ACC Q2 net dips 29% at Rs 82 cr

The resolution at Adani-owned ACC and Ambuja Cements was still passed with the support of promoters

Cement industry, cement

The revenue was up 8.1 per cent to Rs 4,790  crore year-on year basis. Total costs was Rs 4,510 crore , up 13.9 per cent due to high energy costs

NSE, Nifty, markets

Biocon, Gland Pharma, Mphasis and Bandhan Bank may move out, says note by Nuvama Alternative & Quantitative Research

Ambuja Cements

Ambuja Cements, now controlled by billionaire Gautam Adani-led Adani Group, on Wednesday said it has pledged 50.5 per cent shareholding in its subsidiary ACC Ltd as "collateral for loans taken by the company".
The company pledged its total 9.39 crore shares of ACC Ltd on September 26, 2022, said a regulatory filing by Ambuja Cements.
Adani has acquired the two firms -- Ambuja and ACC -- through a Mauritius-based SPV Endeavour Trade and Investment Ltd (ETIL), which is owned by Xcent Trade and Investment Ltd (XTIL).
"The shares of Endeavour Trade and Investment Ltd, Xcent Trade and Investment Ltd and Holderind Investments shall also be charged for such loans," it added.
Last week, Adani Group had said it had pledged its entire stake worth USD 13 billion in Ambuja Cements and ACC, days after completing its USD 6.5-billion acquisition of the two companies.
Adani group has encumbered its 63.15 per cent stake in Ambuja Cements and 56.7 per cent stake in ACC (of which 50 per cent is held

chart

The Adani group holds 63.15 per cent in Ambuja Cements and 56.69 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements)

The response was poor as the current market price is far above the open offer price, bankers said

Gautam Adani

Adani group on Friday launched its Rs 31,000-crore open offer to acquire 26 per cent additional stake from the public shareholders of Swiss firm Holcim's two Indian listed entities ACC Ltd and Ambuja Cements.
In May this year, the Adani Group had announced that it had clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 billion.
Markets regulator Sebi granted approval for the open offer last week. The open offer is estimated at over Rs 31,000 crore if fully subscribed.
In two separate regulatory filings, Ambuja Cements and ACC have submitted their letter of offers for the open offer, launched by the Adani family group's Mauritius-based firm Endeavour Trade and Investment.
As per the revised schedule submitted by ICICI Securities and Deutsche Equities India, managers to the open offer, the tendering of shares opens from August 26 and will end on September 9, 2022.
In May, the Adani Group had made an open offer at Rs 385 per share for Ambuj

On BSE, the scrip closed 5.87 per cent lower at Rs 338.3; Intra-day, it was trading at Rs 337.2

cement, cement firms

Over the medium-term, the companies expect all India cement demand to grow at around 5-6 per cent on an average, mainly on the back of rural housing, followed by infrastructure segment

The robust Q3 operating performance that was ahead of expectations is driving upgrades in earnings and target prices

cement prices

The agreement is for supply of cement, clinker and raw materials such as fuels, fly ash, slag and gypsum

India Cements, UltraTech Cement and Shree Cement were up in the range of 1% to 2% as compared to 0.06% rise in the S&P BSE Sensex at 01:35 PM.

ACC hit a 52-week high of Rs 1,754, up 6%, while Ambuja Cements up 8% to Rs 266 in intra-day trade

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

The scheme will offer an annual interest subsidy of between 3-6.5% on up to 0.9 million rupees of the loan amount

home loan, loan interest

Das asserted that directors in UCBs, who are elected to their positions, must possess expertise in diverse banking functions, including risk management and information technology

Shaktikanta Das

In Feb 2018, the MoD established two defence industrial corridors to serve as engines of economic development and growth of defence industrial base in the country

An exhibit of Su 30 MK-I fighter aircraft at the Bharat Dynamics Limited (BDL) pavillion during the 12th edition of DefExpo, in Gandhinagar on Tuesday

Defence Expo 2022

Weak demand, global slowdown add to their woes

Crude oil

"If the river starts and stops within that state, they can take the water. But if it starts from that one area and flows through other states, the water has to be divided," he added

