Transformers and Rectifiers up 11 pc on pact with Chinese firm

Shares of Transformers and Rectifiers India Ltd (TRIL) today soared nearly 11 per cent after it signed a joint venture agreement with Chinese firm Jiangsu Jingke Smart Electric Company Limited (Jingke).
The scrip zoomed 8.69 per cent to settle at Rs 357.70 on BSE. Intra-day, it surged 15 per cent to Rs 378.65.
At NSE, shares of the company advanced by 10.72 per cent to end at Rs 361.85.
"The company has entered into a joint venture agreement with Jingke, a company incorporated under laws of People's Republic of China (PRC) for purpose of starting the business of manufacturing and marketing of GIS/HGIS/TGIS systems and products for 220kV and below and distribution products of 40.5 kV and below in India," the company said in BSE filing yesterday.

According to the statement, TRIL will hold majority 60 per cent stake in the joint venture.