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The Economic Times

Trump, Harris angle to gain political edge from Fed rate cut

The Federal Reserve's decision to cut interest rates by half a percentage point has stirred the 2024 presidential race. Kamala Harris welcomed the move as beneficial for middle-class families, while Donald Trump suggested it might be politically motivated. The economy and interest rates have become key issues in the election debate.

Mint

Aster DM Healthcare quashes merger rumours: Is Blackstone-backed Care Hospitals still in the race?

Aster DM Healthcare has dismissed speculation about a potential merger with Blackstone-backed Care Hospitals. A merger between the two entities would potentially create one of the largest healthcare networks in India.

The Economic Times

Bhartias lead race for Coke bottler Hindustan Coca-Cola Beverages, ink exclusivity pact to buy up to 40% stake for $1.4 billion

The Jubilant Bhartia Group promoters are leading the race to acquire a significant minority stake in Coca-Cola's India bottling arm, Hindustan Coca-Cola Beverages (HCCB). They have signed an exclusivity agreement with Coca-Cola to negotiate the purchase for Rs 10,800-12,000 crore. This move is part of Coca-Cola's strategy to adopt an asset-light model and precedes a planned listing of HCCB.

The Economic Times

Matchmaker turns suitor: Nomura joins three-way race for homegrown investment bank Avendus

Nomura, Japan's largest investment bank, has entered the race to acquire Avendus, a KKR portfolio company. Previously acting as an advisor on the deal, Nomura has now become a potential buyer. Other contenders include Mizuho and Carlyle. KKR is seeking a valuation of ?5,500-6,000 crore for its stake in Avendus.

The Economic Times

UltraTech Cement Stocks Live Updates: UltraTech Cement Closes at Rs 11,717.95 with Significant Trading Volume

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Hindustan Times

Trump can only watch as his media stake takes a $4 billion dive

The paper fortune that former President Donald Trump amassed by taking a nascent media startup public is shriveling and a race to exit could shrink it even more

The Economic Times

​UltraTech Cement, HCL Tech among 5 stocks with short covering​

Short covering occurs when traders repurchase stocks they had borrowed and sold earlier, typically in response to changing market conditions or updated information.

Business Standard

India's renewable energy sector fuels hiring boom in race to net-zero goal

The renewable energy sector has experienced a remarkable surge in jobs, with a staggering 23.7 per cent increase in FY24, compared to 8.5 per cent in FY23

Mint

Can Tata and Adani give Nvidia a run for its money?

Nvidia’s growth in AI and GPU technology contrasts with Indian firms’ nascent semiconductor efforts. Tata and Adani groups are investing in chip manufacturing as India aims to establish a domestic semiconductor ecosystem. But how long will it be before India catches up in the global race?

Business Standard

L&T joins semiconductor race, to create chip firm and invest over $300 mn

The tech-to-construction company will spend the money over three years to establish a fabless chipmaker, which designs and sells semiconductors but contracts out their production

The Economic Times

The stocks, bonds and currencies investors are watching during the Trump-Harris debate

Investors are increasingly jittery ahead of the first US presidential debate between Kamala Harris and Donald Trump. Volatility measures are rising, reflecting uncertainty in the tight race. The debate could significantly impact market sentiment amid mixed economic signals and ongoing political risks.

The Economic Times

Apple unveils new iPhone built for AI

Apple on Monday announced a new iPhone built for generative artificial intelligence as it seeks to boost sales and show it is keeping up in the technology race. "Apple Intelligence" is a new suite of software features for all devices that was announced in June at the company's annual developers conference, where it also announced a partnership with ChatGPT-maker OpenAI. "For years, artificial intelligence and machine learning have been essential in delivering so many of the features and experiences you love," Cook said.

Business Line

Race Eco Chain, Ganesha Ecosphere form JV to recycle plastic

The new company aims to launch numerous washing lines across India to transform PET bottles into reusable flakes

The Economic Times

OpenAI, Meta flex muscles as AI race heats up

The pressure to show that the wider public is adopting ChatGPT-style AI chatbots is significant given the huge costs of delivering the technology. Facebook-owner Meta meanwhile on Friday said that usage of AI features across its platforms had jumped to 400 million monthly users and 185 million every week.

The Economic Times

AI's race for US energy butts up against bitcoin mining

Currently, data centers account for about 1%-1.3% of global electricity consumption, versus crypto mining's roughly 0.4%, according to the International Energy Agency. That disparity is expected to grow. Analysts expect 20% of bitcoin miner power capacity to pivot to AI by the end of 2027.

