ambuja cement Archives

Stocks To Watch: SBI, ONGC, Titan, Infosys, Britannia, Ambuja…

5 August 2024
by admin

Stocks To Watch On August 5: Domestic markets exhibited volatility over the past week, ultimately closing marginally lower amid mixed signals. In today’s trade, shares of SBI, Airtel, ONGC, Titan, Infosys, JSW Steel, IDBI Bank among others will be in focus due to various news developments and first quarter results.

Earnings Watch: Tata Chemicals, Triveni Turbine, Schneider Electric Infrastructure, Syrma SGS Technology, V-Mart Retail, VRL Logistics, Som Distilleries and Breweries, Motherson Sumi Wiring India, ONGC, Protean eGov Technologies, Orient Cement, Paras Defence and Space Technologies, Honeywell Automation, HG Infra Engineering Ltd., Keystone Realtors, Hindustan Construction Company, Manali Petrochemicals, Bharti Hexacom, Brigade Enterprises, BEML, BLS International Services, Andhra Paper Limited, BLS E-Services, and Century Enka among others.

State Bank of India (SBI): SBI reported a 1 per cent increase in net profit to Rs 17,035.16 crore for Q1 of the current financial year. Despite this, there was a sequential decline of 17.7 per cent. The gross non-performing assets (NPA) ratio improved to 2.21 per cent as of June 30, from 2.24 per cent in March and 2.76 per cent a year ago.

Titan Ltd: The jeweller and watchmaker saw a 1 per cent drop in standalone net profit to Rs 770 crore for the June quarter, compared to Rs 777 crore a year earlier, primarily due to reduced demand from higher gold prices.

Britannia Industries: The biscuit manufacturer reported a 14.5 per cent rise in consolidated net profit to Rs 524 crore for the June quarter, up from Rs 458 crore in the same period last year.

Infosys: The Goods and Services Tax (GST) authorities have rescinded a notice demanding Rs 3,898 crore from tech giant Infosys, out of a total tax demand of Rs 32,403 crore issued last week for the five-year period beginning in 2017-18. Infosys disclosed to stock exchanges on Saturday evening that it had received a notification from the Directorate General of GST Intelligence (DGGI) indicating the closure of “the pre-show cause notice proceedings for the financial year 2017-2018.”

Ambuja Cement: The Adani Group-owned cement company announced its first major investment in Bihar with the establishment of a 6 MTPA cement grinding unit at an investment of nearly Rs 1,600 crore.

Bank of India: The lender posted a 10 per cent increase in net profit to Rs 1,702.7 crore for Q1, up from Rs 1,551 crore in the previous year’s quarter.

Amara Raja Energy & Mobility: The energy and mobility solutions provider reported a 25.6 per cent rise in consolidated profit after tax to Rs 249.12 crore for the June quarter.

Divi’s Laboratories: The pharmaceutical company saw a 21 per cent year-on-year increase in net profit to Rs 430 crore for Q1, with revenues growing 19 per cent to Rs 2,118 crore.

JK Tyre & Industries: JK Tyre reported a 37 per cent year-on-year increase in consolidated net profit to Rs 211 crore for the June quarter, up from Rs 154 crore a year ago.

Tamilnad Mercantile Bank: The bank saw a 9.97 per cent rise in net profit to Rs 287.29 crore for Q1, driven by increased interest income, compared to Rs 261.23 crore in the same quarter last year.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More

Science & Environment

Ambuja Cement To Invest Rs 1,600 Crore in Bihar…

3 August 2024
by admin

Ambuja Cement will establish this facility with a 6 MTPA (million tonnes per annum) capacity.

The 6 MTPA Warisaliganj cement grinding unit is the first venture in Bihar of Ambuja Cement Ltd, which is aggressively expanding its capacity in the country.

Ambuja Cement Ltd (ACL) on Saturday announced an investment of around Rs 1,600 crore in Bihar to set up a cement grinding unit at Warisaliganj in Nawada district. The Adani Group-owned company will establish this unit with a 6 MTPA (million tonnes per annum) capacity.

The 6 MTPA Warisaliganj cement grinding unit is the first venture in Bihar of ACL, which is aggressively expanding its capacity in the country, according to a statement from the Adani Cement entity.

“The Warisaliganj Cement Grinding Unit, a standalone facility with an overall capacity of 6 MTPA (million tonnes per annum), will be established at an investment of nearly Rs 1,600 crore,” it said.

With this announcement, the billionaire Gautam Adani-led firm has become “the largest investment in the state by a cement industry player”.

“The project will meet the growing infrastructure needs of Bihar, aligning with priorities outlined in the recent Union Budget,” it said.

In the latest Union Budget 2024-25, the Narendra Modi-led government unveiled big-ticket projects for Bihar, proposing a total outlay of over Rs 60,000 crore for various projects, including funding for three expressways, a power plant, heritage corridors and new airports and sports infrastructure.

Finance Minister Nirmala Sitharaman announced Centre’s support for the development of three Expressway projects — Patna-Purnea, Buxar-Bhagalpur, and Bodhgaya, Rajgir, Vaishali and Darbhanga, and an additional two-lane bridge over river Ganga at Buxar.

These four projects will have a total cost of Rs 26,000 crore.

The Adani group firm said it will execute its cement grinding unit project in phases, with the first phase being commissioned by December next year.

“The project will be implemented in three phases with first phase of 2.4 MTPA at an investment of Rs 1,100 crore is targeted to be commissioned by December 2025. Adequate provisioning of land for future expansion is in place, which will be commissioned in due course at much lower capex,” ACL said.

The project will be located in Mosama village, Tehsil Warisaliganj, District Nawada, Bihar and the site is well-connected by road and rail network.

Moreover, this project will contribute “approximately Rs 250 crore per year to the state’s fiscal revenue” and create 250 direct jobs and 1,000 indirect jobs.

Bihar Industrial Area Development Authority (BIADA), the state agency, has already allotted 67.90 acres of land for this cement unit for which environmental clearance has been obtained for work on the site.

Pranav Adani, Managing Director (Agro, Oil & Gas) and Director, Adani Enterprises Limited, said: “We look forward to collaborating with the state government, authorities, and local communities on this and future projects. State government’s support in fast tracking and provisioning of all permits has made this landmark investment possible in short time.” Adani Group is the second largest cement maker. It had recently announced the acquisition of Hyderabad-based Penna Cement at an enterprise value of Rs 10,422 crore, which will add 14 MTPA, taking its capacity to 93 MTPA.

The group aims to achieve a 140 MTPA capacity by FY28 and is aggressively expanding organically through capacity expansion at the existing units and also going for acquisitions. Through Ambuja, it also controls ACC Ltd and acquired MyHome Industries and Sanghi Industries in 2023.

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More

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Stocks To Watch: SBI, ONGC, Titan, Infosys, Britannia, Ambuja…

Ambuja Cement To Invest Rs 1,600 Crore in Bihar…

The 6 MTPA Warisaliganj cement grinding unit is the first venture in Bihar of Ambuja Cement Ltd, which is aggressively expanding its capacity in the country.