BASF India gains as parent acquires Chemetall for $3.2 billion

NEW DELHI: Shares of BASF India, a subsidiary of German chemical giant BASF, surged 4 per cent in Wednesday's trade after its parent firm acquired Chemetall for $3.2 billion.

Reacting to the development, the scrip gained 4.68 per cent to hit a high of Rs 1,060 on the BSE. The stock has climbed 14.2 per cent in the year so far. Chemetall is a global technology and innovation leader in the metals surface treatment market.

In India, Chemetall operates through its subsidiary Chemetall India which has turnover of around $24 million.