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 hits 15-month high")
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."
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."