Reuters Market Eye - Shares of ACC Ltd (ACC.NS) and Ambuja Cements Ltd (ABUJ.NS) gain after shareholders at each of the cement makers separately approved paying technology fees to controlling stakeholder Holcim Ltd (HOLN.VX) 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.
(Reporting by Abhishek Vishnoi)
Trending On Reuters
Greece Debt Crisis
Greece's outspoken finance minister resigned on Monday, removing a major obstacle to any last-minute deal to keep Athens in the euro zone after Greeks voted resoundingly to reject the austerity terms of a bailout. Read | Opinion: Greece will struggle to stay in euro