ACC, Ambuja up; tech fees to parent lower than expected

Reuters Market Eye - 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.

(Reporting by Abhishek Vishnoi)