ACC cracks on profit booking

Dalal Street Spikes

 The counter moved up on buying support following reports that the company has acquired an 86.79 per cent stake in Idcol Cement.

 Reports say that ACC will buy the stake from the government of Orissa for Rs 176 crore. ACC is also said to have agreed to expand the clinker capacity by 35 per cent and plant capacity to 2 million tonne.

 The company has also agreed to set up a captive power plant. The company has seen strong despatches and most analysts feel that despatches will remain buoyant on sustained demand. However, prices could come under pressure as realisations are poor.