Business Standard

UltraTech Cement raises $500 mln via sustainability-linked loan

UltraTech Cement announced that it has raised $500 million through a sustainability-linked loan (SLL) with participation from six banks.

Mint

Stocks to Watch: UltraTech Cement, AU Small Finance Bank, Vedanta, Medi Assist, Paytm and more

Here’s a quick look at stocks likely to be in focus in today's trade.

Business Line

Stocks that will see action today: August 27, 2024

Buzzing stocks: BHEL, Ultratech Cement, HCL Tech, PI Ind, MedPlus, Medi Assist, AU Small Finance Bank, Aurobindo Pharma, Alembic Pharmaceutical

Business Standard

UltraTech Cement raises $500 mn through sustainability-linked loans

The company added that the transaction marks the second sustainability-linked financing raised by UltraTech, following its inaugural sustainability-linked bond issuance in 2021

Business Standard

UltraTech Cement raises $500 million via sustainability-linked financing

Sustainability-linked finance is a method through which borrowers meet environmental, social and governance targets while raising funds

CNBC TV18

UltraTech Cement raises $500 million through sustainability-linked financing

The transaction marks the second sustainability-linked financing by UltraTech, after its inaugural sustainability-linked bond issuance in 2021. Shares of UltraTech Cement Ltd ended at ₹11,315, down by ₹9.55, or 0.084%, on the BSE.

Business Line

UltraTech Cement raises $500 m via sustainability loan

Sumitomo Mitsui Banking Corporation acted as sole Sustainability Coordinator for the transaction

The Economic Times

UltraTech raises $500 million through sustainability-linked financing

UltraTech Cement raised $500 million through a sustainability-linked loan, marking its second such endeavour after a 2021 bond issuance. Six banks, including SMBC and SBI, participated. The company posted a slight increase in net profit for the quarter ended June 30, 2024, compared to the previous year, with revenue also seeing a modest rise.

The Economic Times

Ultratech Cement raises $500 million through sustainability-linked financing

UltraTech Cement secured $500 million through a sustainability-linked loan, with contributions from six banks, according to a stock exchange filing by the company. This deal represents UltraTech's second foray into sustainability-linked financing, following its first sustainability-linked bond issuance in 2021.

The Economic Times

Strong hybrids rev up to fly past EVs in green race as car sales make a pit stop

Strong hybrid vehicle sales grew 62.5% in the June quarter, driven by the Uttar Pradesh government's incentives. In contrast, electric vehicle sales have stalled due to range anxiety and costs. Manufacturers are now exploring alternative technologies, such as hybrids and flex-fuel, to bridge the gap. The Indian EV infrastructure remains a work in progress.

The Economic Times

Indian cement makers to invest Rs 1.25 lakh cr in 2 years to meet growing demand

The Indian cement industry is planning a capital expenditure of around Rs 1.25 lakh crore for FY25 to FY27 to meet increasing demand, according to a report by CRISIL. This will add 130 million tonnes of cement grinding capacity. The sector’s credit profiles are expected to remain stable due to low capex intensity and strong balance sheets. Major players such as UltraTech and Adani Group are leading the expansion. The top five cement manufacturers held around 54 per cent of the market share in FY24, indicating significant consolidation in the industry.

Business Standard

YEIDA offers 200 acres to Ducati for India's first motorcycle race track

Italian motorcycle manufacturer Ducati is considering building a dedicated motorcycle racing facility in the state, with the potential to attract international motorsport events

The Economic Times

Midcap funds get ahead of largecaps in AUM race

Midcap funds have surpassed large-cap funds by 0.6 percentage points in AUM share, reaching 12.9% of total equity AUM. This growth, driven by market appreciation and fresh inflows, places midcap funds as the third-largest category after sectoral and flexi-cap funds, according to data from the Association of Mutual Funds in India.

The Economic Times

ETtech Explained: AI race in focus as ByteDance hits play on AI video creator

ByteDance introduced Jimeng AI, a text-to-video generative app, limited to China. The app, developed by Faceu Technology, allows users to create 80 images or 26 videos for free. Other Chinese companies have also launched their AI models. China has approved over 40 AI models and leads in generative AI patents globally, outpacing the US.

