Asia / Oceania
India's Shree Cement hit by fine from anti-trust body
Jul, 31 2012
India's Shree Cement hit by fine from anti-trust body.
(India) -- Shree Cement Ltd falls 0.7 percent after the company was fined $72 million by the Competition Commission of India after the market close on Monday.
The announcement made Shree the twelfth Indian cement company to be fined as part of a crackdown on cartelisation in the industry.
Shree shares had earlier fallen as much as 9.4 percent in a knee-jerk reaction and as traders say stop-losses were triggered.
"This is a wholly complicated case, in our view, which might also take a significantly long time at the appeals level to be resolved.
We do not expect a significant negative reaction from Shree Cement's stock on this news," says Nomura in a note.
Hanley Wood LLC, the premier media, event, information and strategic marketing services company serving the construction industry and the U.S. Green Building Council (USGBC) announced today a strategic partnership whereby Hanley Wood has acquired the Greenbuild International Conference and Expo. More
SMC to spend $750M for 3 cement plants. More