Ambuja Cement gains nearly 6% on reports of merger with ACC

ACC also rose over 5% to Rs 1,500 on the merger reports

Ambuja Cements gained as much as 5.8% to Rs 242.65 during intra-day on reports of LafargeHolcim mulling merger of ACC and Ambuja Cements.

ACC also rose over 5% to Rs 1,500 on the reports despite its consolidated net profit sliding 44.98% to Rs 56.34 crore on 6.13% fall in total income to Rs 2751.57 crore in Q4 December 2016 over Q4 December 2015.
 
LafargeHolcim holds a 63% stake in Ambuja Cements and 50% stake in ACC. The merger had been on cards since 2013. 
 

Meanwhile, BSE today has sought clarification from Ambuja Cements Ltd on February 06, 2017, with reference to the merger of ACC & Ambuja.

 
Cement stocks have been in focus since the Budget after FM Arun Jaitley announced infra development and affordable housing schemes.
 
At 12:21 pm, Ambuja Cements was trading 4.9% higher at Rs 240.60 as compared to a 0.7% rise in Sensex. The stock reached a high and low of  Rs 242.65 and Rs 228.60 during the day.