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A view shows Ambuja Cement bags, to be carried to a construction site, in a load carrier in Ahmedabad, India, July 29, 2022. REUTERS/Amit Dave/File PhotoNEW DELHI, Aug 1 (Reuters) - India's Ambuja Cements (ABUJ.NS) has reached a deal to acquire a majority stake in operations of Sanghi Industries (SNGI.NS), two sources with direct knowledge said, a transaction that will add heft to cement operations of billionaire Gautam Adani's firm. The deal by Ambuja is likely to be announced as soon as Wednesday, the sources said, declining to be named because the decision is not public. One of the sources said the deal was done by considering Sanghi's enterprise value at 60 billion rupees ($729 million). Sanghi Cement declined to comment.

Persons: Amit Dave, Gautam Adani's, Ambuja, Adani, Aditya Kalra, Leslie Adler Organizations: REUTERS, Sanghi Industries, Economic, Sanghi, UltraTech, ACC Ltd, Adani Group, Reuters, Thomson Locations: Ahmedabad, India, Gujarat

☆ Indian shares pare early gains as IT stocks reverse course
▼ + stars: | 2023-07-19 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

REUTERS/Niharika Kulkarni/File photoBENGALURU, July 19 (Reuters) - Indian shares trimmed gains on Wednesday, as information technology stocks reversed early gains and offset the broad sectoral rise, ahead of the June-quarter earnings of top companies. The Nifty 50 (.NSEI) index rose 0.18% to 19,784.25, with the S&P BSE Sensex (.BSESN) in toe at 66,921.20, as of 12:56 p.m. IST. High-weightage IT stocks (.NIFTYIT) erased 0.5% gains and are on course to snap a four-day winning streak. Among individual stocks, NTPC (NTPC.NS) rose over 4%, topping the Nifty 50 after brokerage Goldman Sachs identified it as the top pick in the power sector. Several other Nifty 50 constituents, including Infosys (INFY.NS), Ultratech Cement (ULTC.NS), Reliance Industries (RELI.NS), and ICICI Bank (ICBK.NS) will report their quarterly earnings later this week.

Persons: Niharika Kulkarni, Narendra Solanki, Anand, Goldman Sachs, Bharath Rajeswaran, Sonia Cheema, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, BSE, TV18, U.S . Federal Reserve, Investment Services, IndusInd Bank, Hindustan Unilever, Infosys, Ultratech, Reliance Industries, ICICI Bank, Thomson Locations: Mumbai, BENGALURU, U.S, Europe, Bengaluru

☆ Goldman strategist says one country offers the 'most fertile ground for picking stocks' and shares his favorites
▼ + stars: | 2023-07-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

That's despite Indian stocks already soaring, with the country's benchmark indexes BSE Sensex and Nifty 50 soaring to new record highs on Friday, according to Refinitiv data. He said that Indian stocks have a 16% compound annual return over the last 20 years in local currency terms, and 13% in dollar terms. It also has a high proportion of what Goldman analysts dub "multibagger" stocks, according to Koul. Goldman Sach screened 25 large-cap Indian stocks for those with an attractive growth and valuation profile. Four banks meet its criteria: HDFC Bank , ICICI Bank , State Bank of India and Kotak Mahindra Bank.

Persons: Goldman Sachs, Sunil Koul, CNBC's, Koul, That's, Goldman, Banks, Goldman Sach, Larsen, Toubro, — CNBC's Michael Bloom Organizations: Asia Pacific, CNBC, HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, U.S . Global, SBI, UltraTech, Growers Locations: India, U.S

☆ Indian shares set to open higher as strong earnings lift mood
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 24 (Reuters) - Indian shares were set to open higher on Monday as improved quarterly results from heavyweights Reliance Industries Ltd (RELI.NS) and ICICI Bank Ltd(ICBK.NS) eased some concerns over a lacklustre start to the earnings season. India's most valuable company, Reliance Industries reported 19% growth in fourth-quarter profit, aided by the strong performance in oil-to-chemicals (O2C) segment, post market hours on Friday. Private lender ICICI Bank posted a 30% jump in net profit in the March quarter, helped by improved net interest income and loan growth. The strong earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak earnings and outlook of top information technology companies, analysts added. Stocks to Watch:** Yes Bank Ltd (YESB.NS): Lender's net profit slumps 45% in the March quarter on higher provisions.

One of the government officials directly involved in the matter said New Delhi is "not comfortable" with foreign trade settled in yuan but said settlement in "dirham is okay." The second official said that India cannot allow settlement in yuan till the relations between the two countries improve. The five officials did not say whether there were also economic reasons behind India's reluctance to accept yuan settlement. Two banking officials, aware of the matter, said the Reserve Bank of India (RBI) is not keen on foreign trade settlement in yuan, and confirmed that the government has discouraged them from using the currency. They also said Russia was keen on yuan settlement as it helps them in purchases of goods from China.

