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The price of cement is hardening across the country and since August this year, the rates have gone up by ₹16/per bag, said <keyword id="152070" type="General" weightage="20" keywordseo="Emkay-Global-Financial-Services-Ltd" source="Orion">Emkay Global Financial Services Ltd</keyword>. According to a report by the company, in November the prices went up by about ₹6-7/bag. While the prices remained flat in Western and Central parts of the country, the rates hardened in Northern, Eastern and Southern regions, Emkay Global said. According to the report, the cement companies are attempting further price hikes of ₹10-15/bag across the country this month. "Absorption of the price hikes will get revealed over the next few days. With the financial-year change (from December to March) by ACC and Ambuja, volume push by these companies is likely to be limited in December. This is positive for the pricing trend in the near term," Emkay Global said. "We expect the industry's profitability to increase by move r than ₹200/ton QoQ (even higher for Eastern region players) in Q3FY23, with improving cement prices along with peakout of operating cost in Q2FY23," it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/only-half-of-indian-listed-companies-set-net-carbon-emissions-commitments-wtw/articleshow/96032489.cms" style="">Only half of Indian listed companies set net carbon emissions commitments: WTW</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-beauty-brand-rene-cosmetics-raises-25-million-in-series-b-funding-led-by-evolvence-india-edelweiss-group/articleshow/96031563.cms" style="">Indian beauty brand RENÉE Cosmetics raises $25 million in Series B funding led by Evolvence India, Edelweiss Group</a>

Cement makers plan to hike price by ₹10-15 per bag

On Monday, gold prices rose across India. In Delhi, 10 grams of 24-carat gold cost ₹ 72,380. On the MCX, June delivery gold contracts increased by ₹150, reaching ₹ 72,230. <h2 style="line-height:1.56;margin-top:0pt;margin-bottom:12pt;"> </h2><h2 style="line-height:1.56;margin-top:0pt;margin-bottom:12pt;"></h2><h2>Here is an extensive daily list to give you the most recent information on silver prices in India's key cities.</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22-Carat </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24-Carat </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,400 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,380 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,250 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,230 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:0pt 0pt 0pt 9pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,250 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,230 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 67,000 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 73,100 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:0pt 0pt 0pt 9pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,250 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,230 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,250 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,230 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,300 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,280 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,250 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,230 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Surat </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,300 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,280 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nagpur </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,250 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,230 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kerala </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,250 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,230 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijayawada </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 66,250 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 72,230 </td></tr></tbody></table> <a href="https://www.businessinsider.in/finance/news/gold-rate-today-india-21st-june-mumbai-delhi-kolkata-bengaluru-chennai/articleshow/111156477.cms" data-type="tilCustomLink">Click to view the details of the gold rate for last Friday</a> Gold COMEX traded at a last price of 2,337.50, showing an increase of 6.30, or 0.27%. During the session, it reached a high of 2,339.10 and a low of 2,329.50, opening at 2,333.50. The market reflects a modest upward movement, indicating a slight positive sentiment among traders. This performance in the gold futures market suggests stability with minor gains, driven by ongoing market factors and investor activity. Overall, Gold COMEX remains a focal point for commodity investors. "Gold prices edged marginally higher after softer-than-expected U.S. retail sales data cemented hopes that the Federal Reserve will reduce interest rates this year, sending the dollar and Treasury yields lower. U.S. retail sales rose 0.1% last month, falling short of the 0.3% forecast by economists. Throughout the week, gold prices surged over 1%, reaching their highest level in two weeks, driven by indications of an economic slowdown in the U.S. and expectations of Fed interest rate cuts. While recent data indicated a stable labor market with a decline in jobless claims, soft retail sales and ongoing economic lethargy bolstered bets on monetary easing. Despite a rally from March to May, which saw gold peaking at record highs on May 20, prices have since dropped nearly 6%. A pause in gold purchases by China's central bank and strong U.S. business activity, leading to a stronger dollar and higher bond yields, contributed to the drop in gold prices.'', says Mr. Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies, Angel One Ltd. The Indian equity market demonstrated robust performance throughout the week, with broad market participation creating a positive trading environment. The benchmark index saw minimal price activity but maintained its positive stance, culminating in a modest gain of 0.15 percent, reflecting market stability and confidence. Despite a truncated week, Indian equities impressed traders, reaching new highs within a narrow range of 270 points. Technically, small-bodied candle formations suggest bulls may need an external trigger to continue their momentum. The Nifty index faces significant resistance at 23,650-23,700, while strong support is observed around 23,400, with crucial support at 23,200-23,100 (20 DEMA), ensuring stability, says Sameet Chavan, Head Research, Technical and Derivative - Angel One These data points provide valuable insights into market trends and the factors influencing price movements, aiding investors in navigating the gold market effectively. However, investors are encouraged to conduct their own due diligence before making any investment decisions. Throughout the day, investors should remain vigilant and closely monitor gold rates for emerging trends or market developments. Staying informed about daily price fluctuations can help identify potential trading opportunities and support well-informed investment decisions. For daily updates and in-depth analysis of gold rates, continue to follow our coverage on Business Insider India. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

