Shares of Henkel India Ltd today surged over 15 per cent after the company said its board will meet on Friday to consider the proposal of amalgamation of the company with Jyothy Laboratories.
Buoyed by the announcement,shares of the company opened the day on a robust note and gained 15.38 per cent to Rs 28.50 on the BSE.
Shares of Jyothy Labs also climbed 4.28 per cent to Rs 239.50 on the BSE.
“The board of directors of the company will meet on June 15,2012,to consider the proposal of amalgamation of Henkel India Ltd (HIL) with Jyothy Laboratories Ltd (JLL),” both the companies had said in separate filings to the BSE yesterday.
As on date,Jyothy Laboratories holds 83.66 per cent in Henkel India.
Rally in the stock sharply outperformed the sluggish broader market where the BSE Sensex was trading at 16,859.75,down 20.76 points at 1020 hrs.
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