SANGHIIND.NSE

Sanghi Industries Ltd.

Hyderabad's Income Tax Department has provisionally attached 282 acres worth ₹2,002 crore, suspecting benami transactions. Former Sanghi Industries promoters Ravi Sanghi and family are accused of undervaluing land sales to bypass SEBI norms and defraud minority shareholders. The investigation points to a conspiracy to siphon corporate assets.

In this briefing: Primer : Belrise Industries Ltd Kajaria Ceramics: Operational Lapse, Strengthening Processes. Maintain REDUCE Ambuja Cement: Subsidiary Merger: A Value Accretive Deal. Maintain BUY Event Driven: The Adani Cement Empire’s Merger Analysis Decoding the Cobrapost Allegations on Murugappa Group: Noise Vs. Structural Governance Risk 1. Primer : Belrise Industries Ltd Recently-Listed 2W Specialist Executing Tier-0.5 Transformation Amid Balance Sheet Reset Ambitious 4 W Diversification Strategy t o Reduce Concentration Risk Operating Performance Exceeding Guidance w i t h Margin Expansion 2. Kajaria Ceramics: Operational Lapse, Strengthening Processes. Maintain REDUCE We attended Kajaria Ceramics' analyst con call today Management launched "Project Manthan" in Apr–May 2025 to unify sales teams across divisions, streamline processes, and boost cost efficiency via manpower rationalization, optimized raw material use, lower travel expenses, and forgone promoter salaries During the rollout of a new vendor onboarding system under this initiative, the company found that there was an embezzlement amounting to ~INR 200mn as advance payments for a capex for a new plant at Kerovit Global Pvt Ltd— a wholly owned subsidiary of Kajaria Bathware Pvt Ltd—perpetrated by the subsidiary’s CFO in the past two years Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Kajaria Ceramics: Operational Lapse, Strengthening Processes. Maintain REDUCE Ambuja Cement: Subsidiary Merger: A Value Accretive Deal. Maintain BUY Event Driven: The Adani Cement Empire’s Merger Analysis Decoding the Cobrapost Allegations on Murugappa Group: Noise Vs. Structural Governance Risk LIC Housing Finance (LICHF): Growth Still Elusive But Asset Quality Has Normalized 1. Kajaria Ceramics: Operational Lapse, Strengthening Processes. Maintain REDUCE We attended Kajaria Ceramics' analyst con call today Management launched "Project Manthan" in Apr–May 2025 to unify sales teams across divisions, streamline processes, and boost cost efficiency via manpower rationalization, optimized raw material use, lower travel expenses, and forgone promoter salaries During the rollout of a new vendor onboarding system under this initiative, the company found that there was an embezzlement amounting to ~INR 200mn as advance payments for a capex for a new plant at Kerovit Global Pvt Ltd— a wholly owned subsidiary of Kajaria Bathware Pvt Ltd—perpetrated by the subsidiary’s CFO in the past two years Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Ambuja Cements, one of India’s leading cement manufacturers, announced on Friday that it has appointed Vinod Bahety as the Chief Executive Officer for a term of three years starting April 1, 2024.In an exchange filing, the company said that Bahety has been also allotted the role of the Additional Director, Wholetime Director, and Chief Executive Officer (CEO) for a term of three years. In addition, the Gautam Adani-owned group also announced the reappointment of Ajay Kapur as Managing Director of the company for a two-year term, beginning 1st April 2025.Ambuja Cements also announced the appointment of Rakesh Tiwary as the Chief Financial Officer of the company, effective from April 1, 2025 - a position previously held by Bahaty. Meanwhile, Praveen Garg has been appointed as an Additional Director (Non-Executive and Independent) on the Board of the company for three consecutive years, also effective from April 1, 2025.Planned expansionsAdani Cement announced in December, 2024 that it had merged Sanghi Industries and Penna Cement Industries with its flagship Ambuja Cements, consolidating the recently acquired companies under a single entity.