ACC, Ambuja up; tech fees to parent lower than expected
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)
- Tweet this
- Share this
- Digg this
- UPDATE 1-Teen who stowed away on flight to Hawaii remains hospitalized
- REFILE-Divers feel with their hands for corpses in cold depths of South Korean ferry
- Comcast nears deal with Charter on $18-$20 bln in divestitures -source
- Rupee weakens past 61/dollar to one-month low
- Malaysia flight's co-pilot tried to make cellphone call - report