United Phosphorus, Excel Crop drop on CCI penalty
Reuters Market Eye - Shares in agrichemical makers United Phosphorous UNPO.NS and Excel Crop Care (EXCR.NS) fall about 5-6 percent each after the Competition Commission of India found them guilty of collusion.
* CCI imposed a penalty of 9 percent of the average of their standalone turnover over the past three years.
* Nomura says based on CCI's formula, United Phosphorous has been imposed a penalty of 2.52 billion rupees, which would shave nearly 30 percent of its projected FY13 consolidated profit.
* United Phosphorus, Excel Crop, along with two more manufacturers, have been accused of colluding while submitting bids for a tender for aluminium phosphide tablets from Food Corporation of India..
(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- Xiaomi moves into third place in global smartphone war
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- Nurse defies Ebola quarantine with bike ride; negotiations fail |
- U.S. nurse defies Ebola quarantine with bike ride; negotiations fail
The BSE Sensex and Nifty on Friday rose to their second consecutive record highs. The 30-share Sensex surged as much as 1.5 percent to an all-time high of 27,759.01. The broader Nifty gained as much as 1.49 percent to a record of 8,291.65. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article