk packaging terminals.

India Cements' shares jump nearly 14%, UltraTech Cement soars 6.50% following acquisition news

The price of cement is hardening across the country and since August this year, the rates have gone up by ₹16/per bag, said <keyword id="152070" type="General" weightage="20" keywordseo="Emkay-Global-Financial-Services-Ltd" source="Orion">Emkay Global Financial Services Ltd</keyword>. According to a report by the company, in November the prices went up by about ₹6-7/bag. While the prices remained flat in Western and Central parts of the country, the rates hardened in Northern, Eastern and Southern regions, Emkay Global said. According to the report, the cement companies are attempting further price hikes of ₹10-15/bag across the country this month. "Absorption of the price hikes will get revealed over the next few days. With the financial-year change (from December to March) by ACC and Ambuja, volume push by these companies is likely to be limited in December. This is positive for the pricing trend in the near term," Emkay Global said. "We expect the industry's profitability to increase by move r than ₹200/ton QoQ (even higher for Eastern region players) in Q3FY23, with improving cement prices along with peakout of operating cost in Q2FY23," it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/only-half-of-indian-listed-companies-set-net-carbon-emissions-commitments-wtw/articleshow/96032489.cms" style="">Only half of Indian listed companies set net carbon emissions commitments: WTW</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-beauty-brand-rene-cosmetics-raises-25-million-in-series-b-funding-led-by-evolvence-india-edelweiss-group/articleshow/96031563.cms" style="">Indian beauty brand RENÉE Cosmetics raises $25 million in Series B funding led by Evolvence India, Edelweiss Group</a>

Cement makers plan to hike price by ₹10-15 per bag

<ul><li>UltraTech Cement’s revenue from operations for the quarter rose 18% at ₹18,662 crore from ₹15,767 crore in the year-ago quarter.</li><li>UltraTech Cement’s board has recommended a dividend of ₹38 per equity share aggregating to ₹1,097 crore.</li><li>During the quarter, the cement maker saw an increase in energy cost by 17% on year and 4% lower sequentially.</li></ul>UltraTech Cement’s Q4 net profit fell 32% to ₹1,666 crore as compared to ₹2,461 crore in the same quarter last year. Meanwhile, its revenue from operations for the quarter rose 18% to ₹18,662 crore from ₹15,767 crore Q4 FY22, the company said in a regulatory filing. During the quarter, the cement maker saw its energy costs increase by 17%, and prices of pet coke and coal too increased 18% on a yearly basis. Raw material cost was up 9% on year on account of increase in cost of fly ash, slag and gypsum etc. Adding to it, the company’s tax expense also rose in Q4 to ₹800 crore as compared to tax credit of ₹139 crore in the same quarter last year. UltraTech Cement’s board recommended a dividend of ₹38 per equity share aggregating to ₹1,097 crore. The cement maker’s rival ACC also reported a decline in its profitability with a 40% fall in net profit to ₹235 crore for March quarter, on Thursday. Ultratech said it has achieved 100 million tons of production, dispatches and sales in FY23. This was backed by an effective capacity utilization of 95% during this quarter and 84% capacity utilization for the year. Total sales volume for the quarter rose 15% on year and 23% sequentially at 31.7 million tons. Financial performance in March quarter <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net sales </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹18,436 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,557 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,666 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,461 crore </td></tr></tbody></table> Ahead of the earnings, the company’s share price closed 0.52% higher at ₹7,540 per share. UltraTech Cement mentioned that the expansion programme is progressing as per schedule. During the year, it commissioned 12.4 mtpa (million tonne per annum) additional capacity of grey cement. It further commissioned a 2.2 mtpa brownfield cement capacity at Patliputra in April, 23. Work on its next phase of growth of 22.6 mtpa has already commenced. “Civil work is in full swing at most sites. Commercial production from these new capacities is expected to go on stream in a phased manner by FY25/FY26. Upon completion of these expansions, the Company's capacity will grow to 160.45 mtpa, reinforcing its position as the third largest cement company in the world, outside of China and the largest in India by far,” it said in the exchange filing. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-under-pressure-after-reporting-net-loss-in-q4/articleshow/99840323.cms">Axis Bank shares under pressure after Q4 net loss; analysts upbeat on the lender</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-says-it-services-revenue-could-decline-1-3-in-q1fy24-announces-buyback/articleshow/99809050.cms">Wipro says IT services revenue could decline 1-3% in Q1FY24, announces buyback</a>

