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ACC, Ambuja up; tech fees to parent lower than expected

Source : REUTERS
Last Updated: Tue, Feb 19, 2013 08:39 hrs
A labourer unloads cement sacks from the wagon of a train at a yard in Kolkata

Shares of ACC Ltd and Ambuja Cements Ltd gain after shareholders at each of the cement makers separately approved paying technology fees to controlling stakeholder Holcim Ltd of 1 percent of net annual sales.

The approvals remove an uncertainty that had been weighing on the Indian companies, as some investors had feared a protracted process over a decision that had been unpopular with shareholders.

ACC gains 2.4 percent while Ambuja Cements is up 0.5 percent.

Holcim holds a 50.3 percent stake in ACC and 50.6 percent in Ambuja Cements.


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