Page 62 - Acc News Today

With Florida State potentially looking to be on the move out of the ACC, could the football powerhouse land with either the SEC or the Big Ten here soon?

The June 2023 quarter earnings season so far has been muted on account of results disappointments or slower growth in IT, cement, metals and oil & gas sectors.

Florida State's leaving the ACC seems to be a matter of when at this point.

Investors in India are reportedly waiting to buy stocks after expecting a market correction. Dipan Mehta, Director of Elixir Equities, said 90% of people spoken to in the last two months were cautious, expecting a correction and the bulls have been waiting for an opportunity like this. In terms of sectors, Mehta believes there is a better chance of a decent return in inward-looking industries such as banking, capital goods, real estate, and hospitality, rather than export-oriented businesses.

Sanghi Cement is controlled by the family of Ravi Sanghi who are the promoters of the listed Sanghi Industries. Sanghi Industriess shares hit a 52 week high of Rs. 100.40 on Wednesday giving the company a market capitalization of nearly Rs. 2600 crore. Ambuja-ACC, JK Laksmi Cement and UltraTech are the top 3 cement players in Gujarat from where Sanghi Cement also derives a bulk of its revenues.

IIFL Securities Sanjiv Bhasin recommended SW Solar as his top pick, predicting it will double in value and reach Rs750 ($10) in the near future due to an order flow of Rs14,000 crore ($1.9bn) and an 11-12% margin. Bhasin also endorsed Ambuja Cements and ACC, companies experiencing strong growth due to a surging cement consumption rate, and added that the Adani stock group may still be worthwhile investments after managing a successful recovery from a sell-off triggered by Hindenburgs report, whi...

The Appointments Committee of the Cabinet (ACC) has approved the extension in service to Gauba, a 1982-batch Indian Administrative Service (IAS) officer of the Jharkhand cadre, for a further period of one year beyond 30.08.2023, in relaxation of the All India Services (Death-cum-Retirement Benefits) Rules, 1958, and and Rule 56(d) of the Fundamental Rules, it said.

Ambuja Cements has taken a majority share in Sanghi Industries, buying the cement maker for Rs 5,000 crore ($667m). The company wants to exploit Sanghees location, adjacent to the sea and coal mines, and its limestone reserves to establish the Kachchh plant as the cheapest clinker production plant in the country. Ambuja believes it can produce clinker for Rs 1,500-1,600 per tonne. Immediately after the acquisition, Ambuja plans to increase its cement capacity from 6.1 million tonnes to 10 millio...

“Investment commitments in auto has overshot government expectation while on the other hand, investment commitments have underwhelmed governments vision for ACC, textile, and mobile electronics,” SBI MF economists stated, pointing out that Rs 2.9 lakh crore of investment commitments had been received against the perceived capex target of Rs 5 lakh crore.

Cabinet secretary Rajiv Gauba on Thursday reviewed the progress of the production-linked incentive scheme (PLI) for sectors that are "generally doing very well" like pharma and electronics, a senior official said. Another such review is expected for the remaining sectors, the official said.