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Kolkata, <keyword id="6355596" type="General" weightage="20" keywordseo="ultratech-cement" source="Orion">UltraTech Cement</keyword> is set to acquire the cement business of BK Birla Group's flagship company <keyword id="44681" type="General" weightage="100" keywordseo="kesoram" source="Orion">Kesoram</keyword> Industries in an all-share deal, with a business valuation of approximately Rs 7,600 crore, including debt. Kesoram announced that its board has approved the demerger of its cement business under a scheme of arrangement. In the deal, shareholders will receive one share of UltraTech Cement for every 52 Kesoram shares of Rs 10 each. Kesoram currently has two integrated cement units at Sedam (Karnataka) and Basantnagar (Telangana) with a total installed capacity of 10.75 mtpa as well as a 0.66 mtpa packing plant at Solapur, Maharashtra. In 2022-23, Kesoram's turnover from cement operations was Rs 3,533.75 crore. The deal was made within the Birla family. <keyword id="6354955" type="General" weightage="50" keywordseo="kumar-mangalam-birla" source="Orion">Kumar Mangalam Birla</keyword>, the grandson of BK Birla, heads the AV Birla Group which owns UltraTech. UltraTech is the third-largest cement producer in the world, outside of China, with a total grey cement capacity of 137.85 MTPA and the ongoing projects will take its capacity to 160 million. The current management is under <keyword id="183967" type="General" weightage="50" keywordseo="manjushree-khaitan" source="Orion">Manjushree Khaitan</keyword>, the daughter of the late industry patriarch. Kumar Mangalam Birla already holds a stake indirectly in Kesoram through his family investment vehicles. The Kesoram management failed to infuse fresh capital to manage its Rs 1,700 crore high-cost debt with interest rates ranging between 18 per cent and 20 per cent. "Now, the entire debt and preference shares exceeding Rs 1,700 crore will move with the demerged cement business to Ultratech," said a Kesoram official. "The deal valuation, including debt, is Rs 7,600 crore," he said. The demerger and merger will help Kesoram Industries meet its repayment obligations and deleverage its balance sheet, including reducing debt. Kesoram recently lost control of Birla Tyres in an insolvency process. The Kesoram board also withdrew the scheme of demerger with its wholly-owned subsidiary Cygnet Industries which will remain under Kesoram. Kesoram will now retain Cygnet, which operates in the viscose rayon filament yarn and chemical manufacturing verticals and has around 2,500 employees. In FY23, it registered a turnover of Rs 260.62 crore and a loss of Rs 78.61 crore. For this transaction, UltraTech will issue 59,74,301 new equity shares to the shareholders. This will increase its equity capital to Rs 294.66 crore, consisting of 29.47 crore equity shares of Rs 10 each. The transaction will provide UltraTech with the opportunity to expand its footprint in the highly fragmented, competitive and fast-growing western and southern markets in the country, a statement said. The transaction is expected to be consummated within 9-12 months subject to above regulatory approvals.

