FMCG major Emami on Monday skyrocketed over eighteen per cent in the early trade on the Bombay Stock Exchange amid media reports that the company is looking at Amrutanjan for a possible takeover.
According to media buzz, Emami, which was in a race to buy Paras Pharma, has lost it to the UK-based Reckitt Benckiser, and is now looking to buy Amrutanjan Health Care.
Boosted by the reports, shares of the Kolkata-based firm soared to an early high of Rs 425 per piece on the Bombay Stock Exchange, registering an impresssive jump of 18.53 per cent from previous close.
Emami witnessed a similar upmove on the National Stock Exchange with the scrip climbing 18.62 per cent to Rs 423 in the morning trade.
On a similar note, Amrutanjan Health Care also saw a smart jump of 17.67 per cent, reaching an early high of Rs 695 on BSE.
Meanwhile, Emami's sister concern Emami Paper Mills also rose to Rs 52, up 17.91 per cent on BSE, buoyed by company's plan of over Rs 2,000 crore investment for capacity expansion and a foray into the pulp and writing paper segment.
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