MARKET EYE-India's ACC, Ambuja up; tech fees to parent lower than expected

Tue Feb 19, 2013 3:29am EST

* 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.

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.thomsonreuters.com@reuters.net)
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