ACC and Ambuja Cement (ACEM) board has approved continuation of existing technology and know-how agreement ('TKH Agreement') at 1% of net sales with Holcim Technology Limited. We understand this will come as relief for both the company, as street feared that TKH fee will see an increase. Both the stocks were down by 8-10% in the last one month relative to its large cap peers like UTCEM, SRCM. We have factored TKH fee at 1% of net sales in CY21E and CY22E and thus on unchanged earnings estimate we re-iterate BUY rating on ACC (TP Rs1,879) and HOLD on Ambuja Cement (TP Rs245). We prefer ACC due to a) simplified structure vs holding company structure...