Gold rate today (24th June 2024): Latest price in Indian key cities

India's <keyword id="20884491" type="General" weightage="20" keywordseo="cement-industry" source="keywords">cement industry</keyword> is heating up faster than a kiln! If one’s tracking the sector, the war-like situation between the existing and emerging cement giants is pretty evident. For the uninitiated, Aditya Birla Group-backed <keyword id="19963567" type="General" weightage="100" keywordseo="Ultratech-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="Ultratech Cement" meta.hostid="261" meta.entityid="Ultratech Cement">Ultratech Cement</keyword> and <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords">Adani Group</keyword> have been at loggerheads for increased market share in recent years. And now, JSW Cement also seems to be gearing up to challenge the potential duopoly. As conglomerates aggressively acquire smaller players to achieve market domination, the cement industry in India right now resembles an eighteenth-century battlefield. The battle has significantly escalated this year, but this trend of acquiring regional cement companies can be traced back to 2018 when Ultratech acquired Binani Cement. Since then, both Adani Group and Birla Group have been capturing checkposts all over India, one by one. Ultratech acquired Binani Cement to strengthen its base in the western region and this week, India Cement, for the southern states. Adani has also acquired the Hyderabad-based Penna Cement this year, after acquiring majority stakes in Ambuja Cements and ACC in 2022. But why the obsession with cement? <h2>Why are the Titans clashing for…cement?</h2>India's infrastructure boom is in full swing, and whoever controls the cement supply holds the key to this construction kingdom. Adani Group has been known to follow an acquire &amp; dominate strategy for capturing market segments. <keyword id="19907441" type="General" weightage="20" keywordseo="Aditya-Birla-Group" source="keywords">Aditya Birla Group</keyword>, however, has dominated the cement industry in India through Ultratech for a while now. The answer to the above question may simply lie in establishing the leadership moat for themselves. With even-growing public and private spending on infrastructure, both players want to capture the majority share to dominate the supplies of cement, which is essential for construction. <h2>Where is the sector heading?</h2>While both Adani and Aditya Birla groups have locked horns to acquire CK Birla’s Orient Cement for a while now, a new hurdle threatens their dominance. As per an Economic Times report, Sajjan Jindal-led JSW Cement has now started to evaluate the acquisition of the promoter stake in Orient Cement. As an emerging front, JSW Cement also aims to reach 50 MT per annum by 2030. However, two other major players, Shree Cement and Dalmia Bharat, already have 53 MTPA and 43 MTPA capacity. <div type="image" title="Birla Vs Adani" msid="112196675" hostid="261" sizebytes="284160" caption="&amp;lt;p&amp;gt;Look back at major acquisitions in the cement sector&amp;lt;/p&amp;gt;"></div> However, with over a dozen acquisitions over the last decade, both Ultratech and Adani Group are by far the largest players in the sector eyeing over 200 MT per annum by 2030. <h2>What about the prices?</h2>Will consumers benefit from this cutthroat competition to industry domination? In the short term at least, yes! While lower prices might sound appealing, it's essential to keep an eye on quality as consolidation in the manufacturing sector is always tricky. We don't want to end up with buildings crumbling like cookies. And let's not forget about the little guys. This consolidation of power into a few mega-corporations could squeeze out smaller players, reducing competition and potentially leading to higher prices in the long run. <h2>I think I’ve seen this film before….</h2>The current atmosphere of the cement industry feels reminiscent of what happened in the telecom industry in India in 2016 i.e. the infamous tussle of tariffs. As Reliance Industries launched Jio, it disrupted the entire segment and forced other telecom companies to compete on their terms. As a result, the tariffs fell sharply, companies shut and brands merged, but Jio still claims 40% of the market share in India in terms of subscriber count. Moreover, experts feel that the change in power dynamics in both these industries, cement and telecom, have direct ties to the current government’s industrial policy. Government policies seem to favour companies that have acquired a dominant position in distinct sectors of the economy, which in India’s case are led by two of the richest men in Asia — Gautam Adani and Mukesh Ambani. This strategy of adopting ‘<keyword id="1327299" type="General" weightage="20" keywordseo="national-champions" source="Orion">National Champions</keyword>’ is seemingly inspired by South Korea’s <keyword id="4933297" type="General" weightage="20" keywordseo="Chaebols" source="Orion">Chaebols</keyword> and Japan’s Zaibatsu conglomerates that came into existence decades ago. <h2>From corporate drama to k-drama: Chaebols</h2>The term Chaebol might ring a bell if you've watched K-dramas. They are family-owned business conglomerates in South Korea. This business structure originated in the 1960s and got so popular that it made its way into Korean pop culture. While chaebols have fueled the rapid growth of the Korean economy, concerns about their opaque governance and controlling shareholder interests often deter external investors. Japan’s zaibatsu were also similar financial and industrial conglomerates that were major forces in Japan during World War II. Korea’s Hyundai and Japan’s Mitsubishi are some prime examples of this structure. <h2>Growth of the Goliaths</h2>Viral Acharya, the former Deputy Governor of the RBI, highlights the decade-old trend of the central government achieving economic growth outcomes by working with large conglomerates in part, rather than with state governments. In his conference paper for the Brookings Papers on Economic Activity in March 2023, he demonstrates this pattern with examples from multiple sectors. “By way of specific examples, the share of the Top 5 groups by sales in Civil Engineering and Construction rose from 31% in 2016 to 42% in 2021, in Telecommunications from 65% to over 84%, and in the Retail trade sector from under 44% to over 65%. Similarly, the share of Top-5 groups by Assets rose sharply by 2021 to 68% in the Manufacturing of Basic Metals, 26% in the Manufacturing of Chemicals, 90% in the Manufacturing of Refined Petroleum and Coke, and 47% in the Manufacturing of Non-metallic Mineral Products (including cement and other building materials),” writes Acharya. While this strategy of ‘National Champions’ has benefitted the telecom sector, it has its caveats. The acceleration in the growth may lead to an oligopolistic economy, thereby restricting the entry of new players and stifling innovation. Additionally, a multi-dimensional concentration of power poses the threat of crony capitalism. <h2>National champions: checks and challenges</h2>There’s more to this debate. Arvind Subramanian and Josh Felman, in their paper titled ‘India’s Stalled Rise’ note that the collective impact of this strategy could be more adverse in India, more than anywhere else. They explain that the two big conglomerates — Adani Group and Ambani-led Reliance “have interests that extend throughout the economy, in defence production, ports and airports, energy, natural gas, petroleum, digital platforms, telecommunications, entertainment, media, retail, textiles, financial payments, and education.” Chaebols and Zaibatsu have/had their demerits that range from autocratic decision-making dubbed as ‘imperialistic management’ to the slow inclination of the market towards an oligopolistic structure. However, they weren’t shielded from international competition, nor was this strategy of creating ‘national champions’ shaped using government regulation. They were prevalent in sectors that faced competition internationally, like Hyundai in automobile manufacturing, keeping them in check. The lack of a similar system of checks and balances in India may lead to deeper implications of this strategy of ‘national champions.’ Viral Acharya further notes that they “grew not just at the expense of the smallest firms, but also of the next largest firms” and empirically established a causal link between market power and markups (broadly, profit). At a point when India has seen a monumental shift in infrastructure and looks to capture the market share that China could evacuate, the implications of a tilted policy could prove detrimental. While consolidation can improve performance and catalyse growth, we need to be very careful as a country of the direction we will set ourselves in at this crucial juncture. <h2>Also read:</h2> <div type="Article" hostid="261" msid="112159576" title="India Cement employees to lose jobs after UltraTech acquisition? Chairman Srinivasan answers" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="112163130" title="Ambuja Cements Q1FY25 profit at Rs 789.63 crore; revenue at Rs 8,311.48 crore" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Cementing dominance: Birla vs Adani, of Chaebols, conglomerates, and National Champions

