BOM:532538

UltraTech Cement, India Cement Acquire Stakes in Wind Power Supplier

UltraTech Cement (NSE:ULTRACEMCO, BOM:532538) and subsidiary India Cements (NSE:INDIACEM, BOM:530005) will acquire a combined 26.5% stake in renewable energy company FPEL Services to support their green energy requirements.UltraTech will purchase a 13.99% stake in FPEL for 120.9 million, while India Cements will pick up a 12.48% stake for 107.8 million rupees, according to a Wednesday filing to the Indian stock exchanges.FPEL, a special-purpose vehicle, will supply 15.70 MW AC wind power to UltraTech's plants and 14 MW AC to India Cements' factories in Tamil Nadu, India.The transactions are expected to be completed in 180 days.

Jefferies Adjusts UltraTech Cement's Price Target to INR14,050 from INR14,025, Keeps at Buy

UltraTech Cement's Fiscal Q4 Consolidated Profit Rises

UltraTech Cement's (NSE:ULTRACEMCO, BOM:532538) consolidated attributable profit rose to 29.8 billion Indian rupees in the fiscal fourth quarter ended March 31 from 24.8 billion rupees a year ago.Earnings per share climbed to 101.35 rupees from the year-ago figure of 84.31 rupees, the cement manufacturer said in a Monday filing to the Indian stock exchanges.Revenue from operations in fiscal Q4 jumped to 258 billion rupees from 230.6 billion rupees a year earlier.The company's board recommended a dividend of 240 rupees per share for the year ended March 31.Shares of the company fell over 1% in recent trade.

Nomura Adjusts UltraTech Cement's Price Target to INR13,900 from INR14,500, Keeps at Buy