UltraTech Cement’s Q4 net profit falls 32% to ₹1,666 crore, declares dividend

<ul class="summary-list"><li>Microsoft's multibillion-dollar bet on OpenAI could be rocket fuel for its cloud business.</li><li>Cloud, increasingly important to Microsoft, Amazon, and Google, is slowing down in the short term.</li></ul>Microsoft opened Wednesday with a 4% share price drop after the firm gave a tough outlook for its cloud business during third-quarter earnings Tuesday. But the company has a longer-term strategic weapon that could help it win the cloud wars: its once-in-a-generation bet on OpenAI.Reporting fiscal Q1 earnings on Tuesday, Microsoft forecast that its cloud business Azure would slow by 4-5 percentage points in the coming quarter. The deceleration is down to customers shying away from expensive cloud deals in a tough macroeconomic environment. <a href="https://affiliate.insider.com?postID=63d13f3c310b0b393b689e5f&amp;site=bi&amp;u=https%3A%2F%2Fwww.microsoft.com%2Fen-us%2Finvestor%2Fearnings%2FFY-2023-Q1%2Fpress-release-webcast" target="_blank" rel="nofollow noopener sponsored">The unit generated $25.7 billion in revenue</a> in its most recent quarter, up 24% year on year. Cloud computing has taken off over the last decade as a way for blue-chip businesses to store massive amounts of information on servers run by the major tech firms, rather than on-premise. For the most part, it's faster, more secure, and flexible. It's also a huge revenue driver for Big Tech, whatever their public spiel about self-driving cars and acrobatic robots. An outage at market leader Amazon's AWS can take down <a href="https://www.businessinsider.com/aws-outage-causes-problems-for-slack-coinbase-epic-games-store-2021-12">large swathes of the internet.</a> Any hint of a slowdown in growth for Microsoft's Azure, Amazon's AWS, and Google Cloud tends to provoke analyst angst. Microsoft CEO Satya Nadella — who once ran its cloud division — accordingly provoked some of this angst as he warned that the firm's Azure customers were beginning to "optimize" their cloud spend after a pandemic binge.But, he added: "We fundamentally believe that the next big platform wave is going to be AI and we strongly also believe a lot of the enterprise value gets created by just being able to catch these waves and then have those waves impact every part of our tech stack and also create new solutions and new opportunities."Even if there are immediate challenges for cloud growth, Microsoft sees its OpenAI bet, reported to be worth $10 billion, as a bigger strategic move. As a gamble, it looks smarter than, say, the metaverse.<h2>Armed the deadliest weapon yet</h2>In a <a href="https://blogs.microsoft.com/blog/2023/01/23/microsoftandopenaiextendpartnership/" target="_blank" rel="noopener">blogpost announcing the deal</a>, Microsoft noted that its investment in the developer behind the generative AI chatbot would help it build "leading AI infrastructure" for Azure. In practice, this means developing cloud technologies that are purpose-built for AI, giving it an edge at a time when excitement among developers for AI is peaking. Microsoft's gamble, essentially, is that everyone will need and use artificial intelligence in the near future — and that means increased demand and cash for the computing power to train AI models.A research note on Wednesday from Jefferies analysts noted Microsoft "sees AI innovation as driving growth for Azure AI services," with revenue from Azure ML, a cloud segment dedicated to training AI models, increasing more than 100% over the past five quarters. Microsoft also suggested in its post that it will make Azure the "exclusive cloud provider" of OpenAI's research and products.All of this is "mostly about cementing Azure's edge over AWS" as Microsoft "has exclusive access to the hottest AI property on the market right now," according to Richard Windsor, founder of research firm Radio Free Mobile.Windsor thinks that much of the money <a href="https://www.businessinsider.com/microsoft-openai-investment-the-smartest-1-billion-ever-spent-2023-1">Microsoft is committing to OpenAI</a> will revolve around "building custom infrastructure" to run OpenAI's technology in an efficient way, given that "during busy times, response times increase materially" for its scary-smart chatbot, ChatGPT. The bet is that Azure could offer OpenAI to customers in a way that none of its rivals can immediately replicate."Should OpenAI's products become popular with clients, this will give Azure firepower in its quest to close the gap on AWS," he said. <h2>The AI arms race</h2>With cloud spend tightening, it's likely that Amazon and <a href="https://www.businessinsider.com/google-fears-ai-running-wild-but-it-is-too-late-2023-1">Google</a> will look to give their cloud divisions a shot in the arm too with AI to stay competitive. Amazon will want to retain its lead position, Google is <a href="https://www.businessinsider.com/google-cloud-ceo-thomas-kurian-strategy-alienates-staff-vps-2022-5?r=US&amp;IR=T">pursuing an aggressive growth plan</a>."This isn't a vacuum," said Bola Rotibi, chief of enterprise research at CCS Insight. "You can imagine Amazon is not going to be sitting on its laurels or waiting there for Microsoft to surpass it." <a href="https://www.businessinsider.com/big-tech-predictions-for-2023-twitter-google-microsoft-amazon-dtc-2022-12">Cloud represents a growing slice of Big Tech's respective revenue pies</a>. Microsoft Cloud, which also includes revenue from Office 365 and other products as well as Azure, represented around 50% of the company's overall revenue. In Amazon's last earnings, AWS represented around 16% of its overall earnings, while Google Cloud's $6.9 billion in revenue at the end of the September quarter represented 10% of overall revenue.These percentage figures are likely to get bigger.In a research note on Tuesday, Wedbush analysts Dan Ives and John Katsingris wrote that cloud and the underlying Office ecosystem "is going to comprise a bigger and bigger piece of Redmond going forward and will ultimately spur growth and margins" despite the downturn."We believe the shift to cloud is still less than 50% penetrated and represents a massive opportunity for Nadella &amp; Co. going forward despite the dark storm clouds forming for FY23 in the uncertain macro backdrop," the Wedbush analysts said. There is pressure right now on cloud spend, with Wedbush predicting some "larger cloud deals" in the financial sector will likely get downsized for Microsoft as companies rein in costs.But the AI genie is out of the bottle, as evidenced by the proliferation of activity around ChatGPT. Microsoft's <a href="https://www.businessinsider.com/microsoft-openai-investment-the-smartest-1-billion-ever-spent-2023-1">OpenAI bet looks smarter by the day</a>.