UltraTech to take over Kesoram's cement business in an all-share deal

<ul><li>The 30-share BSE index was trading 44 points lower, and NSE Nifty was trading 0.19% lower.</li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Indian equity benchmark indexes pared early gains to trade lower on Thursday, led by selling in IT, banks, metals and auto stocks. The 30-share BSE index was trading 44 points lower, and NSE Nifty was trading 0.19% lower at 12,834 points Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paint </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td></tr></tbody></table>*as of November 26, 9:50 am These are the top stocks in news today. <keyword id="6755223" type="UNKNOWN" weightage="20" keywordseo="IndiGo-shares">IndiGo shares</keyword> down nearly 3% The shares of IndiGo lost nearly 3% after Citi downgraded its rating to Sell from Neutral. The brokerage said that IndiGo’s market share might have peaked and it could trend lower as its peers ramp up. Siemens trades 7% higher The shares of tech major Siemens gained over 7% despite the company reporting a 4.7% fall in net profit at ₹333 crore for the September quarter mainly on higher expenses due to lockdown. However, the company said that during the quarter, the new orders from continuing operations grew 8.7% at ₹3,220 crore as compared to the year-ago period. Laurus Labs gains over 3% The shares of Drug major Laurus Labs soared over 3% after it had signed definitive agreements with the Eight Roads Ventures, VenturEast Proactive Fund, and VenturEast Life Fund III to acquire 72.55% stake in biotech firm Richcore Lifesciences for a cash consideration of ₹246.67 crore. Future Consumer locked in 5% lower circuit The shares of Future Consumer were locked in a 5% lower circuit after its recently appointed CEO, Rajnikant Sabnavis, resigned from his position. Union Bank gain over 2% The shares of Union Bank gained over 2% after its board has approved raising up to ₹6,800 crore during this fiscal to fund business growth. Fine Organics gains over 2% The shares of Fine Organic Industries gained over 2% after it informed the exchanges that it had commenced operations at its newly opened company facility in Maharashtra. Kesoram Industries trades 7% higher The shares of BK Birla Group flagship Kesoram Industries gained over 7% after the company said its consortium of lenders had given their in-principle approval to a resolution plan to raise funds and restructure debts. The total debt of the company currently stands at over ₹2,000 crore. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/us-stocks-dip-from-record-levels-on-disappointing-economic-data-and-soaring-covid-19-cases/articleshow/79418413.cms" data-type="tilCustomLink">US stocks dip from record levels on disappointing economic data and soaring COVID-19 cases</a> <a href="https://www.businessinsider.in/sports/news/diego-maradona-one-of-the-greatest-stars-in-soccer-history-has-died-at-the-age-of-60/articleshow/79414628.cms" data-type="tilCustomLink">Diego Maradona, one of the greatest stars in soccer history, has died at the age of 60</a>

Top stock movers — IndiGo, Siemens, Laurus Labs, Future Consumer, Kesoram Industries, and others

<ul><li>At 7:45 am, the SGX Nifty was up 0.03%, indicating a flat start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a tepid note today, led by mixed cues from the global markets. At 7:45 am, the SGX Nifty was up 0.03%, indicating a flat start for Nifty50. On Wednesday, the US stocks dipped from its record levels on disappointing economic data and soaring COVID-19 cases. The Dow Jones Industrial Average closed 174 points lower, and the S&amp;P 500 was down 0.16%. These are the stocks to watch out for during the trading session today: <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> The Reserve Bank of India said the amalgamation of Lakshmi Vilas Bank with DBS Bank India would come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The National Stock Exchange (NSE) will suspend trading on the shares of the Lakshmi Vilas Bank (LVB) with effect from today. The shares of Lakshmi Vilas Bank ended 5% higher on Wednesday. <keyword id="2607288" type="PERSON" weightage="20" keywordseo="Future-Consumer">Future Consumer</keyword> The recently appointed CEO of Future Consumer, Rajnikant Sabnavis, has resigned from his position. The shares of Future Consumer ended 5% higher on Wednesday. <keyword id="2053975" type="COMPANY" weightage="20" keywordseo="Laurus-Labs">Laurus Labs</keyword> Drug firm Laurus Labs announced that it had signed definitive agreements with the Eight Roads Ventures, VenturEast Proactive Fund, and VenturEast Life Fund III to acquire 72.55% stake in biotech firm Richcore Lifesciences for a cash consideration of ₹246.67 crore. The shares of Laurus Labs ended 1.64% lower on Wednesday. <keyword id="51925" type="CITY" weightage="20" keywordseo="Union-Bank">Union Bank</keyword> The board of the state-owned Union Bank of India board has approved raising upto ₹6,800 crore during this fiscal to fund business growth. The shares of Union Bank of India ended 3% higher on Wednesday. Fine Organic Industries Fine Organic Industries Limited informed the exchanges that it had commenced operations at its newly opened company facility in Maharashtra. The shares of Fine Organic Industries ended 2.38% lower on Wednesday. <keyword id="556475" type="COMPANY" weightage="20" keywordseo="Vakrangee">Vakrangee</keyword> Vakrangee has withdrawn the amalgamation of its subsidiaries Vakrangee Logistics Private and Vakrangee Finserve with Vakrangee Limited. The company said its amalgamation scheme is presently pending with NCLT to seek appropriate directions. Still, there have been substantial changes in the business environment in the last few months, and the management of the company is of the opinion that, considering the present scenario, it would not be prudent to proceed with proposed amalgamation. The shares of Vakrangee ended 2% higher on Wednesday. <keyword id="134114" type="CITY" weightage="20" keywordseo="Kesoram-Industries">Kesoram Industries</keyword> BK Birla Group flagship Kesoram Industries said its consortium of lenders had given their in-principle approval to a resolution plan to raise funds and restructure debts. The total debt of the company currently stands at over ₹2,000 crore. The shares of Kesoram Industries ended 6% higher on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/us-stocks-dip-from-record-levels-on-disappointing-economic-data-and-soaring-covid-19-cases/articleshow/79418413.cms" data-type="tilCustomLink">US stocks dip from record levels on disappointing economic data and soaring COVID-19 cases</a> <a href="https://www.businessinsider.in/sports/news/diego-maradona-one-of-the-greatest-stars-in-soccer-history-has-died-at-the-age-of-60/articleshow/79414628.cms" data-type="tilCustomLink">Diego Maradona, one of the greatest stars in soccer history, has died at the age of 60</a>

