India's Ramco Cements eyes steepest weekly fall in over a year on tax hit

Ramco Cements

13/03/2025 09:19

** Indian cement makers Ramco Cements TRCE.NS down 3% at 796.20 rupees, Dalmia Bharat DALB.NS down 2.2% at 1,605 rupees

** Ramco down ~8% so far this week, its steepest weekly fall since week ending February 5, 2024

** DALB sees worst week since December 16, 2024, down 5.3%

** Southern Indian state Tamil Nadu imposed 160 rupees per ton tax on limestone mining this week

** Kotak Institutional Equities says TRCE is worst impacted as it has 50% clinker capacity in Tamil Nadu, sees 10% impact on FY26 EBITDA

** DALB said it expects 1.30 billion rupees ($14.94 million) per year impact due to mining tax, plans to pass cost to customers

** TRCE down 17% YTD, while DALB down over 9% YTD

($1 = 87.0400 Indian rupees)

 (Reporting by Sethuraman NR)

 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))