Business Standard

UltraTech to cross 200 mn tonne per annum capacity by FY27: K M Birla

Leading cement maker UltraTech is expected to cross 200 million tonne per annum capacity by FY27 helped by recent acquisitions and expansion projects, Chairman Kumar Mangalam Birla said on Wednesday. The Aditya Birla Group flagship firm has embarked on a capacity expansion drive "on a scale that is globally unprecedented" in the cement sector, he said while addressing the shareholders in the annual general meeting of the company. UltraTech last month announced acquisition of Tamil Nadu-based India Cements Ltd (ICL). Its Rs 3,142 crore open offer for acquiring 26 per cent stake will tentatively open on September 19. It has already announced the acquisition of a 32.72 per cent stake in ICL from promoters and their associates for Rs 3,954 crore. Besides, UltraTech is acquiring Kesoram Cement Business from Kesoram Industries, for which it received approval from fair trade regulator CCI in March. UltraTech is also increasing the capacity of its existing units as it faces competition fr

The Economic Times

UltraTech Cement, RBL Bank among 5 stocks with long unwinding

Sometimes stocks owned for a longer period are sold either to book profit or to exit it in anticipation of impending bearishness.

Business Line

UltraTech Cement to hit 200 mtpa capacity by FY27, says Kumar Mangalam Birla

Expansion is not a number game, but will bring down cost

Business Line

Stock Market Today: Sensex snaps two-day losing streak on rebound in IT shares

Sensex settles 149.85 pts higher, Nifty at 24,143.75; TCS, HCL Tech shine; UltraTech Cement, JSW Steel drag

The Economic Times

What we know about suspected Iranian cyber intrusion in the US presidential race

Trump's presidential campaign said Saturday that it had been hacked and that sensitive internal documents were stolen and distributed. It declared that Iranian actors were to blame. Two other news outlets, The New York Times and The Washington Post, also said they received leaked materials. None of them revealed details about what they had, instead describing the documents in broad terms.

Mint

This Japanese lender's global head is visiting India to discuss buying Yes Bank stake

The race for acquiring a significant stake in Yes Bank is heating up, with the global CEO of a potential buyer set to visit India this week for discussions

Business Standard

Major cement companies report volume growth in Q1, revenue remains muted

Leading cement manufacturers reported single-digit volume growth in the June quarter, though their topline was muted on account of the continued downtrend in the price. Listed manufacturers such as UltraTech, Ambuja Cements, ACC, Shree Cements, and Dalmia Bharat - in their latest quarter earnings reported gains in volumes, ranging from 3 to 9 per cent and increase in capacity utilisation. However, soft cement prices have put their topline under pressure in the April-June period. Besides, raw material costs went up marginally due to an increase in the cost of fly ash and slag. The all-India average cement price was at around Rs 348 per 50 kg bag in June 2024, down around 3 per cent year-on-year. However, this was higher when compared to Rs 335 per bag in May 2024. For the first two months of FY25, the average cement price was at Rs 340 per bag, down 8 per cent YoY. In FY24, the average price was Rs 365 per bag and Rs 375 per bag in FY23, according to the report. Moreover, intense .

The Economic Times

Major cement companies report volume growth in June qtr, revenue remains muted due to lower price

Major cement companies in India reported slight volume growth in the June quarter amid falling prices and higher raw material costs. UltraTech, Ambuja Cements, and ACC saw increased sales and capacity utilization. Nonetheless, overall revenue growth was limited, and construction activities slowed due to intense heatwaves and elections, hurting profits.

The Economic Times

UltraTech Cement's open offer for ICL to open on September 19

UltraTech Cement announced a Rs 3,142 crore open offer to gain a 26% stake in India Cements Ltd, scheduled from September 19 to October 3. This followed a prior acquisition, boosting their stake to 55.49%. The purchase aimed to enhance UltraTech's footprint in the competitive southern Indian cement market, especially in Tamil Nadu.

Business Standard

UltraTech Cement's open offer for ICL to open on Sept 19, close on Oct 3

UltraTech Cement's Rs 3,142 crore open offer for acquiring 26 per cent stake in India Cements Ltd (ICL) will tentatively open on September 19 and close on October 3. The Aditya Birla group flagship company has proposed to acquire 8.05 crore shares of ICL at Rs 390 apiece, said the draft of the offer submitted to bourses. The offer price is 6.3 per cent higher than the closing price of Rs 366.90 of ICL at BSE. The mandatory open offer was triggered after UltraTech on July 28 announced to acquire 32.72 per cent stake in ICL from promoters and their associates for Rs 3,954 crore. If subscribed fully, then based of the Rs 390 price, the open offer will come in at Rs 3,142.35 crore. Before this, UltraTech had acquired a non-controlling stake of around 23 per cent in ICL through two block deals, at around Rs 1,900 crore. The shareholding of UltraTech after the acquisition of 32.72 per cent stake in ICL from promoters and their associates, will be 55.49 per cent. UltraTech in the draft

Business Line

India Cements: What change in ownership means for shareholders?

Ultratech could chart a new course for the oldest cement operator