<keyword id="6378916" type="General" weightage="100" keywordseo="cement" source="Orion">Cement</keyword> companies are planning to hike the price between Rs 10 and Rs 30 per bag in November after a increase of about Rs 3-4/bag last month, said <keyword id="141615" type="General" weightage="80" keywordseo="emkay-global" source="Orion">Emkay Global</keyword> Financial Services Ltd. Emkay Global in a recent sectoral report said the average pan-India cement price increase was about Rs.3-4/bag in October 2022. On a month-on-month (MoM) basis, prices rose by 2-3 per cent in the East and South, and about one per cent in the West; while declining 1-2 per cent in the northern and central regions, the report said. "Cement companies are attempting price hikes of Rs10-30/bag across regions in November 22. Absorption of these price hikes will be uncovered over the next few days," said Emkay Global. Industry volumes likely to have declined by a high single-digit YoY and a low double-digit MoM, in October 22, owing to a high base, as the festive season was spread across October-November last year. According to the report, a delayed exit of monsoons and labour shortage owing to festive holidays impacted demand in October 22. The demand is expected to improve in upcoming weeks, with all major festivals ending and given the onset of a busy construction season. The cost pressure is expected to ease in coming quarters for the industry players and the industry margins are expected to bottom out in Q2, with peaking of costs, higher exit of cement prices and pick-up in construction activities in coming quarters, said Emkay Global. The international petcoke prices are down by about 30 per cent from the peak of $195/tonne. Further the dip in the fuel prices are expected to provide cost savings of at least Rs 150-200/tonne from Q3FY23, Emkay Global said. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/myositis-the-condition-affecting-actress-samantha-prabhu-is-more-common-among-adult-women-say-doctors/articleshow/95304784.cms">Myositis – the condition affecting actress Samantha Prabhu – is more common among adult women, say doctors</a> <a href="https://www.businessinsider.in/india/news/delhi-pollution-air-quality-severe-for-3rd-straight-day-noida-records-529-aqi-gurugram-at-478/articleshow/95313876.cms">Delhi pollution: Air quality 'severe' for 3rd straight day; Noida records 529 AQI, Gurugram at 478</a> <a href="https://www.businessinsider.in/business/corporates/news/kv-kamath-appointed-independent-director-of-reliance-industries-jio-financial-services/articleshow/95313728.cms">KV Kamath appointed independent director of Reliance Industries, Jio Financial Services</a>

