Orient Cement Q1 Results: Profit rises multi-fold to Rs 205 crore
ADVERTISEMENT The company had posted a net profit of Rs 36.71 crore a year ago, according to a regulatory filing by Orient Cement Ltd (OCL), a subsidiary of Ambuja Cements.
Its revenue from operations surged 24.44 per cent to Rs 866.47 crore in the June quarter. It was Rs 696.26 crore in the year-ago period.
OCL's total expenses grew 12.4 per cent to Rs 724.28 crore in the June quarter.Its total income, which includes other income, climbed 23.7 per cent in the June quarter to Rs 868.64 crore.After an open offer, the total shareholding of Adani Group increased to 72.66 per cent in the company.
ADVERTISEMENT "Pursuant to the said acquisition, the company has become a subsidiary of Ambuja Cements Limited with effect from June 18, 2025," it said.On October 22, 2024, Adani Group firm Ambuja Cements entered into a share purchase agreement with the promoter group and certain other shareholders to acquire 46.80 per cent of the shareholding of the company.
Shares of Orient Cement Ltd on Friday settled at Rs 252.90 apiece on BSE, down 1.50 per cent from the previous close.
(You can now subscribe to our ETMarkets WhatsApp channel)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
27 minutes ago
- Hans India
TG seeks lower interest rates on REC loans
Hyderabad: The Telangana government on Wednesday poured out its financial woes before the Rural Electricity Corporation (REC) and urged it to lower interest rates on loans taken by the previous BRS government for the Kaleshwaram Lift Irrigation Project (KLIP). Irrigation Minister N Uttam Kumar Reddy met REC Managing Director Jitendra Srivastava in New Delhi and explained the mounting financial burden on the state government due to high interest rates on the loan availed by the previous government for KLIP. The then BRS government had borrowed Rs 16,000 crore from REC at high interest for irrigation projects, the irrigation minister said, adding that the Congress government has been facing a big difficulty to repay the loans with high interest rates. In some instances, the government could not repay loans due to paucity of funds and received notices from the REC, Reddy explained. REC, a Central government agency, has recently issued a notice to the state government for not paying the installment amount of Rs 1,393 crore towards loans borrowed by the Kaleshwaram Irrigation Project Corporation Limited (KIPCL) and Telangana State Water Resources Infrastructure Development Corporation (TSWRIDC). The REC also warned that loans availed by both the corporations would be declared NPAs (non-performing assets) if the state government failed to clear the dues. In a letter to Irrigation Secretary Rahul Bojja, REC Executive Director Jithin Kumar stated: 'There is a total overdue of Rs 1,393.65 crore of which Rs 319.74 crore and Rs 292.75 crore are critical dues of TSWRIDC and KIPCL, respectively. If dues are not cleared on or before June 28, it will lead to slippage of both accounts into the NPA category'. Furthermore, Jithin said both the borrower accounts were already classified as Stage-2 category under the Reserve Bank's NPA norms. This delay in serving the dues will have a negative impact on the financial record and rating of the utilities and the state, he remarked. At the time of availing the loan, the state government has agreed to repay the loan amount in monthly installments. Officials said that the REC already expressed serious concerns over the poor condition of the project after three barrages - Medigadda, Annaram and Sundilla - suffered damages. The delay in repayment will create more problems, they added. Responding to the Irrigation Minister's plea, the REC CMD said that the Centre will consider the state government's request and provide a relief from the burden of the payment of loans with high interest rates.
Economic Times
27 minutes ago
- Economic Times
Rising Trend: IPOs from Tier II and III cities in India gain momentum
Indian smaller cities are increasingly participating in the IPO market. Data shows a significant rise in the number of companies from these regions going public. They raised substantial funds through IPOs in recent years. This trend is expected to continue, with more companies planning to tap the capital markets. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ET Intelligence Group: Initial public offerings (IPOs) are no longer the domain of companies in India's major cities with a rising trend of firms from Tier II and III cities venturing into the primary market in recent years, showed data compiled by 2021, 14 companies from the smaller cities raised ₹5,465 crore through public issues, comprising 4.2% of total IPO funds raised that year. In 2024, the IPO tally climbed to 37 and the amount raised shot up nearly eightfold to ₹43,316 crore or 27% of the value of total IPOs. This calendar year so far, 22 firms from smaller cities have raised ₹8,120 crore or nearly 15% of total funding through of these cities include Ratlam, Kanpur, Vapi, Sangli, and some of these companies are regional heavyweights in their sectors, others have expanded to overseas markets. For instance, Visakhapatnam-based Manoj Vaibhav Gems N Jewellers caters to Andhra Pradesh and Telangana, while Shreenath Paper from Aurangabad supplies to clients in Maharashtra, Gujarat, and Madhya Pradesh. On the other hand, Agra-based HMA Agro Industries exports food products to several countries, while Umbergaon, Gujarat-based Doms Industries supplies its stationary products in domestic market as well as overseas.A stock market listing not only brings in a new set of investors but also paves the way for greater transparency by exposing these firms to industry best Shah, managing director and investment banking head at Equirus Capital, said India is witnessing true democratisation of entrepreneurship and value creation. "We are seeing some fantastic companies from the non-metropolitan cities which have scaled up nicely with their differentiated business models," he said, adding that tapping into capital markets also helps such companies attract strong management talent, which otherwise is restricted to the trend of companies in small cities tapping the IPO route to raise growth capital is likely to continue. According to 19 companies are planning to raise nearly Rs 7,100 crore in the second half of 2025. This includes Rayzon Solar from Surat, Kumar Arch Tech from Udaipur, Paramesu Biotech from Devarapalli, Excelsoft Technologies from Mysuru, and Bharat Coking Coal from however, caution investors to tread carefully, as these IPOs could emerge as comparatively riskier bets. "The degree of scrutiny by analysts and the media is far lower for companies based in smaller cities compared to those in metros, where most analysts and media houses are concentrated," Shankar Sharma, veteran investor and founder of GQuant Investech, told ET."The valuation game can be highly seductive for promoters of these companies."
Mint
27 minutes ago
- Mint
Meta stock price rises for a second day, jumps 11%: What's fuelling the rally?
Meta stock price rose for a second day on Wednesday, as investors cheered the tech giant's AI push following a blowout quarterly earnings report. Meta share price jumped 11 per cent to an intraday high of $708.50 apiece on Wednesday, but closed flat at $695.21 on Nasdaq. The Meta stock rally continued for two straight days after the Mark Zuckerberg-led company reported better-than-expected Q2 results. (This is a developing story. Check back for updates)
