ACC stock soars to 52- week high

The ACC stock hit a 52-week high on Friday, on the 20th days of the announcement of Holcim's open offer for ACC.

Thus, under current Securities and Exchange Board of India (Sebi) rules, any party which intends to make a counter ofer for ACC has to make it latest by tomorrow (Friday).

Sources close to the Holcim offer said the rule demands that if a counter offer to be introduced, it has to be announced within 21 days of the original offer.

Since Switzerland's Holcim announced the open offer for the ACC shareholders at Rs 370 on January 20, the last date of the counter offer, if any, is tomorrow. He said there is no indication of a counter offer to be launched on Friday.

However, the rumour mills have been working overtime, indicating that the French giant LaFarge may come out with a counter offer, in association with the Aditya Birla group, on Friday.

When contacted a top Lafarge India official said, "We do not wish to comment, as this is a very sensitive matter and can have a huge impact on shareholders." The Aditya Birla group spokesperson said: "It is our policy not to respond to speculation."

ACC hit the day's high of Rs 384.25 on the Bombay Stock Exchange, and closed at Rs 379.35 indicating that the market is still betting on an upside on the counter.

Holcim has announced a tie-up with Gujarat Ambuja Cement which would witness the world's largest cement company investing $800 million India.

Holcim has agreed to acquire a two-third stake in Ambuja Cement India, an investment comany that holds a 13.8 per cent stake in ACC. It announced an open offer to scale up its holding upto 50 per cent in ACC.