Mumbai, April 11 :    Mumbai, April 11:  The Parke Davis scrip perked up on talk that a planned merger with Pfizer India is imminent. The market expects 1.5-3 shares of Parke-Davis to be swapped for each Pfizer stock. Opening firm at Rs 205, the Parke Davis scrip shot to a day's high of Rs 215, a sharp gain of around 14 per cent. It closed at Rs 203.25, showing a spurt of Rs 14.15, or 7.48 per cent, over the previous finish of Rs 189.10. The counter witnessed 1169 deals, resulting in a turnover of Rs 99.57 lakh. The low-volume Parke Davis scrip has appreciated by more than 16 per cent in a month. On the other hand, the Pfizer scrip finished at Rs 481.35 after opening at Rs 472 and hitting an intra-day peak of Rs 493. The merger is expected following Pfizer Inc's world-wide acquisition of Warner-Lambert, Parke Davis' parent. In August last year, there were strong indications about the union when Hocine Side Said, managing director of Pfizer, was sent to Parke Davis in the same slot. After that, Pramod H. Lele resigned as chairman and managing director, and from the Parke Davis board. Parke Davis had said the appointment of Said would help integrate the operations of Pfizer and Parke Davis. Sources close to Pfizer India did not comment on the merger, but said the legal union of the two entities will be completed after legal, statutory and regulatory approvals. Pfizer Inc holds a 40 per cent stake in Pfizer India Ltd; Warner-Lambert owns as much in Parke-Davis India. According to analysts, the merged entity will be among the top ten pharmaceutical companies in India. Industry experts say there is a wealth of synergies in most products made by the two firms. The concerns are limited largely to cough syrups, where Benadryl and Corex compete against each other on the drug shelves. However, there are reports that Benadryl will be positioned as an over-the-counter product to avoid conflict. Pfizer India grabbed attention a few months ago, when its parent said it was planning a 100 per cent arm. The US drug major had squelched fears that the new unit would chip away at the existing outfit, saying the completely owned arm would only register, preserve and defend Pfizer Inc's intellectual property rights.