Economy & Market

Tribunal upholds CCI’s 630cr fine

Published

4 years ago

October 14, 2021

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The Competition Appellate Tribunal (CAT) on directed 11 cement companies to pay ten per cent of the penalty of Rs 6,307 crore imposed by the Competition Commission of India (CCI) for forming a cartel and colluding to charge higher prices from consumers. The cement companies have to pay the 10 per cent amounting to Rs 630 crore within a month. The order was read out by Justice VS Sirpukar, Chairman of the Tribunal, on an appeal filed by the cement companies against the penalty levied by the CCI. The order to levy a penalty had been passed following a probe by director general of the CCI on a complaint filed by the Builders Association of India (BAI) against the cement companies for indulging in unfair trade practice. CCI found cement makers had violated the provisions of the Competition Act, 2002, which deals with anti-competitive contracts, including cartels.

Concrete

Shree Cement reports 2025 financial year results

Published

5 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

5 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

5 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/