Adani group firms Ambuja Cement Ltd and ACC Ltd on Thursday said no shares of the companies have been pledged by the promoters, who have only provided a "non-disposal undertaking". In a joint statement to stock exchanges, Ambuja Cement Ltd and ACC Ltd termed as "misleading" reports of pledging of shares by the promoters as part of financing their acquisition. "Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure," the statement said.
Gujarat Ambuja Cements Ltd allotted 1400 shares on exercise of the stock options by the employees.
Gujarat Ambuja Cements Ltd's board will meet on January 29, 2003 to consider quarterly/ half-yearly unaudited financial results for the quarter/half year ended December 31, 2002.
The BSE Sensex on Friday surged more than 6 percent to record highs while the rupee strengthened to an 11-month high against the dollar as the opposition Bharatiya Janata Party and its allies were set to sweep the country's elections with a clear majority.
Cement major Gujarat Ambuja Cements Ltd on Monday said Holderind Investments Ltd (Holcim Mauritius) has 14.8 per cent stake in the company.
Gujarat Ambuja Cements Ltd has posted a net profit of Rs 564.60 million for the quarter ended December 31, 2002 as compared to Rs 504.40 million for the quarter ended December 31, 2001.
Thirty stocks from various sectors form the Sensex.
With the acquisition of 14.8 per cent stake in Gujarat Ambuja Cements Ltd, by Swiss cement major Holcim, foreign players, including Lafarge, would be controlling nearly 25 per cent of total production in the country.
Holcim Ltd, the world's second largest cement producer, has made a $800 million bid to acquire Associated Cement Company Ltd, India's largest cement manufacturer.
Gujarat Ambuja Cements Ltd on Friday reported a 104 per cent rise in its consolidated net profit during the third quarter ended March 31, 2004 and announced an interim dividend of 50 per cent for the fiscal ended June 2004.
Swiss building material major Holcim has said its $6.38 billion deal with Asia's richest man Gautam Adani's group is tax-free. Holcim had on Sunday signed a binding agreement with the Adani Group to sell its business in India -- about a 63 per cent stake in Ambuja Cement, which owns a 54.53 stake in ACC (of which 4.48 per cent is direct shareholding). "So, according to our analysis, it is a tax-free transaction," Holcim CEO Jan Jenisch said while addressing investors after the deal on Monday." When asked about the tax implications, he said: "Never know if any complication arises, but we assume that we will get the 6.4 billion Swiss Francs as net proceeds." As per the deal, Adani Group will acquire Holcim's full stake in Ambuja Cement and ACC for CHF (Swiss franc) 6.4 billion ($6.38 billion).
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
The FIPB rejected two proposals -- Nigeria's Mokeme Chiwetal Izuchukwu and Lanarth Developers Pvt Ltd.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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