JK Tyre to raise stake in arm; stock jumps 10%

The company board approved to raise stake in the subsidiary company.

Mar 26, 2020 07:03 IST India Infoline News Service

Shares of JK Tyre and Industries hit 10% upper circuit after the company board approved to raise stake in the subsidiary company.

The Board of Directors of the Company, at their meeting held on March 25, has approved an increase in the company’s stake in Cavendish Industries Ltd., a subsidiary of the company, from 69% to 71.91% on a standalone basis and from 85% to 86.41%, with its subsidiary.

The stock is currently trading at Rs38.90, up by Rs3.5 or 9.89% from its previous closing of Rs35.40 on the BSE.

The scrip opened at Rs38 and has touched a high and low of Rs38.90 and Rs35.95 respectively.

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