Top stocks to watch — Lakshmi Vilas Bank, Future Consumer, Laurus Labs, Union Bank, Vakrangee, Kesoram Industries, and others

Shares of <keyword id="2188852" type="UNKNOWN" weightage="100" keywordseo="Just-Dial-Ltd-">Just Dial Ltd.</keyword>, an Internet-based search website, surged 12.4 percent to 918.40 rupees after the company unveiled a new mobile phone-based application that is expected to drive more traffic to the site compared with just desktop-based access. 
 
KESORAM INDUSTRIES: Shares of Kesoram Industries Ltd., a diversified company, rose 4.1 percent to 106.40 rupees on news that the company had sold one of its divisions making tyres to larger rival J K Tyre &amp; Industries Ltd. for an enterprise value of 2,200 crore rupees. The proceeds will be used to cut debt, Kesoram said. 
 
VIVIMED LABS: Vivemed Laboratories Ltd., a pharma company, added 4.3 percent to 306.65 rupees after it announced its plans to sell a part of its specialty chemicals business for 380 crore rupees. 
 L&amp;T FINANCE HOLDINGS Ltd.: L&amp;T Finance, a mid-sized <keyword id="6355260" type="CITY" weightage="100" keywordseo="NBFC">NBFC</keyword>, rose 4.5 percent to 66.95 rupees on media reports that <keyword id="34499" type="POSITION" weightage="100" keywordseo="private-equity">private equity</keyword> investor Bain Capital was interested in buying a minority stake in the lender in a bid to benefit from firm credit growth in the sectors addressed by L&amp;T Finance. 
 
ASIAN PAINTS Ltd.: India's top paints maker gained 2.3 percent to 834.90 rupees on news the company was consolidating its overseas operations into a single, wholly owned subsidiary. 
 <keyword id="45179" type="CITY" weightage="100" keywordseo="NTPC">NTPC</keyword> Ltd.: India's top power producer was the top gainer on the <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> on news that two of its power plants, under maintenance-related shutdowns, would begin production from October 1st. The stock rose 4.2 percent to 124.70 rupees. 
 
VENKEY's INDIA: The nation's top egg provider jumped 13 percent to 484 rupees after it announced a bonus issue in the ratio of 1:2. 
 
AMTEK AUTO Ltd.: The auto ancillary maker surged 12 percent to 54.15 rupees, gaining for the second day, on expectations that its huge debt pile will be restructured for it to restart interest payments 
 
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UltraTech to take over Kesoram's cement business in an all-share deal

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Top stock movers — IndiGo, Siemens, Laurus Labs, Future Consumer, Kesoram Industries, and others

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Top stocks to watch — Lakshmi Vilas Bank, Future Consumer, Laurus Labs, Union Bank, Vakrangee, Kesoram Industries, and others

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Launch of a new app worked in favour of Just Dial at the markets today

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