Atul Ltd hit an intra day high today at Rs.4086, which is just 0.20% away from 52 week high of Rs 4,090. Stock has been gaining for the last 3 days and has risen 2.51% in the period.
The market is pretty happy with the company terminating its JV with a Turkish company.
The company announced on Friday evening that it has terminated its JV agreement signed with Elkay Kimyasal Maddeler SAN. TIC. A.S. based in Turkey (Eikay) for promoting stone care chemicals in India.
The company stated that in view of changed circumstances and subsequent experience, it became clear that the Joint Venture was beneficial to neither and the parties terminated the Joint Venture Agreement on June 07, 2019 by mutual consent. The termination will not have any impact on Atul Ltd as well as the counterparty.