Symphony hits record high

In past one-week, the stock rallied 10% after the Gujarat High Court restrains Cello from launching Symphony look-alike air coolers in the market.

Shares of Symphony have rallied nearly 4% to Rs 2,529, also its record high on the National Stock Exchange (NSE), in an otherwise subdued market.

In past one-week, the market price of the country’s largest air cooler company has appreciated by 10% from Rs 2,302 after the company said Gujarat High Court restrains Cello from launching Symphony look-alike air coolers in the market. The CNX Nifty was down 1.5% during the same period.

The company has received a stay order from the High Court of Gujarat at Ahmedabad against Wim Plast Limited which is launching ‘Cello’ air cooler models in India which are similar to the registered designs of Symphony Ltd models Winter, Sumo, Diet and Hicool, Symphony said in a statement.

The stock opened at Rs 2,444 and has seen a combined 19,547 shares changed hands on the counter so far on the NSE and BSE.

At 0957 hours, the stock was up 2% at Rs 2,484 on the NSE.