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Ramco Cements employee wins silver at Japan Para Badminton

He partnered with Paralympian Sukanth Kadam to win this medal.

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Dinesh Rajaiah, an employee of Ramco Cements, won Silver medal in the men’s doubles event in the Japan Para Badminton International 2024 held in Tokyo. He partnered with Paralympian Sukanth Kadam to win this medal. Notably Sukanth Kadam had finished 4th in the men’s singles in Paris Paralympic Games which concluded in September 2024.

Japan Para Badminton International 2024 was held in Tokyo from 22nd to 27th October 2024 where more than 200 players were in the fray.

Dinesh, despite suffering a shoulder injury and having his right shoulder heavily taped, treated the audience to a nail biting final. The duo was down 16-20 in the second set and fought back to take the game to the third set where they lost 16-21. Being the last match of the event, the pair won hearts of the audience for their never give up spirit.

Dinesh breaks into the top 15 in the BWF Para World Ranking in men’s singles category and is now ranked 14 in the world. Ramco Cements has been supporting Dinesh Rajaiah ever since he showed his talent in an inter unit tournament of Ramco Cements in 2017. The company had then encouraged him to take up professional badminton coaching and has been sponsoring him for all major international tournaments. Ramco Cements wishes Dinesh all success in future tournaments.

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Asian Paints Sees 43.71% Profit Dip

Asian Paints reports significant profit decline in Q2.

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Asian Paints has reported a 43.71% year-on-year decline in its net profit for Q2 FY25, amounting to a substantial reduction in earnings. The leading paint manufacturer attributed this decline primarily to increased input costs, a competitive market environment, and a slowdown in consumer demand. Despite the lower profit, the company’s revenue saw a moderate increase, reflecting its ability to maintain strong market presence in the face of challenges.

The company’s margins have been impacted by rising raw material prices, particularly in key components used in paint production. Additionally, the ongoing economic conditions, coupled with sluggish demand in certain segments, have put pressure on profitability. However, Asian Paints remains optimistic about its long-term prospects, focusing on strategic innovations and expanding its market share in the premium product segments.

In response to these challenges, the company has reaffirmed its commitment to cost-efficiency and improving operational performance. Asian Paints continues to explore new avenues for growth, including enhancing its product portfolio and leveraging its extensive distribution network to drive sales across diverse consumer segments.

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Ambuja Cements seeks CCI approval to acquire majority stake in Orient

Ambuja Cements’ stake would rise to 72.8 per cent, as per the notice filed with the CCI.

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Billionaire Gautam Adani-led Ambuja Cements has sought approval from the Competition Commission of India (CCI) for the acquisition of a majority stake in CK Birla group firm Orient Cement in a deal worth Rs 81 billion.

According to a notice from the CCI, the proposed transaction involves a two-stage acquisition process, which was initiated through two share purchase agreements (SPAs) on October 22, 2024. As part of the deal, Ambuja Cements will initially acquire a 46.80 per cent stake in Orient Cement. This includes a 37.90 per cent stake from the current promoter group and an additional 8.90 per cent from certain public shareholders.

The notice further stated that following the acquisition of shares, an obligation would be triggered for the acquirer to make an open offer under the Sebi’s SAST (Substantial Acquisition of Shares and Takeovers) rules, aimed at acquiring up to 26 per cent of the expanded share capital of the target company. If the open offer is fully accepted, Ambuja Cements’ stake would rise to 72.8 per cent, as per the notice filed with the CCI.

In October, the Adani Group, led by Gautam Adani, had announced the signing of a binding agreement to acquire Orient Cement (OCL) at an equity value of Rs 81 billion. This acquisition would increase Adani Cement’s capacity by 16.6 million tonnes per annum (MTPA), which is operated through Ambuja Cements.

Ambuja Cements, part of the diversified Adani Group, is a leading cement and building materials company in India. It operates 22 integrated cement plants, 10 bulk cement terminals, and 21 grinding units across the country.

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Shree Cement Q2 Profit Drops 81 Margins Fall 319 bps

EBITDA was reported at Rs 5.90 billion, down from Rs 8.70 billion in the same quarter of the previous.

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Shree Cement, a midcap cement company, released its quarterly results after market hours for the July quarter. The company’s standalone profit for the reporting period sharply declined by 81 per cent, falling from Rs 4.90 billion in Q2FY24 to Rs 930.1 million. In the previous June quarter, the company’s net profit had been Rs 3.17 billion.

The revenue for the cement manufacturer also dropped to Rs 37.30 billion, compared to Rs 45.60 billion in the same period last year.

The company’s profit and revenue to be Rs 41.63 billion, marking a 9 per cent decrease, while the profit after tax (PAT) was projected to sink by 84 per cent year-on-year, to Rs 780.4 million for the September quarter.

On the operational side, EBITDA was reported at Rs 5.90 billion, down from Rs 8.70 billion in the same quarter of the previous year. The EBITDA margin slipped by 3.18 per cent or 318 basis points to 15.9 per cent. Analysts had expected the margins to be around 16.1 per cent, down from 19.08 per cent in Q2FY24.

Analysts had anticipated a drag on the company’s earnings, influenced by a decline in both cement prices and revenue during the quarter.

There was also an expectation that new capacity expansion would drive volume growth during the review quarter.

Despite the challenging demand conditions, due to the prolonged monsoon and softer prices affecting the industry, the company’s focus on maintaining brand equity, product premiumisation, and improving its geo-mix helped maintain its realisations on a quarter-on-quarter basis. Additionally, cost optimisation and operational efficiency measures contributed to driving EBITDA during the quarter, according to the company’s press release.

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