Cement stocks have dropped ahead of a report on cartelization by cement companies. The stock of ACC was down more than 4%, while that of Ambuja Cements was down 3.10% and Jaiprakash Associates saw its stock drop by 2.69%.
The Serious Fraud Investigation Office had found several cement companies guilty or price manipulation. The fraud probe office of the Government had investigated some of the companies individually and had found evidence of price manipulation. In fact, the Builders Association of India had first moved the Competition Commission of India alleging that the Cement Manufacturers Association and 11 of its members had formed a price cartel.
Cement companies have been over the years saddled with pricing pressures and sluggish demand, particularly in the northern markets. Most of these companies in the industry though profitable have seen margins slip. These companies depend on rapid infrastrucuture development for a better off-take and to increase business volumes.
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