India's Ambuja rises after board approval to merge ACC and Orient Cement

Shares of Ambuja Cements ABUJ.NS rise as much as 4.3% to 563.50 rupees

Adani owned Ambuja Cements' board approves amalgamation to merge ACC ACC.NS and Orient Cement ORCE.NS into Ambuja

Shareholders holding 100 shares each in ACC and Orient will receive 328 and 33 shares of ABUJ, respectively

Emkay sees transaction as neutral with a slight negative bias for ACC shareholders while mildly positive for Orient shareholders

ACC down 1.63%, ORCE up 6.2%

JPM says pan-India operations should help ABUJ optimise costs and improve sale of more premium brands over time-company expects to operate both the Ambuja and ACC brands post merger

ABUJ says promoter group stake will be 60.94% from 67.65% post all ongoing proposed mergers

Analysts have a "buy" rating for ABUJ and ACC has "hold" rating on avg - data compiled by LSEG

YTD, ABUJ up ~4% while ACC and ORCE decline 14% and ~48%