Microsoft's $10 billion bet on ChatGPT's maker gives it a powerful new weapon in the cloud wars with Amazon and Google

Mumbai, The <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword> benchmark <keyword id="6484188" type="PERSON" weightage="20" keywordseo="sensex">Sensex</keyword> dived nearly 531 points to close at 48,348 on Monday, prolonging its losing streak to the third straight session, weighed down by massive selling particularly in energy and IT stocks. After swinging nearly 1,000 points during the session, the BSE benchmark settled with a loss of 530.95 points or 1.09 per cent at 48,347.59. The 30-share index opened over 375 points higher and hit the day's high of 49,263.15 before succumbing to selling pressure that took the index to the session's lowest point at 48,274.92. Likewise, the <keyword id="6354646" type="COMPANY" weightage="20" keywordseo="nse">NSE</keyword> gauge <keyword id="6354813" type="COMPANY" weightage="20" keywordseo="Nifty">Nifty</keyword> plunged 133 points or 0.93% to end the session at 14,238.90. On the Sensex chart, <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> fell 5.36%, followed by IndusInd Bank, HCL Tech, Asian Paints, <keyword id="6355596" type="DOMAIN" weightage="20" keywordseo="ultratech-cement">UltraTech Cement</keyword> and PowerGrid dropping as much as 4.72%. Of the Sensex constituents, 21 closed in the red and only 9 in the green. Among the gainers were Axis Bank, Sun Pharma, Bajaj Auto, Bajaj FinServ, HDFC Bank and Dr Reddy's. Analysts are of the view that markets may remain volatile in this holiday-shortened week amid monthly derivatives expiry, quarterly earnings and the upcoming <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword>. Indian equity markets will remain closed on Tuesday for the Republic Day. Asian shares closed higher on Monday. On the forex front, the rupee ended 3 paise higher at 72.94 against the US dollar. Meanwhile, Brent crude, the global oil benchmark, was trading 0.56% higher at USD 55.69 per barrel on Monday. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/an-american-electric-car-maker-explains-why-it-took-a-different-route-than-elon-musks-tesla-tata-motors-or-mahindra/articleshow/80442243.cms?upcache=2">An American electric car maker explains why it took a different route than Elon Musk’s Tesla, Tata Motors or Mahindra</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms">EXCLUSIVE: Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a>

