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AMBUY Ambuja Cements Limited (PK)

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Share Name Share Symbol Market Type
Ambuja Cements Limited (PK) USOTC:AMBUY OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

India Shares Start Weaker; Ambuja, ACC Fall on Restructuring Plan

25/07/2013 6:18am

Dow Jones News


Ambuja Cements (PK) (USOTC:AMBUY)
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  By Ashutosh Joshi 
 

MUMBAI--Indian shares were a little weaker in the early session on Thursday in line with declines in most Asian markets.

Cement makers Ambuja Cements and ACC fell heavily following parent Holcim's decision to restructure its Indian operations.

The deal is negative for minority shareholders and doesn't help the companies' earnings, traders said. They expect both stocks to remain under pressure for a few sessions. Ambuja Cements was down 13.3% to 165.60 rupees while ACC was down 3.8% to 1184.50 rupees.

To offset sluggish growth in the building sector and save up to $150 million a year Holcim will give up the 50.01% it holds in ACC to Ambuja. In return the Zurich-based company will increase its stake in Ambuja to 61.39% from 50.55% and receive $600 million in cash from Ambuja.

At 0425 GMT the Bombay Stock Exchange S&P Sensex was 33.16 points, or 0.2%, lower at 20057.52. The National Stock Exchange Nifty index was down 16.30 points, or 0.3%, at 5974.20.

Cigarette maker ITC fell 0.9% at 372.65 rupees mainly on profit taking.

Hero MotoCorp gained 4.2% to 1831.05 rupees. The company on Wednesday posted its fourth straight quarterly net-profit decline but reported better-than-expected operating margins.

The rupee currency was weaker against the U.S. dollar which traded at 59.26 rupees compared with 59.13 late on Wednesday in Asia.

Write to Ashutosh Joshi at ashutosh.joshi@dowjones.com

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1 Year Ambuja Cements (PK) Chart

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