Karnataka does not own Cauvery: DMK leader TKS Elangovan on water row

The National Investigation Agency Saturday confiscated the property of banned outfit Sikhs for Justice's chief Gurpatwant Singh Pannu here, said official sources.
A 'property confiscation notice' was put up outside the residence of pro-Khalistan Pannu in Chandigarh, they said.
The action was taken under Unlawful Activities Prevention Act.
"1/4th share of house no 2033, sector 15-C, Chandigarh, owned by Gurpatwant Singh Pannu, a proclaimed offender in NIA case stands confiscated to the state under section 33 (5) of the Unlawful Activities Prevention Act, 1967 by the orders of the NIA special court, SAS Nagar, Mohali, Punjab. This is for information of general public," read the notice put up outside Pannu's house.

National Investigation Agency NIA

Admitting for the first time, a top United States diplomat has confirmed that there was shared intelligence among Five Eyes partners that had prompted Canadian Prime Minister Justin Trudeau's offensive allegation about Indian agents' involvement in the killing of a Khalistani extremist on Canadian soil, according to a media report on Saturday.
There was shared intelligence among Five Eyes partners that informed Trudeau's public allegation of a potential link between the government of India and the murder of a Canadian citizen, CTV News Channel, Canada's 24-hour all-news network, reported quoting the US Ambassador to Canada David Cohen.
Five Eyes' network is an intelligence alliance consisting of the United States, United Kingdom, Australia, Canada and New Zealand. It is both surveillance-based and signals intelligence (SIGINT).
Trudeau had on September 18 made an explosive allegation of the potential involvement of Indian agents in the killing of Khalistani extremist Hardeep Singh .

Canada

Textile and clothing sectors must have a holistic approach with a long-term vision to seize the opportunity in the global market, industry officials said on Saturday.
Textiles and clothing industries are the second largest employment provider after agriculture generating Rs 30,000 crore as Goods and Services Tax revenue and USD 44 billion foreign exchange earnings, officials of Southern India Mills' Association said.
The industries have been facing challenges in the recent past mainly due to structural issues on the raw material front, high cost of production, scale of operation among others, SIMA Chairman S K Sundararaman said.
The Association would strive to address structural issues and enhance global competitiveness, he said.
According to association officials, the NDA government has been giving major thrust for enhancing the global competitiveness of the textiles and clothing industry and addressed several issues.
"However, the policy pitfalls in certain areas and delay in ..

exports

Chief Justice of India D Y Chandrachud on Saturday said the role of lawyers has evolved to address myriad global legal challenges in an era characterised by ever-increasing globalisation.
He said rapid technological advancement has created "complex legal issues", with lawyers leading the way in navigating this landscape. While the judiciary definitely bears the responsibility of administering justice and upholding the rule of law, lawyers play an equally vital role, he stressed.
"In an era characterised by ever-increasing globalisation, the role of lawyers has evolved to address myriad global legal challenges," the CJI said while speaking at the inaugural ceremony of the Bar Council of India's (BCI) 'International Lawyers Conference 2023' here.
He said lawyers ensure that clients and governments adapt to technological changes while upholding legal rights and regulations, covering areas like cybersecurity, data privacy and intellectual property.
"Lawyers also bear significant ...

Chief Justice of India (CJI) D Y Chandrachud

International credit agency Moody's Investors Service has made sweeping assertions against Aadhaar without citing any evidence, the Unique Identification Authority of India (UIDAI) said on Monday.
The UIDAI issued a strong rebuttal to Moody's Investors Service which claimed that the Aadhaar system often results in service denials and the reliability of biometric technologies, especially for manual labourers, in hot and humid climates is questionable.
"A certain investor service has, without citing any evidence or basis, made sweeping assertions against Aadhaar, the most trusted digital ID in the world. Over the last decade, over a billion Indians have expressed their trust in Aadhaar by using it to authenticate themselves over 100 billion times," the UIDAI said in a statement.
The unique id Aadhaar's custodian said that the report in question does not cite either primary or secondary data or research in support of the opinions presented in it.
"The investor service did not make any

Adhaar, UIDAI

The Nijjar murder is fast unfolding into treacherous scenarios that could have tragic consequences for both nations. No one stands to gain from the ongoing face-off

