Cement stocks up in the green

Cement stocks are up in the green today. Ambuja Cement is up at its intra day high point at Rs.181.75 – up over 1.5% , Ultra tech is up almost 2% at Rs.2825, ACC is up 1% at Rs.1328 levels, India Cement is up 2.5% at Rs.83 and Shree Cement is up over 1% at Rs.1087.65.

The Competition Appellate Tribunal (COMPAT) on Friday evening squashed the Rs.6316 crore penalty imposd by Competition Commission of India (CCI) on 11 cement companies. Apart from saving money, it is also asked the CCI to refund the money back to the cement companies – it was 10% of the penalty amount which CCI had collected as deposit. The judgement follows appeals filed by the cement firms and the industry body Cement Manufacturers Association in June-July 2012.