ACC, Ambuja Cements rally over 5% on merger plan

ACC hit a 52-week high of Rs 1,754, up 6%, while Ambuja Cements up 8% to Rs 266 in intra-day trade

Shares of ACC and Ambuja Cements, a part of the world's largest cement producer LafargeHolcim, rallied by more than 5% each on merger plan.

ACC's board of directors at its meeting on Friday, May 5, 2017 decided to commence an evaluation of a potential merger between the company and Ambuja Cements, the company said in a statement.

The step has been taken with view to combine the strengths of both businesses so as to benefit all stakeholders, it added.

No decision to merge has been taken, and the ACC board will decide on a merger based on