Shares of Dalmia Bharat and India Cements were in focus on Friday, July 4, after the Competition Commission of India (CCI) concluded its investigation into the ONGC tendering case and imposed monetary penalties on the companies.
According to the CCI findings, both companies were found to have violated competition norms while participating in tenders floated by Oil and Natural Gas Corporation (ONGC). The CCI has imposed a penalty equivalent to 10% of each company’s annual revenue.
On NSE, shares of Dalmia Bharat were trading at ₹2,184.50, down 1.14% or ₹25.30 from the previous close of ₹2,209.80. The stock moved within a range of ₹2,159.10 to ₹2,230.50 during the day and commanded a market cap of ₹411.54 billion.
Meanwhile, shares of India Cements edged up 0.29% to ₹343.95 after hitting an intraday high of ₹347.70. The stock’s previous close was ₹342.95, and it traded in the range of ₹338.75 to ₹347.70 during the session, with a market cap of ₹106.59 billion.
The penalty announcement has kept the cement stocks in focus as investors assess the financial and operational impact of the CCI order. Market participants will also be watching for any further clarifications or appeals by the companies.