February 19, 2013 / 8:53 AM / 4 years ago

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

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A labourer prepares chewing tobacco inside the wagon of a train as his colleague unloads cement sacks at a yard in Kolkata June 25, 2012.Rupak De Chowdhuri/Files

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

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