ACC and Ambuja not proceeding with merger

Ambuja Cement ACC stocks tank as merger put on hold

Ambuja Cement ACC stocks tank as merger put on hold

Ambuja Cements: The company said that it was not pursuing the merger with ACC owing to some constraints.

The company is therefore not proceeding with the merger at this juncture, though this remains the ultimate objective, it added.

While they did not comment on what the constraints were, market circles said one of the reasons could have been higher regulatory costs such as stamp duties.

Gold steadies after sharp falls linked to hawkish Fed, strong dollar
Powell's comments came during his second day of congressional testimony in delivering the Fed's semi-annual monetary report. Australian stocks fell 0.7 percent, South Korea's KOSPI shed 1.2 percent and Japan's Nikkei dropped 1.55 percent.

WEATHER WARNING: More snow for Sheffield TONIGHT
Saturday will be cold with light snow showers across many areas, but it will likely turn drier later in the afternoon. Public Health England (PHE) has urged people to plan ahead to ensure they have enough food and medicine.

The HRT Financial LLC Takes Position in Caesars Entertainment Corp (CZR)
Caesars Entertainment Corporation's institutional ownership is 95.2%, while its institutional transactions stand at 365.62%. The Strategy Asset Managers Llc holds 64,598 shares with $2.53 million value, down from 119,106 last quarter.

IMAX: The company has signed a new five-year pact with PVR Cinemas, reported Bloomberg. The move was seen as an attempt by LafargeHolcim to consolidate its Indian business and take on UltraTech Cement - the AV Birla group firm. Holderind Investments also holds 4.48 % stake in ACC. ACL has a current cement capacity of 29MTPA and the combined capacity with ACC stands at 63MTPA. However, in the quarterly presentation, ACL mentioned that it is planning to set up a 3.1MTPA clinker plant at Marwar, Rajasthan. Towards this, the two boards on Monday approved an arrangement for the sale and purchase of materials on a mutually agreed basis.

At lunch, the stock of ACC was trading at Rs. 1,633.75 per share, down by 1.78%, while Ambuja Cements was trading at Rs. 251.20 per share, down 4.23 per cent on Tuesday.

Torrent Pharma: The company plans to raise about Rs 2,000 crore through a qualified institutional placement. The quarter was marked by a rise in the prices of imported coal and petcoke and limited availability of linkage with domestic coal which saw the company opting for costlier fuel. The Ambuja Cement-ACC combine would have a market cap of Rs 83,300 crore, while rival Ultra-Tech now has a market cap of Rs 1.1 lakh.

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