Cement companies firm up after COMPAT sets aside CCI order

Cement companies are likely to get back the 10% deposit which they had paid to CCI

Shares of cement companies firmed up after the Competition Appellate Tribunal has set aside the Rs 6,300 crore penalty on cement companies imposed by the Competition Commission of India (CCI).

COMPAT has set aside the CCI order of penalty on cement companies and told them to give a fresh order in 3 months.

"It is a temporary relief for cement companies and they are also likely to get back the 10% deposit which they had paid (need more clarity). Believe this will be a very long drawn process now," says Mihir Jhaveri, Director- Institutional Research, Religare Capital Markets

Among the cement majors, ACC, Ambuja Cements, UltraTech Cement and Jaiprakash Associates were up over 1% each.