There is a competition to sell the shares of the well-known cement company- Ambuja and ACC in the country. On Tuesday only, the share price fell 4.44 percent to Rs 2057.90. At the same time, the share price of Ambuja is at Rs 352.70 with a loss of 2.88 percent.
What is the reason for the decline: Actually, the parent company of Ambuja and ACC Cement is Holcim Limited. Recently, it was reported that Holcim is preparing to withdraw its business from India. Apart from Adani Group, JSW is also included in the list of potential buyers of the company. Let us tell you that Holcim has 63.1 percent stake in Ambuja Cement of India. Apart from Ambuja, ACC Cement also comes under Holcim Limited.
Read this-World’s leading cement company closing business from India, Adani Group in buyer race
Decline in profits of ACC: For the quarter ended March 2022, the profit of cement company ACC Ltd. declined by 29.5 percent to Rs.396.33 crore. On the other hand, the company’s total operating income jumped by 3.13 per cent to Rs 4,426.54 crore from Rs 4,291.97 crore in the year-ago period. Its total expenses during the quarter stood at Rs 3,956.37 crore, up 10.32 per cent from Rs 3,586.19 crore in the corresponding quarter last year.