Apollo Tyres hits new high

The stock rallied 5% to Rs 229 on BSE after Delaware Chancery Court Judge Sam Glasscock III in its judgement said Cooper failed to comply with its contractual obligations.

Apollo Tyres has moved higher by 5% to Rs 229 on the Bombay Stock Exchange (BSE), after the company said that the Delaware Court in the US has ruled in favour of Apollo's motion for Entry of a Declaratory Judgment.

Delaware Chancery Court Judge Sam Glasscock III in its judgement had said Cooper failed to comply with its contractual obligations. On December 31, 2013, Cooper Tire & Rubber Co terminated USD 2.5-billion merger agreement with the Indian firm.

 “This ruling vindicates the Company's consistent stand that even as Apollo made exhaustive efforts to complete the deal, Cooper failed to comply with its contractual obligations because it was unable to control its largest subsidiary,” Apollo Tyres said in a statement.

The stock opened at Rs 221 and touched a record high of Rs 230 on BSE. A combined 3.71 million shares changed hands on the counter till 1100 hours on BSE and NSE.