Competition comission of India Penalizes Cement companies

Competition Comission of India which monitors fair competition has found the cement companies cartel in holding on to steady selling price and not reducing prices when there is a over supply. Accordingly it has levied the following penalties: Holcime ( ACC and Ambuja Cements) - Rs.2312 Crores JP Associates : Rs. 1324 Crores Ultratech : Rs.1175 Crores Madras Cements : 259 Crores India Cement: 187 Crores This penalty payment is likely to hit bottomline of companies. It is better to be cautious in the Q1 results which may include these figures.