☆ India stock markets have been volatile. Analysts say these sectors are worth watching
▼ + stars: | 2023-02-15 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

In particular, some are bullish about the construction sector and say an infrastructure push could benefit cement stocks. Investors can consider playing the country's infrastructure sector through domestic cement names, Garre said. Cement: UltraTech, AmbujaBernstein likes UltraTech Cement — a company Garre said has the capacity to keep up with the growing number of real estate projects coming up in India. Shares of UltraTech Cement was trading at about 7,123.05 on Wednesday, lower by 0.21%. Engineering: ABB India, Siemens India and moreEngineering companies that focus on infrastructure and construction are also good buys, IIFL Securities said.

☆ Indian shares set to open higher; key earnings to provide direction
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 23 (Reuters) - Indian stocks were poised to open higher on Monday, tracking a Wall Street rally in the previous session, with shares also taking cues from the earnings of heavyweights such as Reliance. Financial stocks (.NIFTYFIN) could gain after robust quarterly earnings results from top banks over the weekend. Wall Street equities rallied to close higher on Friday, as upbeat quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts. ** India's top cement maker, UltraTech Cement (ULTC.NS), reported a 38% decrease in quarterly profit on Saturday, dented by a surge in expenses. ** Yes Bank (YESB.NS) reported a surprise 80% plunge in quarterly profit on Saturday as provisions for bad loans increased.

☆ India's UltraTech Cement quarterly profit falls 38%
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +1 min

CHENNAI, Jan 21 (Reuters) - India's top cement maker, UltraTech Cement (ULTC.NS), reported a 38% decrease in quarterly profit on Saturday, dented by a surge in expenses. Profit for the three months through December fell to 10.62 billion rupees ($131.2 million) from 17.10 billion rupees the same period a year earlier, UltraTech said in an exchange filing. Expenses surged to 141.23 billion rupees from 114.22 billion rupees. Competition is rising in India's cement industry, with manufacturers increasing capacity to stave off the sector's newest entrant, the Adani Group. Shares in UltraTech closed marginally lower at 7,177.15 rupees on Friday.

☆ Indian shares fall as China COVID surge dampens sentiment
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 29 (Reuters) - Indian shares fell on Thursday, dragged by broad-based declines, as a surge in COVID cases in China dampened optimism generated by the reopening of the world's second-largest economy. The Nifty 50 index (.NSEI) was down 0.58% at 18,017.85, as of 11:27 a.m. IST, and the S&P BSE Sensex (.BSESN) fell 0.54% to 60,578.03. Forty-five of the Nifty 50 constituents fell, with Tata Consumer (TACN.NS), Tata Motors (TAMO.NS), Grasim (GRAS.NS), Ultratech Cement (ULTC.NS), HDFC (HDFC.NS) and Hindalco Industries (HALC.NS) losing over 1.25%. Several countries, including the United States and India, have made COVID tests mandatory for travellers from China. The stock was the top gainer in Nifty 50 index.

☆ Indian shares edge up on UltraTech Cement boost
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 22 (Reuters) - Indian equity benchmarks edged higher on Tuesday, after declining for three straight sessions, buoyed by gains in top cement producer UltraTech Cement (ULTC.NS). The benchmark S&P BSE Sensex (.BSESN) rose 0.11% to 61,212.36, while the NSE Nifty 50 index (.NSEI) gained 0.08% to 18,175.10. UltraTech Cement (ULTC.NS) led gains on the Nifty, rising as much a 2.4% to a near three-week high, while its parent Grasim Industries (GRAS.NS) advanced 2.1%. Indian markets are likely to be range-bound and not follow global cues ahead of state elections due in December, said AK Prabhakar, Head of Research, IDBI Capital. Foreign institutional investors sold 15.94 billion Indian rupees ($195.11 million) worth of equities on Monday, while domestic investors bought 12.63 billion rupees ($154.59 million) of shares, per provisional NSE data.

☆ India's UltraTech Cement misses Q2 profit estimates as expenses rise, demand weakens
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - India's top cement maker UltraTech Cement (ULTC.NS) on Wednesday reported a bigger-than-expected drop in September-quarter profit, dented by higher power and fuel costs as well as lower demand. Consolidated net profit for the quarter was at 7.56 billion Indian rupees ($91.77 million), down over 42% on year. Analysts, on average, had expected the company to report a profit of 8.58 billion rupees for the latest quarter, according to IBES data from Refinitiv. Consolidated net sales in the September-quarter rose about 16% to 135.96 billion rupees from a year ago. read moreCompetition in domestic cement industry got heated after UltraTech Cement in June charted out a plan to increase its annual capacity to 159.25 million tonnes per annum to stave off competition from the sector's newest entrant Adani Group.

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