Holcim tech fees approved, ACC, Ambuja Cements shares gain
Shareholders of Ambuja Cements approved the resolution for payment of technology fees to Holcim Technology with 71.84 per cent of votes cast in favour of the resolution, the company said in a regulatory filing.
Both the Indian companies have been paying a certain part of their annual sales to Holcim Support and Holcim Services Group as fee for accessing its technology and support.
ACC Cement has also approved the payment of technology fee to Holcim Technology with effect from January 2013, the company said.
Shares of Ambuja Cements surged 2.14 per cent to touch an intra-day high of Rs 194.80. The stock however, lost some gains and settled with gains of 1.55 per cent at Rs 193.65.
Accordingly, the market capitalisation of the company increased by Rs 452 crore to Rs 29,862 crore.
Similarly, shares of ACC surged 3 per cent to its day's high of Rs 1,300. The stock ended the day at Rs 1,297, up 2.80 per cent from its previous closing price. Its market capitalisation increased to Rs 24,358 crore, from Rs 23,696 crore.
Marketmen said the surge in the counter was largely on the basis of the said approvals as the decision was unpopular with a certain section of the company, and the technology fees to the parent was lower than expected.
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