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CCI initiated investigation against cement companies in 2019 after it received information from multiple sources regarding abnormal increase of cement prices in India. The parties alleged that the cement companies were colluding to artificially increase the price
UltraTech Cement, Tata Motors, JSW Steel, Hindalco, Tata Steel, M&M, Eicher Motors, Grasim, PowerGrid were the top gainers in the Nifty index in early trade.
Aided by ramp up of capacities amid healthy demand, UltraTech’s consolidated cement volume surged 20% year-on-year to 29.96 million tonnes in June quarter (Q1FY24). Capacity utilization was 89-90%.
UltraTech Cement said the energy cost was up 3 per cent YoY, primarily due to currency devaluation. There was a 6 per cent rise in raw material cost, it added.
The 30-share BSE Sensex pack fell 216 points or 0.32 per cent to trade at 66,882, while the broader NSE Nifty moved 66 points or 0.33 per cent down to trade at 19,768. Although, mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.13 per cent and small-cap edged 0.09 per cent up.