Ambuja, ACC rally up to 10% on renewal of tech fees agreement with Holcim

In the past three weeks, Ambuja Cements and ACC had underperformed the market by falling 10 per cent and 9 per cent respectively, against 4 per cent decline in the benchmark index, till Wednesday

Shares of Holcim-promoted cement companies – Ambuja Cements and ACC – rallied up to 10 per cent on the BSE on Thursday after the companies received board approval for paying technology fees to their parent company, Holcim Ltd. The TKH fees with the foreign promoter Holcim has been kept at 1 per cent of net sales every year for two years with effect from January 1, 2021.

Among individual stocks, Ambuja Cements has rallied 10 per cent to Rs 261, while ACC jumped 7 per cent to Rs 1,692 on the BSE in intra-day trade. At 09:53 am, Ambuja