Cement companies plan price hike of ₹10-30 per bag

<ul><li>UltraTech Cement’s revenue from operations for the quarter rose 18% at ₹18,662 crore from ₹15,767 crore in the year-ago quarter.</li><li>UltraTech Cement’s board has recommended a dividend of ₹38 per equity share aggregating to ₹1,097 crore.</li><li>During the quarter, the cement maker saw an increase in energy cost by 17% on year and 4% lower sequentially.</li></ul>UltraTech Cement’s Q4 net profit fell 32% to ₹1,666 crore as compared to ₹2,461 crore in the same quarter last year. Meanwhile, its revenue from operations for the quarter rose 18% to ₹18,662 crore from ₹15,767 crore Q4 FY22, the company said in a regulatory filing. During the quarter, the cement maker saw its energy costs increase by 17%, and prices of pet coke and coal too increased 18% on a yearly basis. Raw material cost was up 9% on year on account of increase in cost of fly ash, slag and gypsum etc. Adding to it, the company’s tax expense also rose in Q4 to ₹800 crore as compared to tax credit of ₹139 crore in the same quarter last year. UltraTech Cement’s board recommended a dividend of ₹38 per equity share aggregating to ₹1,097 crore. The cement maker’s rival ACC also reported a decline in its profitability with a 40% fall in net profit to ₹235 crore for March quarter, on Thursday. Ultratech said it has achieved 100 million tons of production, dispatches and sales in FY23. This was backed by an effective capacity utilization of 95% during this quarter and 84% capacity utilization for the year. Total sales volume for the quarter rose 15% on year and 23% sequentially at 31.7 million tons. Financial performance in March quarter <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net sales </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹18,436 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,557 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,666 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,461 crore </td></tr></tbody></table> Ahead of the earnings, the company’s share price closed 0.52% higher at ₹7,540 per share. UltraTech Cement mentioned that the expansion programme is progressing as per schedule. During the year, it commissioned 12.4 mtpa (million tonne per annum) additional capacity of grey cement. It further commissioned a 2.2 mtpa brownfield cement capacity at Patliputra in April, 23. Work on its next phase of growth of 22.6 mtpa has already commenced. “Civil work is in full swing at most sites. Commercial production from these new capacities is expected to go on stream in a phased manner by FY25/FY26. Upon completion of these expansions, the Company's capacity will grow to 160.45 mtpa, reinforcing its position as the third largest cement company in the world, outside of China and the largest in India by far,” it said in the exchange filing. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-under-pressure-after-reporting-net-loss-in-q4/articleshow/99840323.cms">Axis Bank shares under pressure after Q4 net loss; analysts upbeat on the lender</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-says-it-services-revenue-could-decline-1-3-in-q1fy24-announces-buyback/articleshow/99809050.cms">Wipro says IT services revenue could decline 1-3% in Q1FY24, announces buyback</a>

UltraTech Cement’s Q4 net profit falls 32% to ₹1,666 crore, declares dividend

Best vacuum cleaners for your home in India with prices (2024)

