Hitachi Home shares spurt 20 pc after pact

Stocks of Hitachi Home & Life Solutions today surged 20 per cent to hit upper circuit limit.
Earlier in the day, Johnson Controls and Hitachi and Hitachi Appliances entered into a definitive agreement to form a global joint venture for heating, air conditioning, ventilation and refrigeration.
Reacting to the development, Hitachi Home soared 20 per cent to Rs 1,169.15 -- its highest trading permissible limit for the day the BSE.
On the NSE, it gained 20 per cent to Rs 1,169.
Hitachi Appliances Inc holds 72.41 per cent stake in Hitachi Home as per September quarter shareholding pattern.
As per the agreement, Johnson Controls will obtain a 60 per cent ownership in Hitachi Appliances. The deal excludes sales and service operations in Japan.

Hitachi Appliances will continue to provide Hitachi branded HVAC products in the Japanese market after this transaction, the company said in a statement.