Kiri Industries spikes on back of favourable verdict
The stock of Kiri Industries was trading up by 20 per cent after the company informed the bourses that a Singapore court has rule in favour of the company.
Singapore International Commercial Court (SIC) released a judgment with respect to KIL's investment in DyStar against DyStar Global Holdings and Senda International Capital Limited. The litigation is a minority oppression suit. The court has directed Senda to buy KIL's 37.57 per cent stake in DyStar. Also, the court dismissed the claims and counter-claims against Pravin Kiri, Manish Kiri, Amitava Mukherjee and Kiri International Mauritius.
On Tuesday, the stock of Kiri Industries opened with a gain of 3.93 per cent at Rs. 499.00 per share. The stock closed at Rs. 576.15 per share, up Rs. 96.00 or 19.99 per cent, touching the stock upper circuit limit for the day. Also in terms of volume, the stock registered a 603.38 per cent volume jump compared to its 5-day moving average.