Shares of cement manufacturer are trading firm in an otherwise subdued market after the Competition Appellate Tribunal (COMPAT) directed 11 cement producers to pay 10% of a Rs 6,307 crore penalty imposed on them by the Competition Commission of India (CCI) in June last year.
Jaiprakash Associates, Prism Cement, Shree Cement and Dalmia Bharat are up 3% each, while Ambuja Cements, Birla Corporation, Century Textiles and ACC are up 1-2% on BSE. The benchmark Sensex was down 20 points at 1343 hours.
“The COMPAT has passed an Order granting the stay to the penalty, however, with a condition of the company depositing 10% of the penalty with 4 weeks from today,” Ambuja Cements said in a statement.
The appeal against the CCI order will be taken up in August. If the companies fail to pay Rs 690 crore out of the Rs 6,307 crore they had been collectively fined with a month, their appeal will be dismissed.
Jaiprakash Associates, Prism Cement, Shree Cement and Dalmia Bharat are up 3% each, while Ambuja Cements, Birla Corporation, Century Textiles and ACC are up 1-2% on BSE. The benchmark Sensex was down 20 points at 1343 hours.
“The COMPAT has passed an Order granting the stay to the penalty, however, with a condition of the company depositing 10% of the penalty with 4 weeks from today,” Ambuja Cements said in a statement.
The appeal against the CCI order will be taken up in August. If the companies fail to pay Rs 690 crore out of the Rs 6,307 crore they had been collectively fined with a month, their appeal will be dismissed.