<ul class="summary-list"><li>Despite booming travel, airlines are struggling to turn a profit.</li><li>Southwest expects seat-mile revenue will decline up to 4.5%, while American predicts up to 6%.</li></ul><a target="_blank" href="https://www.businessinsider.com/why-flying-is-so-terrible-even-as-airlines-spend-billions-2023-5">Making money in the airline industry</a> has never been easy.It's a capital-heavy business with the constant need to expand and innovate while simultaneously managing ever-changing demand and costs.Expensive fuel, maintenance, and labor don't help, nor do unpredictable setbacks outside the airline's control, like pandemic travel bans and production slowdowns at planemaker <a target="_blank" href="https://www.businessinsider.com/boeing-whistleblower-said-was-threatened-to-keep-quiet-about-safety-2024-4">Boeing.</a>Despite the challenging environment, 2024 is still set to see record-breaking passenger numbers, according to the International Air Transport Association, or <a target="_blank" href="https://www.iata.org/en/pressroom/2024-releases/2024-06-03-01/">IATA</a>,<a target="_blank" href="https://www.businessinsider.com/north-america-lags-rest-world-air-travel-growth-iata-2024-4">With so many people traveling, </a>US airlines were poised for success. Some, like Delta, have found it. But across the industry, many airlines are struggling to turn profits thanks to issues like overcapacity, unrelenting competition, and unexpectedly high costs, according to experts.Take Southwest, for example, which in June <a target="_blank" href="https://www.forbes.com/sites/suzannerowankelleher/2024/06/26/southwest-guidance-activist-investor/">cut its forecasts</a> and now expects revenue per seat mile — a key financial metric for airlines — to fall by up to 4.5% where it had previously expected 1.5% to 3.5%.Before that, American in May <a target="_blank" href="https://www.cnbc.com/2024/05/28/american-airlines-outlook-chief-commercial-officer.html">warned</a> it expected the same metric to fall by 5% to 6% compared to last year. Its earlier prediction was 1% to 3%.Across the board, airlines have trailed the benchmark S&amp;P 500 index with more debt than the average publicly traded company and thinner margins.<h2 id="a747f0da-bf1e-4fc3-843e-1a4c8c95b821">Airlines got overambitious with their expansion plans</h2>Travel analyst Henry Harteveldt told Business Insider that thining margins are, in part, because airlines added too much to the market too fast amid confidence in the soaring demand and now can't sell all of those seats.<div type="image" title="Passengers check in for an American Airlines flights at O'Hare International Airport on October 11, 2022 in Chicago, Illinois." height="3648" width="5472" msid="111363746" hostid="261" sizebytes="801342"></div><a target="_blank" href="https://www.reuters.com/business/aerospace-defense/american-airlines-cuts-second-quarter-profit-forecast-2024-05-28/">Reuters</a> reported American hurt its pricing power after aggressive growth in its domestic market. The airline also missed out on revenue from <a target="_blank" href="https://www.businessinsider.com/american-airlines-ceo-admits-ticket-sales-strategy-change-mistake-2024-5">corporate customers due to a flawed ticket sale strategy</a> it has since admitted was a mistake to adopt."We're seeing softness in customer bookings relative to our expectations that we believe is in part due to the changes that we have made to our sales and distribution strategy," American CEO Robert Isom <a target="_blank" href="https://seekingalpha.com/article/4696281-american-airlines-group-inc-aal-bernstein-strategic-decisions-conference-transcript">said</a> during a May conference.Southwest also <a target="_blank" href="https://otp.tools.investis.com/clients/us/southwest/SEC/sec-show.aspx?Type=html&amp;FilingId=17642687&amp;CIK=0000092380&amp;Index=10000">cited</a> its struggle to predict demand as part of its revenue problem. And, unlike <a target="_blank" href="https://www.businessinsider.com/flying-ultra-low-cost-airlines-spirit-frontier-not-worth-it-2024-6">ultra-low-cost carriers</a>, Southwest doesn't charge extra for ancillaries like bags or seats — another missed revenue opportunity.In fact, <a target="_blank" href="https://www.businessinsider.com/southwest-airlines-call-for-changes-new-leadership-ceo-elliott-management-2024-6">activist firm Elliott Investment Management recently pumped nearly $2 billion</a> into Southwest, questioning strategies like its lack of add-on fees and calling for a board shake-up and the firing of Southwest CEO Bob Jordan.<h2 id="d2a52b4a-3d28-4f0b-9efd-98139d9092e8">Business travelers are booking fewer last-minute premium-priced tickets</h2>Part of the industry's overcapacity problem is because lucrative business travel still <a target="_blank" href="https://skift.com/2024/03/14/business-travel-could-stage-a-full-pandemic-recovery-in-2024/">hasn't</a> completely rebounded since the pandemic, Harry Kraemer, former CFO and CEO of healthcare firm Baxter International, told BI.Corporations aren't spending as much on last-minute business travel since the pandemic made Zoom and Google Meet more convenient."Half of the market is gone, and it's their highest margin," Kraemer said. "You've got all this excess capacity, and you've bought these planes, so what are you going to do with them."Further, Harteveldt said companies have become more price-sensitive and are looking for cheaper options, noting ULCCs Frontier and Spirit are even getting business customers.<div type="image" title="Frontier and Spirit planes on parallel runways." height="671" width="1024" msid="111363750" hostid="261" sizebytes="66842"></div>Over the past 12 months, shares of Spirit and Frontier have declined roughly 79% and 50%, respectively, far underperforming competitors and the market.In an effort to boost revenue, they've changed their strategies to capitalize on the demand for more premium perks, such as dropping change and cancel fees and creating "business" class-like seats.<h2 id="6389725c-7fc3-4d87-b301-17d0248f2bff">Boeing delivery delays have eaten into profits</h2>Harteveldt said <a target="_blank" href="https://www.businessinsider.com/boeing-door-plug-blowout-tanked-alaska-united-airlines-earnings-2024-4">Boeing's ongoing delivery delays have cost airlines</a> like American, Southwest, and United millions of dollars. This has forced them to adjust their planned flying, impacting revenue opportunities and flight availability.He also said the lack of new planes means airlines are flying older ones for a longer time. The costs of maintenance and lesser efficiency can add up, and customers can't get access to the nicer amenities and reliability of newer jets.<div type="image" title="Boeing 737 MAX airplanes are pictured outside a Boeing factory on March 25, 2024 in Renton, Washington." height="4201" width="7000" msid="111363756" hostid="261" sizebytes="604068"></div><a target="_blank" href="https://www.businessinsider.com/avelo-tiny-low-cost-airline-expanding-new-cities-list-2024-4">Airlines need to expand with new routes</a> and planes, he said — it's the nature of the highly competitive industry.However, Harteveldt noted these forced network shake-ups, like <a target="_blank" href="https://www.businessinsider.com/southwest-leaving-these-4-airports-amid-boeing-737-max-crisis-2024-4">Southwest's exit from four airports</a>, could be beneficial for better leveraging airline pricing power, as capacity can be brought back in line with demand."The airlines should find and serve routes that are the most profitable, and that means they may need to increase capacity in some markets and completely exit others," he said.Low-cost competitor <a target="_blank" href="https://news.jetblue.com/latest-news/press-release-details/2024/JetBlue-Announces-Termination-of-Merger-Agreement-with-Spirit/default.aspx">JetBlue Airways</a> overhauled its network to stay above water after its failed merger with Spirit.Harteveldt noted that <a target="_blank" href="https://www.businessinsider.com/airbus-lowers-targets-after-benefiting-from-boeing-struggles-2024-6">Airbus is also facing production setbacks that are</a> impacting deliveries and worrying investors, though not as dire as Boeing.<h2 id="374ee9ec-da65-4119-a789-f37c06ab3c0c">Airlines are plagued by high costs in an extremely competitive industry</h2><a target="_blank" href="https://www.businessinsider.com/hate-spending-consumers-economic-sentiment-retail-sales-inflation-gdp-growth-2024-4">Nearly everything is more expensive</a> than it was before the pandemic, and airlines are no exception."It's the worst possible combination of high fixed costs and inflation on the variable costs," Kraemer said, pointing to costs like planes, labor, and fuel. "There are so many permanent changes like virtual meetings that airlines will need several years to adjust for."Fuel costs in April were 33% higher than they were during the same time in 2019, according to the most recent <a target="_blank" href="https://www.bts.gov/newsroom/us-airlines-april-2024-fuel-cost-gallon-down-06-march-2024-aviation-fuel-consumption-54-0#:~:text=Year%2Dover%2Dyear%20changes%20in,increasing%205.2%25%20from%20April%202019.">report</a> from the Bureau of Labor Statistics. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/airline-pilot-pay-salary-american-delta-united-captain-first-officer-2024-4">US airline pilots have gotten huge pay raises</a> in recent years to help fend off a labor shortage.For low-cost carriers like Frontier and Spirit, these high costs make it challenging to make money, Kraemer said. Still, they force competitor fares down — creating another profit obstacle for mainline carriers. <a target="_blank" href="https://www.iata.org/en/iata-repository/publications/economic-reports/global-outlook-for-air-transport-june-2024-report/">IATA</a> reported in June that <a target="_blank" href="https://www.businessinsider.com/flight-ticket-prices-cheaper-inflation-united-american-delta-junk-fees-2024-6">industry ticket prices, including ancillary, are 15% below 2019 levels</a> despite high growth.<div type="image" title="Spirit Airlines bag check" height="724" width="1086" msid="111363748" hostid="261" sizebytes="64150"></div>Harteveldt said beefing up revenue in any way possible is the best way to counteract the ever-growing costs."These days, it's less about having the <a target="_blank" href="https://www.businessinsider.com/best-time-buy-plane-tickets-travel-fly-airfare-airlines-inflation-2023-11">lowest costs</a> and more about generating the most revenue," he said, suggesting strategies such as charging for more ancillaries, reducing the number of discount tickets sold, or creating more enticing bundle packages.