Sensex tumbles 531 points, Nifty ends below 14,250 — IT and auto drag market lower

<ul><li><keyword id="6610470" type="UNKNOWN" weightage="20" keywordseo="Nuvoco-Vistas">Nuvoco Vistas</keyword>, part of Nirma Group of companies, opened its initial public offering (IPO) on Monday with a price band of ₹560-570.</li><li>The company is one of the largest cement companies in east India in terms of capacity.</li><li>The cement manufacturer is looking to raise ₹5,000 crore through the public issue. </li></ul>Nuvoco Vistas’ is the current ongoing initial public offering (IPO) opened for subscription along with CarTrade. Nuvoco, which is one of the largest cement players in east India, is a subsidiary of the Nirma Group, famous for its eponymous detergent brand. Nirma Group entered the cement business in 2014 by acquiring Switzerland based LafargeHolcim in 2016 and NU Vista, formerly known as Emami Cement in 2020. Gujarat-based Nirma Group is a diversified conglomerate that manufactures products ranging from chemicals to detergents, soaps, healthcare products and real estate development. With a strong promoter backing the Nuvoco Vistas grew from a cement based firm to offering various building materials like mixed concrete, cement, wall putty, blocks, plaster, and more. Over the years, Nuvoco Vistas has become the largest cement company in east India in terms of capacity (22.32 million metric tonnes per annum). The company’s cement plants are located in the states of West Bengal, Bihar, Odisha, Chhattisgarh and Jharkhand in east India and Rajasthan and Haryana in north India. The cement manufacturer is looking to raise ₹5000 crore via the IPO. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ 7522.69 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ 6829.94 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ 7105.88 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ -25.91 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ 249.25 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ -26.48 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Analysts have recommended subscribing to the IPO issue as they are bullish on the overall cement industry. Adding to it is the fact that the company holds a dominant position in east India with 17% market share in terms of capacity. <div type="image" title="Nuvoco peers" height="900" width="1200" msid="85177110" hostid="261"></div> “The country’s demand growth is likely to be led by east and central regions and will be primarily from affordable housing and infrastructure creation and the cement sector is expected to largely benefit from it. Nuvoco Vistas, being the largest cement company in the east region, is well placed to capitalise on these opportunities...We recommend to subscribe the [sic] issue from a long-term perspective,” said analysts at Investmentz.com. One biggest drawback for the company is its high debt. As of December 31, 2020, its net debt stood at ₹7,259 crore. The company intends to use the proceeds from the fresh issue to pay some of its debt. The cement manufacturer’s valuation is at a discount to its large cap peers as it partially factors high debt and low returns on capital employed (ROCE), said a report by IDBI Capital. “But given [the] up-cycle in the cement industry and expectation of improvement in margin and balance sheet deleveraging over FY21-23 earnings estimate we recommend subscribe,” added the report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/amara-raja-batteries-invests-in-five-year-old-startup-log-9/articleshow/85174877.cms">Battery maker Amara Raja invests in five-year-old startup Log 9</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/these-are-the-top-ten-most-popular-cryptocurrencies-in-the-world/slidelist/85174407.cms">Top 10 cryptocurrencies in the world — the story behind Bitcoin and other altcoins</a>

