Economy & Market

Cement cos look for stay on CCI fine to avoid provisioning

Published

13 years ago

July 10, 2012

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The cement companies, which were slapped with penalty by the Competition Commission of India (CCI) in the price cartelisation case, may have to soon provision for the same. The CCI order last month gave companies 90 days to pay a Rs 6,300-crore penalty.The 11 cement companies that were penalised for price cartelisation have moved the Competition Appellate Tribunal against the order. Vinod Juneja, Managing Director, Binani Cement, said much will depend on the outcome of the appeal filed against the order. All the companies have appealed against the penalty and if it is stayed then there is no need for provisioning, he added.The companies are ACC, Ambuja Cement, UltraTech Cement, Grasim Industries (now merged with UltraTech), Lafarge India, JP Associate, Century Textile and Industry, Madras Cements, Binani Cements, India Cements and JK Cement.Sudip Bandyopadhyay, Managing Director, Destimoney Securities, said the penalty on a core sector such as the cement industry will weaken the foreign and domestic investor confidence, which is already hit by the retrospective tax amendment and the 2G scam.

Concrete

Shree Cement reports 2025 financial year results

Published

6 days ago

June 17, 2025

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Shree Cement posted revenue of US$2.38 billion for FY2025, marking a 5.5 per cent decline year-on-year. Operating costs rose 2.9 per cent to US$2.17 billion, resulting in an EBITDA of US$528 million—down 12 per cent from the previous year. Net profit fell 50 per cent to US$141 million. The company reported cement sales of 9.84Mt in Q4 FY2025, a 3.3 per cent increase from 9.53Mt in Q4 FY2024, with premium products making up 16 per cent of total sales.

Image source:https://newsmantra.in/

Concrete

Rekha Onteddu to become director at Sagar Cements

Published

6 days ago

June 17, 2025

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Sagar Cements has announced the appointment of Rekha Onteddu as a non-executive independent director, effective 30 June 2025. According to People in Business News, Rekha Onteddu is currently serving in a similar capacity at Andhra Cements, the parent company of Sagar Cements.

Image source:https://sagarcements.in/

Concrete

India’s cement consumption set to rise

Published

6 days ago

June 17, 2025

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According to a Moody’s report, India’s cement consumption is projected to rise by 50 per cent over the next five years, increasing from 445 million metric tons per annum (MMTPA) in FY24 to 670 MMTPA by 2030. This growth is expected to be driven by government infrastructure spending and rising housing demand, with an anticipated annual growth rate of 6-7 per cent. To meet this demand, major cement companies are likely to continue acquiring smaller, less profitable firms.

Image source:https://www.telegraphindia.com/