Airlines got too confident, and now they are paying the price despite record-breaking travel

<ul class="summary-list"><li>A handbag designer was sentenced to 18 months in prison for importing bags made of rare skins.</li><li>The bags were made from caiman and python skin, both protected under international trade laws.</li></ul>A luxury handbag designer was sentenced to 18 months in prison for illegally importing bags into the US made out of the pelts of protected species.Nancy Gonzalez, the 71-year-old founder of Gzuniga Ltd, sold the bags for an average price of more than $2,000, <a target="_blank" href="https://www.justice.gov/usao-sdfl/pr/colombian-fashion-designer-pleads-guilty-illegally-importing-caiman-and-python-skin">according to the Department of Justice</a>.Victoria Beckham, Britney Spears, and Salma Hayek were reportedly among her clients, as well as cast members of "Sex and the City," <a target="_blank" href="https://apnews.com/article/fashion-designer-sentenced-nancy-gonzalez-d636a371d13bb1a912adc89679a80c0d">the Associated Press reported</a>.It's unclear if any of them bought handbags made out of endangered animal skins, <a target="_blank" href="https://apnews.com/article/britney-spears-entertainment-travel-fashion-f0423b571b20b986ac2f98379251f6d5">the outlet noted</a>.<a target="_blank" href="https://www.justice.gov/usao-sdfl/pr/luxury-handbag-company-founder-and-co-conspirator-sentenced-smuggling-handbags-made">The DOJ found</a> that between 2016 and 2019, Gonzalez enlisted friends, family, and employees as part of a scheme to fly designer purses, handbags, and totes from her factory in Colombia into the US.Carrying the bags in their luggage or on their person, those traveling would, if questioned, tell authorities the bags were gifts, the AP reported.The handbags would then be displayed at Gzuniga's Manhattan showroom, ready for high-end retailers to buy for their own stores, according to the DOJ.<div type="image" title="A photo of numerous handbags in many bright colors designed by Nancy Gonzalez and displayed on shelves in the Gzuniga Ltd. showroom." height="375" width="500" msid="109535041" hostid="261" sizebytes="12292"></div>The bags were made of caiman — an alligator-like reptile — and python skin, the AP reported.Both species are protected under the Convention on International Trade in Endangered Species of Wild Fauna and Flora, and Gonzalez did not have the right import documents, the news agency added.At the sentencing, Gonzalez told the court she was deeply sorry, per the AP. She added that "under pressure, I made poor decisions."While Gonzalez's lawyers argued that only a tiny proportion of her stock was sourced without proper authorization, prosecutors said that she enriched herself while "producing felons" out of those she enlisted to carry the bags, the AP reported.Prosecutors estimated that Gonzalez amassed more than $2 million through this scheme, AP reported.This sum reflects the massive growth in <a target="_blank" href="https://www.businessinsider.com/luxury-bags-that-will-help-you-stand-out-this-year-2024-1#andres-gallardo-has-the-best-options-for-maximalist-fashion-1">the luxury handbag market</a>, with buyers increasingly seeking high-end bags not only for fashion status but also as an investment.In 2022, handbags — mainly from Chanel, Hermès, and Louis Vuitton — performed better than wine, rare whisky, and jewelry as a luxury asset class, <a target="_blank" href="https://www.ft.com/content/8fe517b2-928c-4ec8-b2b6-e166cd67b181">the Financial Times reported</a>.The market has become so heated that <a target="_blank" href="https://www.businessinsider.com/hermes-lawsuit-birkin-bags-tough-to-buy-sales-practices-2024-3">two Californian customers are suing Hermès</a> over its restrictive sales practices around the fabled Birkin bag.Gonzalez, who pleaded guilty to smuggling and conspiracy, was sentenced on Monday along with an associate, Mauricio Giraldo.A further associate, John Camilo Aguilar Jaramillo, has pleaded guilty and is set to be sentenced on June 27, per the DOJ.

