IP Rings, which had closed at Rs.139.95, opened 5% higher at Rs.146.90, briefly touching its 5% UC of the day. Its 52-week high is at Rs.187.
The stock price is up on news that the company has signed an agreement to form a 50:50 JV with Eminox, United Kingdom to establish a Technical Centre Joint Venture in India.
The purpose of the JV is to develop prototypes related to Exhaust Systems and Internal Combustion engines. The JV will be responsible for Customer, Product, Market and Vendor Development.