Apollo Tyres hits 15-month high

The stock has rallied 25% in past seven trading sessions after US court dismisses Cooper Tire's plea in Apollo deal case.

Apollo Tyres has soared 9% to Rs 101.80, its highest level since September 2012, on back of heavy volumes on the Bombay Stock Exchange (BSE). The stock opened at Rs 93 and has seen a combined 18 million shares changing hands on the counter till 1215 hours on the BSE and NSE.

Shares of homegrown tyre major Apollo Tyres has rallied 25% in past seven trading session after the company said Delaware Supreme Court has ruled in its favour in its ongoing spat with US-based Cooper Tire over their proposed $2.5-billion merger agreement. The benchmark S&P BSE Sensex has gained 1.9% during the same period.

"We are pleased by the decision of the Delaware Supreme Court dated 16 December 2013, which did more than dismiss Cooper's appeal - the court decided the appeal was improvidently granted in the first place," Apollo Tyres said in a statement.

Apollo further said: "Cooper's litigation strategy to date has done nothing but generate unnecessary cost for its shareholders and for Apollo, and compound the obstacles that Cooper's situation has created for this merger."