Madras Cements , flagship company of the Ramco
Group, today posted a 25.1% rise in net profit to Rs 123.01 crore for the first
quarter ended June 30.
The Chennai-based firm had reported a net profit of Rs 98.30
crore in the year-ago period, it said in a filing to the BSE.
The total income from operations for the quarter grew by
29.5% to Rs 995.27 crore from Rs 764.18 crore in the same period of last year.
The company said Competition Commission of India (CCI) has
imposed a penalty of Rs 258.63 crore on the company for alleged cartilisation
with select manufacturers.
"The company proposes to appeal against the order
before the Competition Appellate Tribunal and hence no provision has been made
in the accounts for the same," it said.
Shares of the company closed at Rs 177.60 apiece, up by
4.53% from its the previous close on the BSE.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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