Economy & Market
Shree Cement sees 30% growth in 1st quarter
HM Bangur, Managing Director, Shree Cement, has said the company's volumes grew 30 per cent in first quarter and capacity utilisations for the last two quarters is more than 100 per cent. The company is able to sell whatever it is producing, he added.
Cement prices in Northern India fell by Rs 10-15 on an average in the first quarter due to adverse weather conditions. Prices in the last two quarters were very good, infact they were the peak prices. But, in this quarter because of drought conditions earlier and heavy rains now, prices have slipped, he explained.
Commenting on Competition Commission of India's (CCI) Rs 400 crore fine, Bangur said, the company was given a chance to defend. He added that the company was fined suddenly. He said the company will definitely challenge it in the court then judiciary will decide what to do.