Ambuja Cements Incorporates Three Wholly Owned Subsidiaries

The incorporated subsidiary companies are Lotus IFSC, Ambuja Concrete North and Ambuja Concrete West.

<div class="paragraphs"><p>Ambuja Cement bags. (Photo: Usha Kunji/BQ Prime)</p></div>
Ambuja Cement bags. (Photo: Usha Kunji/BQ Prime)

Ambuja Cements Ltd. incorporated three of its wholly owned subsidiary companies on Friday.

The incorporated subsidiary companies are Lotus IFSC Pvt., Ambuja Concrete North Pvt., and Ambuja Concrete West Pvt. While Lotus IFSC works in the aircraft owning and leasing business, the other two companies are cement manufacturers and dealers, according to an exchange filing.

Shares of Ambuja Cements fell as much as 1.84% intraday before paring losses to trade 0.96% lower at Rs 422 apiece, as compared with a 0.31% decline in the benchmark NSE Nifty 50 as of 3.10 p.m.

Of the 45 analysts tracking Ambuja Cements, 26 maintain a 'buy' rating on the stock, 10 maintain 'hold', and nine recommend'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 12%.

Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns a 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.