Economy & Market

Shree Cement fined Rs 397 cr for restrictive practices

Published

13 years ago

July 30, 2012

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For indulging in restrictive trade practices Shree Cement firm was imposed a penalty of Rs 397.51 crore by the competition watchdog Competition Commission of India (CCI) on July 30. The CCI has imposed the penalty on Shree Cement while issuing final order in the case against cement manufacturers and their trade body Cement Manufacturers Association (CMA).CCI said in a statement that the Commission has also imposed a penalty on Shree Cement at the rate of 0.5 times of its profits for the years 2009-10 and 2010-11 aggregating to Rs 397.51 crore.The CCI, it added, found eleven cement manufacturers, including Shree Cement and CMA in contravention of the provisions of the Competition Act, 2002, which deal with anti-competitive agreements including cartels.It also asked the company to refrain from such anti-competitive activities in the future.With regard to other companies, the CCI said as they were fined earlier, it was not imposing any penalty on them again for the same period of contravention.CCI last month had imposed a whopping Rs 6,307 crore fine on 11 leading cement makers, including ACC, Ambuja Cements, UltraTech, India Cements, Binani Cement, JK Cement, Madras Cement, LaFarge and Jaypee Cement.Industry body CMA was also fined with Rs 73 lakh.

Concrete

Shree Cement reports 2025 financial year results

Published

4 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

4 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

4 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/