Hitachi Home and Appliances hits lifetime high

The stock rallied 13% to Rs 1,097 after Hitachi Appliances, Inc., the parent company, has agreed to divest its stake in the company into a global joint venture.

Hitachi Home and Appliances has rallied 13% to Rs 1,097 on BSE after the company said Hitachi Appliances, Inc., the parent company, has agreed to divest its stake in the company into a global joint venture.

The stock opened at Rs 1,036 and hit a lifetime high of Rs 1,124 on BSE. Till 0939 hours, a combined 390,000 shares changed hands on the counter on BSE and NSE.

“Johnson Controls, Hitachi, Ltd. and Hitachi Appliances, Inc. entered into a definitive agreement for their global joint venture while at the World Economic Forum in Davos, Switzerland. The new Johnson Controls-Hitachi joint venture will allow both companies to deliver the most diverse technology portfolio in the heating, ventilation, air conditioning and refrigeration industry,” Hitachi Home and Appliances said in a BSE filing.

"The joint venture will propel us forward with superior products, enabling Johnson Controls to deliver the most diverse technology portfolio in the industry to meet customer demands across the changing global marketplace,” said Alex Molinaroli, chairman and CEO, Johnson Controls.