Nomura says UltraTech, Adani's cement cos to benefit most from India's tax cut plan

Ultratech Cement

26/08/2025 08:21

** Nomura says UltraTech ULTC.NS, Ambuja ABUJ.NS, ACC ACC.N to "benefit the most" among Indian cement firms from federal plan to revise GST

** UltraTech India's largest cement maker by market cap; Ambuja second-largest

** ULTC gains 0.5%, ACC largely flattish, ABUJ falls 0.7% in weak broader market, bogged down by tariff worries as August 27 deadline looms .BO

** Brokerage says tax cut plan, which proposes to lower tax on cement to 18% from 28%, will make premium cement products more affordable, boost adoption rate, leading to pan-Indian players' premium offerings to "increase multifold"

** Adds cement industry moving toward higher pricing, helped by reforms to boost affordability, customers upgrading

** Also prefers Shree Cement SHCM.NS, which is up 1%

 (Reporting by Hritam Mukherjee in Bengaluru)

 ((Hritam.Mukherjee@thomsonreuters.com;))