Cement shares gain after Competition Appellate Tribunal order

Ambuja Cements, ACC, Madras Cements, Mangalam Cement, J K Cement and Heidelberg Cement India are up by 1-4% on the BSE

Shares of cement manufacturer have rallied on the bourses in otherwise weak market on reports that the Competition Appellate Tribunal (COMPAT) has asked the fair trade regulator Competition Commission of India (CCI)  to give fresh copies of its order levying over Rs 6,300 crore in penalties on 11 cement companies in June this year for cartelisation, providing them with complete details on production, pricing and sales.

Ambuja Cements, ACC, Madras Cements, UltraTech Cement, Mangalam Cement, J K Cement, Shree Cement and Heidelberg Cement India are trading higher by 1-4% on the Bombay Stock Exchange (BSE) against 0.37% fall in the benchmark Sensex at 1034 hours.

“The tribunal said the matter would be listed for further hearing within seven weeks from today, taking into account the fresh details from the CCI and the cement companies,” the reports suggest.

Among the individual stocks, Ambuja Cements and Madras Cements have rallied 3% each at Rs 216 and Rs 187 respectively, while ACC and Century Textiles are up by 2% each on the BSE.