India's Sheela Foam hits 1-wk high on report of plan to buy Kurlon

Sheela Foam

28/12/2022 08:53

** Shares of mattress manufacturer Sheela Foam Ltd  SHEF.NS 
rise as much as 5% to 1,338 rupees, highest since Dec. 21
    ** ET Now reports SHEF plans to acquire privately-held
competitor Kurlon Ltd for 20 billion rupees ($241.33 million) 
    ** Nearly 60,000 shares change hands by 2:15 p.m. IST vs
30-day avg of ~27,000 shares
    ** Stock down 21% so far this year, up to last close 
($1 = 82.8750 Indian rupees)
 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))