Here are stocks that are in news today:
Competition Commission of India (CCI) says
-CCI levies over Rs 6000 crore fine on 11 cement companies
-Companies penalized include ACC, Ambuja Cements, JK Cement, India Cements, Madras Cement, Century Cements, Lafarge, Ultratech, Jaypee Cements, Binani Cements & Ultratech Cements
-Imposes penalty on Cement Manufacturers Association
-Cement companies directed to 'cease & desist' from agreement activities
-Cement companies to refrain from agreement activities on cement prices
-Cement companies to deposit penalty in 90 days
-CCI order penalty at the rate of 0.5 times of profit of FY10 & FY11
-Fine from cement companies to go to government consolidated fund
R Prasad says (CCI Member)
-Cement companies have to cease & desist from cartelization
-Companies behavior will show if involved in cartelization
-Pricing, capacity utilization to depend on individual companies
-Penalty to be ‘severe’ if companies indulge in cartelization again
CCI on cement companies - Penalty
- ACC - Rs 1,147.59 crore, Ambuja - Rs 1,163.9 crore
- Binani Cement - Rs 167.3 crore, Century Textiles - Rs 274.02 crore
- India Cements - Rs 187.4 crore, JK Cement - Rs 128.5 crore
- UltraTech - Rs 1,175.49 crore, Jaypee - Rs 1,323.6 crore
- Madras Cement - Rs 258.63 crore, Lafarge - Rs 480 crore
-Cement Manufacturers Association penalty at Rs 73 Lakh
ACC says
-Will appeal against CCI's order before COMPAT
Cement Manufacturers Association Says
-Will study the nature & rationale of the CCI order
-Will decide future course of action post studying the order
Other stocks and sectors that are in news today:
- RIL , BP and Niko Resources plan to invest USD 4 billion to develop satellite fields in the D6 block - ET
-Government likely to reject Vedanta’s bid to buy residual stake in Hindustan Zinc and Balco for Rs 17000 crore - BS
-France’s DCNS may acquire up to 10% stake in Pipavav Defence for Rs 800 crore - ET
- Cox & Kings in talks with PE players for a stake sale in its UK unit to repay debt - ET
- Yes Bank plans to raise Rs. 750 crore tier II capital by December, 2012 - BL
-GMR Holdings releases 1.53 crore pledge shares, pays back Rs 700 crore to IDFC - BS
-Reliance Industries set to exit its textiles business, Vimal - ET
-Edelweiss Group plans to infuse Rs 180 crore equity into its housing finance arm - BS
-EGoM meet on spectrum reserve price deferred. Likely to miss August 31 deadline
- Tata Steel open offer for Tinplate at Rs 60/sh opens on August 07, closes on August 22
-Tata Steel open offer for Tata Sponge at Rs 375/sh opens on August 07, closes on August 22
-SEBI has notified new rules for ownership and governance of SEs ( MCX and Financial Technologies will be in focus)
-Dharmadhikari Report recommends listing of Air India rather than giving employees a VRS - ET
-Oil Ministry proposes Former CJI Khare as its arbitrator in RIL row - PTI
-Delhi Government asks BSES to pay up dues of Rs 1300 crore within 2-3 days or they will stop power supply to Delhi