A celebrity handbag maker is going to prison for importing bags made of protected python and caiman skin

We've all been there: staring down the price of a plane ticket, a new shirt, or a bag of chips and thinking angrily to ourselves, "Jesus Christ, this did not use to cost this much." And then … we buy it anyway.<a target="_blank" href="https://www.businessinsider.com/inflation-cpi-food-energy-gas-prices-consumer-price-index-2024-4">Inflation</a> has made a lot of things infuriatingly expensive, and consumer confidence <a target="_blank" href="https://markets.businessinsider.com/news/interestrates/u-s-consumer-sentiment-index-drops-more-than-expected-in-april-1033244749">isn't great</a>. The economy is good on paper, but in the real world, a lot of people <a target="_blank" href="https://www.businessinsider.com/economy-housing-market-mortgage-buying-car-interest-rates-new-jobs-2024-3">feel like they're trapped in place</a>. Yet many of those same people continue to spend their way through it. Retail sales <a target="_blank" href="https://markets.businessinsider.com/news/etf/retail-sales-rises-more-than-expected-in-march-indicate-strong-consumer-spending-1033249173">came in higher than expected</a> in March, up 0.7% month over month to $709.6 billion. February's numbers were revised up, too. Consumers have proved themselves as the motor of the economy.In short, America has become a nation of hate spenders."There is how consumers feel and what they're doing," Lydia Boussour, a senior economist at EY, said. "Consumers are not feeling great about inflation, but what the data is telling you is that even if they're not feeling great, they're still able to continue to spend."That leaves the question: Why are we willing to spend through the pain? According to experts I talked to, the surge in hate spending can be attributed to various factors. For one thing, a lot of people still have the financial stability necessary to open their wallets. On a psychological level, many consumers are just throwing up their hands at the state of financial affairs. They're aware prices aren't going back to 2019 levels, and given everything everyone's just been through, they may as well live it up.Take Jordan Hart, a writer in Illinois and self-described "cheap bitch." She told me that she often finds herself outraged by prices — and then ultimately succumbs to the forces of capitalism. Hart, 26, has developed a taste for Lululemon, despite previously scoffing at paying $100 for a pair of leggings. Most recently, she decided to spend $50 on a <a target="_blank" href="https://www.businessinsider.com/stanley-cup-brand-history-quencher-bottle-tiktok-target-buy-guide-2024-1">Stanley cup</a>. She initially got a knockoff on Amazon, but it broke, so she's biting the bullet and going with the OG. It's <a target="_blank" href="https://www.businessinsider.com/trader-joes-mini-tote-bags-stanley-cups-tiktok-consumerism-marketing-2024-3">cool and trendy</a>, plus part of her New Year's resolution was to drink more water. She's channeling a familiar sentiment. Many consumers are still buying like crazy; <a target="_blank" href="https://www.businessinsider.com/newark-airport-restaurant-dissed-nyt-columnist-bill-claps-back-2023-9">they're just mad about it</a>."I feel like, obviously, with inflation, everything is just getting obnoxiously more expensive," she told me. "But at the heart of it, our desire as a consumer and as people to have nice things has not gone away."Some of what's happening here is simple macroeconomics: People's finances are in a good spot, so they can absorb the increased costs. The <a target="_blank" href="https://www.businessinsider.com/jobs-wages-growth-in-march-unemployment-rate-labor-market-2024-4">labor market is strong</a>, and wage growth has been outpacing inflation for months. From 2019 to 2022, median household wealth, adjusting for inflation, grew by 37%. Some cracks have begun to emerge. People's savings have fallen after being boosted by stimulus checks and the lack of spending options during the pandemic, and credit-card and auto-loan delinquencies are on the rise. Lower-income households, in particular, are likelier to be struggling. Still, on the whole, Americans are doing well."We're looking at a consumer sector that's still in overall good financial shape," Boussour said. She thinks that moderation in spending will soon be on the horizon, though it's worth noting economists have been saying that for months now — eventually, something has to break, they've argued, but it's just not clear what or when that will be. Beyond the raw dollars and cents, there are a lot of mental and emotional factors going into people's willingness to suck it up in the face of higher prices. In American culture, consumerism is one hell of a drug. It's wrapped up in our identities, how we relate to the world and to each other. Many of us have a tendency to look at a problem or frustration and think, "What can I buy about this?"Claire Tassin, a retail and e-commerce analyst at Morning Consult, told me surveys indicated that the sticker shock of inflation had worn off, meaning some of the hate spending comes down to resignation. Per Morning Consult, the share of people who say they're paying more for products now than they were a year ago is back to 2021 levels, even as prices continue to climb."People have largely just accepted that the prices that are in the market right now are status quo," Tassin said. "We've acclimated to these inflated prices."There's also a level of YOLO splurging going on among a lot of consumers. They're <a target="_blank" href="https://www.businessinsider.com/traveled-us-buenos-aires-taylor-swift-concert-2023-11">buying tickets to see Taylor Swift</a> and <a target="_blank" href="https://www.businessinsider.com/top-summer-trip-destinations-travel-spots-countries-google-flights-2024-4">booking summer trips to Europe</a>, deciding they deserve a treat (or several) after living through a pandemic. People figure, "Hey, if I can't buy a new home right now or upgrade my job or car, taking a vacation seems like a decent alternative, even if I am paying more than I'd like." The consumer