Nirma Group backed Nuvoco Vistas IPO: Analysts are bullish on the cement sector and recommend the IPO for long term

Chennai, Mar 23 (): India Cements Ltd on Monday said itwas shutting down operations at its plants across the countryfollowing the coronavirus pandemic.   "...considering the safety of all our stakeholders ourcompany's cement plants in Tamil Nadu, Andhra Pradesh,Telangana, Rajasthan and Maharashtra are shutting down theiroperations effective from such dates as per guidelines issuedby central and respective state governments", it said.In a BSE filing, the city-headquartered cement maker saidthe duration of the shutdown at its facilities would depend onthe improvement of the situation country-wide.   "The company has been taking all the necessaryprecautionary measures at all its offices, plants and unitsagainst the spread of COVID19 as advised by the governmentsfrom time to time", it added.  VIJVS   VS

India Cements shuts manufacturing plants across country

<ul><li>Top gainers in the <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> pack included Sun Pharma, Tata Steel, ONGC, <keyword id="6355596" type="COMPANY" weightage="20" keywordseo="ultratech-cement">UltraTech Cement</keyword>, NTPC and <keyword id="66427" type="DOMAIN" weightage="20" keywordseo="PowerGrid">PowerGrid</keyword>.</li><li>Markets are hoping for a coordinated action plan from the finance ministers of G7 countries and their central banks to mitigate the threat from <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> on the global economy.</li><li>The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) too, said it was closely monitoring the situation and is ready to take necessary action.</li></ul>Snapping its seven-day falling streak, equity benchmark Sensex rallied 480 points on Tuesday after gains in index heavyweights Reliance Industries, ICICI Bank and Kotak Bank amid positive cues from global markets. After a highly volatile session, the 30-share index surged 479.68 points or 1.26% to end at 38,623.70 with 28 of its constituents ending in green. The broader NSE Nifty jumped 170.55 points or 1.53% to close at 11,303.30. Top gainers in the Sensex pack included Sun Pharma, Tata Steel, ONGC, UltraTech Cement, NTPC and PowerGrid. On the other hand, ITC and <keyword id="6357149" type="DOMAIN" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> ended in the red. Shares of Vodafone Idea on Tuesday jumped over 6% after reports that the embattled telecom operator had <a href="https://www.businessinsider.in/business/news/vodafone-idea-shares-jump-over-6-pc/articleshow/74458408.cms" data-type="tilCustomLink" target="_blank">paid about ₹3,043 crore to the telecom department</a> towards deferred spectrum dues. Stocks at a 52-week high: ICICI Prudential Private Banks, IDBI Mutual Fund, IPCA Laboratories Limited. Stocks at a 52-week low:Bank of India, Cox &amp; Kings Financial Service Limited, Central Bank of India, Hindustan Oil Exploration Company Limited Domestic market sentiment got a was boost after the Reserve Bank of India (RBI) said it was closely monitoring global as well as domestic situation regarding the impact of deadly coronavirus and ready to take necessary action to ensure orderly functioning of financial markets. <div type="Article" hostid="261" msid="74459835" title="Rupee breaches 73-mark, dives 47 paise against US dollar amid coronavirus uncertainty" mstype="2" mssubtype="0"></div>

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Sensex snaps 7-day losing streak after RBI assures support against coronavirus threat

