Kiri Industries on verge of multi-year breakout after this news

The stock of Kiri Industries was trading up by nearly 8.7 per cent on Monday i.e. on a day, where the benchmark indices are trading down by nearly half a per cent.   

The stock opened at Rs 588.75 and went on to touch a high of Rs 630 during the morning session. The stock is up by nearly 33 per cent on a YTD basis while currently, it’s trading very close to its 52-week high. Moreover, we are just halfway through the session and the stock has already surpassed its previous trading session volumes and recorded the highest volumes since June 8, 2021. Technically, the stock is on the verge of a multi-year breakout.   

So, now, the question arises as to why this stock is garnering so much interest and buzzing on the bourses? The answer lies in the fact that the company has informed that Singapore International Commercial Court vide its final judgement dated June 21, 2021, has confirmed the final value of Kiri’s 37.57 per cent stake in DyStar Global Holdings Pte Ltd (DyStar) at US $481.60 million (approximately Rs 3,570 crore), after giving effects of two minor adjustments.