Indian markets closed higher led by auto, FMCG, and IT stocks. Strong Q4 earnings drove gains in GRSE, CEAT, and Vedanta, while REC, Cohance Lifesciences, and India Cements declined.
Indian markets closed higher led by auto, FMCG, and IT stocks. Strong Q4 earnings drove gains in GRSE, CEAT, and Vedanta, while REC, Cohance Lifesciences, and India Cements declined.
India Cements Ltd. witnessed a significant surge in its March quarter net profit, soaring to Rs 59.5 crore from Rs 14.67 crore a year ago. This impressive growth was fueled by a substantial 18% increase in domestic sales volume and improved sales realization.
A five-year probe uncovered a decade of price collusion by Indian cement companies. Dalmia Bharat, Shree Digvijay, and India Cements allegedly fixed prices for ONGC tenders. Evidence includes communications and admissions. The Competition Commission of India is investigating. Firms face potential fines up to three times profits or 10% of turnover annually.
Chennai: UltraTech Cement has said that it is undertaking capital expenditure of about Rs 2,000 crore over the next two years for its subsidiary, Indi.
India Cements posted a smaller third-quarter loss on Friday compared to a year earlier, helped by a 25% jump in sales volumes as parent UltraTech Cement ramps up capacity to meet an uptick in demand.