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A day after the merger rumours with Rhone Poulenc, Hoechst AG's plans to recast its business set the stocks of its Indian subsidiaries on fire. The two Indian subsidiaries, Hoechst Marion Roussel and Hoechst Sch. Agro shot up to hit the upper end of the filter on Tuesday after the news of business recast of their parent trickled in. The scrips shot up with a surge in volumes on the Bombay Stock Exchange (BSE). Hoechst Marion Roussel zoomed from Rs 350 to Rs 377.5 with a sharp surge in volumes from 31,600 shares to 69,000 shares on BSE. The other subsidiary, Hoechst Shv. Agro, which missed the rally on Monday after the merger rumours, shot up on Tuesday to hit the upper end of the filter at Rs 470, up from the previous close of Rs 438. Trading volumes witnessed a sharp rise from mere 640 shares on Monday to 27,550 shaes on Tuesday.
At the same time, the market continues to speculate on the possible merger between the two global pharmaceutical majors, Hoechst AG and Rhone Poulenc. The Indian subsidiary of theFrench pharma giant, Rhone Polenc continued its upward march and rose from Rs 682 to Rs 711 before closing the day at Rs 700 on the BSE. Trading volumes again remained high with close to 50,000 shares changing hands.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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