Jyothi Labs brings Ujala in dark market

The 52-week high of Jyothi Labs stands at Rs,342 and today it inched so close to it at Rs.334. Currently up 5% at Rs.322, the counter has clocked, mid-morning, trades of 79,000 shares compared to two-week average of 16,000 shares.

This spike up in interest on the counter is thanks to unconfirmed news that the German parent company, Henkel plans to return to India by buying a 26% stake in Jyothi Labs. Hnkelalready has two permanent invitees on the board of Jyothi.

Jyothi Labs had acquired 50.97% stake in Henkel in 2011 and it now has six power brands in its portfolio - Ujala, Henko, Maxo, Pril, Exo and Margo.

It is reported that this 26% stake will be either through issue of fresh shares or preferential allotment of shares, which can be converted into equity later. The rumour mill has it that the price tag could be around Rs.500-600/share.