Apollo Tyres retreads into green

Apollo Tyres is amongst top gainers on the BSE, up over 4% at Rs.74.50, with an intra day high at Rs.75.65.

The stock is up in the green after the Delaware court ruled in favor of the company. The court on Friday, rejected claims by Cooper Tire & Rubber Co that the company was in breach of its merger agreement to finalise the deal on October 4. Cooper had filed a complaint in June that Apollo was delaying the closing of transaction so that it could bring down the price. The Court stated that company had not breached its obligation to close its $2.5-billion buyout of Cooper as originally agreed. Apllo will be declaring its results today and that could also be one of the reasons adding to its rise.