COVID hangover is lasting longer than many observers expected, in a way that opens up the question of whether this you-only-live-once attitude will last forever. If consumers hadn't gone along for the ride on price hikes, companies couldn't have undertaken them in the way they did. Financial products such as <a target="_blank" href="https://www.businessinsider.com/buy-now-pay-later-phantom-debt-hurt-consumers-us-economy-2024-1">buy now, pay later have also</a> made it easier to buy something you can't entirely afford at this very minute."I don't know what would force us to hit the breaking point for this degree of consumer spending," Tassin said.At the same time, conspicuous consumption — as in buying goods and services to show off a level of status — is back on the rise among demographics that are once again jonesing to try new brands and becoming less sensitive to prices. While lower-income consumers are trading down from expensive name-brand products to cheaper alternatives in an effort to save money, some younger and higher-income consumers are trading up and shrugging off the higher costs that come with that, even if it irks them."They want to achieve a higher social status. They want to live a life that impresses others, and being part of the popular crowd is important," Tassin said. "Part of it is just like, 'This is what it costs now. And yes, it's a lot more expensive than it used to be, but it's still important to me to keep spending.'"The misalignment between people's stated attitude toward prices and their actual behavior isn't that outlandish — our intentions and emotions often don't match our actions. People say they want to eat healthy all the time and then find themselves in the ice cream aisle. It's easy to say you want to cut back on spending, given high prices, but when a friend asks whether you want to go shopping, it's hard to say no.Ravi Dhar, a professor of management and marketing and the director of the Center for Customer Insights at Yale School of Management, told me there's a sort of decoupling going on between people's current situations and how they feel about the future. They see a headline about people getting laid off, or they know there's a global conflict going on, so they feel more pessimistic about the economy and worried about costs. But when it comes down to actually paying, they still have a job and maybe even got a raise, so they pony up."They have uneasy feelings about the future and how it might change, whereas expenditures and spending now is determined by the current state of affairs," Dhar said. "Their predictions have become more pessimistic, but not their behavior."There is, of course, a needs vs. wants question here. Some items are necessities — a home to live in, food on the table, gas in the car, childcare, healthcare. Consumers are understandably frustrated at the costs of these things. But in some instances, people conflate what is a need, what's a reasonable expectation, and what sorts of trade-offs they perhaps should make to achieve their financial goals. None of us have to subscribe to six streaming services or escape to a lavish weekend getaway, even if we tell ourselves that's what we deserve for stomaching the workday and staring down a grocery bill that's much higher than it used to be."To the outside, that might look like a luxury but to them it says, 'Hey, this, I need all this for my sanity,'" Dhar said.People are averse to loss, and having to change their lifestyle to fit newfound financial constraints feels like losing. There's an element of stubbornness here — of course, that dress in the closet is just fine to wear to that party, but getting the new one is more fun and exciting, even if the accompanying price tag is annoying. It'll be something interesting to complain about at said party later. Reporting for this story, I heard from all sorts of people about their hate-spending habits. One woman told me she despised spending over $1,000 on an iPhone, even as she insisted on replacing hers at least every two years (she figured she should have one that works "awesome"). And, like many people, she <a target="_blank" href="https://www.businessinsider.com/apple-iphone-doj-lawsuit-antitrust-green-bubble-samsung-stigma-2024-4?mrfhud=true">won't switch to another brand</a>. One man said he'd really gotten into couponing and racking up points at his local grocery store, but sometimes, he's just got to have that bag of Doritos, even if it costs the price of two bags three years ago. People cited angrily buying dog toys, fancy chocolates, deodorant, and $9 Chex Mix at the airport. Some mentioned doing more inevitable — and even more rage-inducing — spending on big-ticket items like rent. Upon reflection, I've realized I have two categories of expenses I love to hate: martinis at half-decent New York restaurants and my internet bill.Most people were aware that many purchases were things they could go without. The Doritos guy knows he could go without the premium channels in his cable package, but he doesn't think his bill would come down far enough to warrant the sacrifice. By the end of my conversation with the iPhone lady, she said she'd started to wonder whether it might be better to wait to make the purchase — the crack in her screen would be easy and cheap enough to fix. But she doesn't have a lot of other big expenses at the moment. It's not like her car's broken down, so she'll probably go ahead and buy a new phone. She feels like it's an investment in herself. Hart, the Illinois writer with a brand-new Stanley cup, sees some of her spending as a way to reclaim power."You don't have a choice in the economy and inflation and how that's affecting you, but you kind of have a choice in how much you let it alter your lifestyle," she said. "It feels like you're admitting defeat if you're just like, 'Well, now it's just expensive, so I won't do it.'"In a hyperconsumerist society like the one we live in, it's a notion that tracks. Maybe we're all angry spending soldiers, refusing to be deterred.<a target="_blank" rel="" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

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