GSK hits a new high

GlaxoSmithKline (GSK) Consumer Healthcare hit a new record high today at Rs.7148.35, with volumes doubling up.

The stock is in the news following unconfirmed media reports that the race for acquiring its consumer nutrition business, which includes Horlicks, got further heated up with  Kellogg Company (Kellogg) and British healthcare company Reckitt Benckiser Plc also entering the fray.

They join the long list of contenders – HUL, ITC, Coca Cola and Nestle.

The sale of this consumer nutrition business is expected to fetch the company around $4.5 billion.

Thus the mere anticipation of who will win the coveted business pushed up the stock price to a new high today.