Kiri Industries share price leaps over 3% on bourses; here is why?

Kiri Industries is one of the largest manufacturers and exporters of a wide range of dyes, intermediates, and chemicals from India. As of August 29, 2024, the company has a market cap of Rs 2,111 cr

Shares of dyes and pigments dealer Kiri Industries jumped 3.32 per cent to Rs 419.90 during intraday deals on the NSE on Thursday. The surge came following news that the Court of Appeal (Supreme Court of Singapore) has fixed November 12, 2024, as the date for hearing appeals filed by both Kiri and Senda International Capital. In an exchange filing, the company stated that the apex court has asked that all appeal submissions be completed today, August 29, 2024, by both parties.

"...the company had filed an appeal against the Singapore International Commercial Court order and the grounds of decision dated May 20, 2024, for not awarding interest to Kiri on the buy-out price, and Senda had filed an appeal against the award of priority payment to Kiri while distributing the En Bloc sale proceeds of DyStar," Kiri Industries said in a regulatory filing on the NSE.

That said, the company has informed the exchanges that its Board of Directors has approved the issue of up to 1,33,33,789 warrants, each convertible into or exchangeable for 1 fully paid-up equity share of the company with a face value of Rs 10 each, to the promoters and members of the promoter group by way of a preferential issue.

Kiri Industries is one of the largest manufacturers and exporters of a wide range of dyes, intermediates, and chemicals from India. As of August 29, 2024, Kiri Industries commands a market capitalisation of Rs 2,111.47 crore.

The company's stock, however, retreated from the day's high of Rs 419.90, and was trading at Rs 395.10, down 2.78 per cent from its previous close on the NSE at around 1 pm on Thursday. At the same time, 18.25 lakh equity shares of Kiri Industries worth nearly Rs 74.73 crore were reported to have exchanged hands on the NSE.

Shares of Kiri Industries have a 52-week range of Rs 452.50 - 261.00 on the NSE, as of August 29, 2024. Kiri Industries shares have exhibited poor performance year-to-date, with a fall of 4.74 per cent.

However, the company’s shares have jumped nearly 6 per cent in the last five days, 11.67 per cent in the last month, and 2.88 per cent in the last six months.