MCA says initial probe shows no cartel of cement cos

Shares of cement companies were trading in the green today, after initial investigation of the Corporate Affairs Ministry showed no cartel of cement manufacturers, as per reports on CNBC-TV18. 

The trio of cement major UltraTech Cement, ACC and Ambuja Cement (Gujarat Ambuja Cements) can perhaps breathe a sigh of relief.

The three companies together control little over one-third of the country's total cement manufacturing capacity. MCA had earlier found that the company has been making undue profits by creating artificial scarcity of cement with production and supply manipulation.

The MCA had finalized its report on the basis of an SFIO investigation report and after taking responses of the companies into consideration.

The ministry had then forwarded its final report to the Competition Commission of India (CCI) for action.

Here's how the three companies were trading:

UltraTech Cement touched an intraday high of Rs 1,119.00 and an intraday low of Rs 1,103.05. At 12:09 hrs the share was quoting at Rs 1,117.00, up Rs 13.40, or 1.21%. It was trading with volumes of 5,463 shares.

ACC touched an intraday high of Rs 1,053.50 and an intraday low of Rs 1,036.20. At 12:09 hrs the share was quoting at Rs 1,053.00, up Rs 22.45, or 2.18%. It was trading with volumes of 17,249 shares.

Ambuja Cements touched an intraday high of Rs 147.75 and an intraday low of Rs 145.50. At 12:09 hrs the share was quoting at Rs 146.75, up Rs 3.35, or 2.34%. It was trading with volumes of 123,039 shares.