India Canada

India's rage is misplaced and hardly serves to endear the country to those appalled by the idea that it may have had a Canadian citizen killed

The leaders of both countries should encourage bilateral trade and people-to-people exchanges that can help build bridges

Canada has updated travel advisory for its citizens in India asking them to "stay vigilant and exercise caution" in the context of recent developments as there are calls for protests and some "negative sentiment" towards Canada on social media.
Tensions flared between India and Canada following Canadian Prime Minister Justin Trudeau's explosive allegations of a "potential" involvement of Indian agents in the killing of Khalistani extremist Hardeep Singh Nijjar, 45, on his country's soil on June 18 in British Columbia. India had designated Nijjar as a terrorist in 2020.
India angrily rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case.
"In the context of recent developments in Canada and in India, there are calls for protests and some negative sentiment towards Canada on social media. Please remain vigilant and exercise caution," the Canadian government said in an

The appointment of Scherer, 61, heralds broad continuity inside the main commercial arm, which competes with Boeing and makes up about 70% of the company's revenues

New Airbus A321XLR Photo credit: dreamstime.com

Companies which exceed their targets earn carbon credits that can be sold to firms which fall short of their goals

carbon emission, carbon tax, climate change, pollution

The domestic pharmaceutical industry needs to focus on the research and development of innovative products in order to move up the value chain and achieve global leadership in the sector, Union minister Mansukh Mandaviya said on Tuesday.
The Union health minister, who also helms the Chemical and Fertilisers ministry, asked the medical technology companies to produce critical equipment in India for the global markets.
While formally unveiling the National Policy on Research & Development and Innovation in the Pharma-Med Tech Sector here, Mandavya said the domestic pharmaceutical companies invest less on research and development when compared to multinational companies.
"International MNCs spend 20-25 per cent of their profits in research and innovation while for Indian companies the average is around 10 per cent...Till the time we do not come out with research-led innovative products, we cannot lead the segment globally," he noted.
He said the government wants to make the pharma ...

Union Health Minister Mansukh Mandaviya

The Enforcement Directorate on Tuesday told the Supreme Court that the probe agency will not summon BRS leader K Kavitha in the Delhi excise policy case till the court hears her plea on November 20.
A bench of Justices Sanjay Kishan Kaul and Sudhanshu Dhulia told Additional Solicitor General SV Raju, appearing for the Enforcement Directorate, "Don't call her in the meantime."
Raju assured the bench that Kavitha will not be called for questioning till November 20.
The bench posted Kavitha's plea, in which she has challenged the summons issued by the agency on November 20, and said in matters where interim orders of protection are issued will be extended.
On September 15, the ED had told the apex court that the summons issued to Kavitha for her appearance before the agency will be extended by 10 days.
The ED had issued the summons dated September 4 to Kavitha, the daughter of Telangana Chief Minister K Chandrashekar Rao, seeking her appearance at the agency's Delhi office on Septemb

ED tells SC it will not summon Kavitha in Delhi excise case till Nov 20

Enforcement Directorate

Ashish Mishra, the son of Union Minister Ajay Mishra, moved Supreme Court challenging Allahabad High Court which denied bail to him in connection with the Lakhimpur Kheri violence case

ACC Ambuja Cements

ACC, Ambuja Cements face resistance from shareholders to adopt FY23 results

ACC Q4 results: Profit falls 40% due to high energy costs, revenue up 8.1%

Adani Power, Varun Beverages, ABB ripe for Nifty Next50 inclusion

Ambuja Cements signs non-dealing pact with lenders on ACC stake

ACC, Ambuja Cements shares tank over 5% on concerns over encumbrance

Ambuja Cements, ACC receive lukewarm response from public shareholders

Adani makes Rs 31K-cr open offer to buy 26% stake in ACC, Ambuja Cements

Ambuja Cements' shares fall nearly 6% on weak results in Dec quarter

ACC, Ambuja Cements gain up to 7% in a weak market; trade near record highs

Strong realisation, cost saving lift ACC's Q3 show; sales at year-ago level

ACC and Ambuja Cements plan to enter into master supply agreement

Cement shares trade firm; ACC, Ambuja Cements up 3%

ACC, Ambuja Cements rally over 5% on merger plan