New Delhi, Nov 27 () JSW Cement is aiming to nearly double its production capacity to 25 million tonne per annum by 2023 by investing around Rs 2,875 crore and be among top five cement makers.
The investment would fund the expansion plans through a combination of debt and internal accruals, JSW Cement, part of USD 14 billion JSW Group, said in a statement. 
The company is planning to expand manufacturing capacity at its Odisha-based subsidiary Shiva Cement. It is also looking at ramping up capacity at its other units to reach the target. 
"As part of our strategy to play a significant role in India's infrastructure growth story, we are revising our overall cement capacity targets to 25 MTPA by 2023," said JSW Cement Managing Director Parth Jindal.
According to him, after completion of the capacity expansion, JSW Cement will be among top 5 Indian cement companies. 
The company's current capacity is 14 MTPA.
"JSW Cement's aggressive ramp up in capacity will entail a capex investment of approximately Rs 2,875 crore (including the planned capex at Shiva Cement)," the company said.
The company, which supplies cement to various infrastructure projects including Mumbai Metro, Kolkata Metro Rail, Coal India Project, AP State Housing Projects, among others, is sensing growth opportunity in the Portland Slag Cement (PSC).
"The growth opportunity for PSC is visible in the number of infrastructure projects that now uses JSW's PSC across India," it said adding the company is becoming a preferred green cement supplier for most of these projects. 
According to the statement, in the South, JSW Cement plans to add 3.6 MTPA capacity to take its overall green cement capacity to 11.6 MTPA. 
In the West, JSW Cement plans to add 2.4 MTPA taking its overall cement capacity to 4.6 MTPA. 
In eastern India, it is adding the largest chunk of production capacities of over 5 MTPA taking its capacity to 9 MTPA. 
"The capacity ramp up will be at manufacturing units at Salboni, West Bengal where the company will add 2.4 MTPA, Jajpur, Odisha facility with an addition of 1.8 MTPA along with 1 MTPA capacity addition at Shiva Cement," it said.
According to the Cement Manufacturers Association, India's cement industry has an installed capacity of 502 MTPA comprising about 250 large cement plants.
Adity Birla group firm UltraTech is the leading producer, which has a consolidated capacity of 117.35 MTPA of grey cement. KRH

 ANU

JSW Cement to double production capacity to 25 MTPA by 2023

Mumbai, Mar 3 () Even as infrastructure and affordable housing sectors are expected to drive demand for cement, the capacity utilisation is likely to be sub-70 per cent in the next financial year due to large capacity additions expected in 2019-20 and 2020-21, according to rating agencies. According to rating agencies ICRA, India Ratings and Crisil, the demand for domestic cement is expected to be muted as against the decade's high growth of 13 per cent in the previous year. "Incremental supplies are not fully integrated and most of it is backed by old limestone mining leases. Also, given that the grinding capacity addition is higher in relation to the clinker capacities for new units, the actual production from new capacities could be lower," ICRA Assistant Vice-President Anupama Reddy said. The agencies have pegged the capacity utilisation below 70 per cent for 2020-21. In the first nine months of FY20, the production at 247.4 million tonnes is marginally higher by 0.7 per cent as compared with the corresponding period of the previous financial year. The production has been increasing on a month-on-month basis from September 2019. A double-digit growth of 11.8 per cent in cement demand was witnessed in December 2019 as compared to December 2018, said ICRA. According to India Ratings, a continued oversupply coupled with below-70 per cent capacity utilisation is likely to limit the upside to profitability. Also, the possibility of an increased realisation looks limited, after a healthy uptick in 2019-20 despite a demand slowdown. Crisil's analysis shows that cement companies are set to report healthy operating profitability of 20 per cent next fiscal on an expected recovery in demand. "Next fiscal, we anticipate volume growth recovering to 5-6 per cent from 0.5-1 per cent estimated for this fiscal. Demand growth in the infrastructure and affordable housing sectors on a lower base should support volume growth. These two sectors together contribute almost 35-40 per cent of cement demand in India," Crisil Research Director Hetal Gandhi said. India Ratings expects the liquidity position of its rated cement companies to remain strong, led by the availability of significant cash balances, comfortable free cash flow generation and unutilised bank lines. "The credit profiles of cement makers next fiscal should continue to mend. Net debt/Ebitda is set to improve to 1.7 times this fiscal from two times in fiscal 2019, and further to 1.6 times next fiscal driven by healthy operating profitability, moderate capex (capital expenditure) and strengthening balance sheets," Crisil Director Nitesh Jain said. Ebitda is earnings before interest, tax, depreciation and amortisation. The industry's annual capex is expected to be at Rs 9,000-11,000 crore in fiscal 2020-21 in line with the past trend, Crisil noted. PSK HRS

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