Apollo Tyres hits 52-week high on US court ruling; more upside seen_Apollo Tyres hits 52-week high on US court ruling; more upside seen

Apollo Tyres hits 52-week high on US court ruling; more upside seen

May 29, 2024

ET Online

Mumbai:Apollo Tyres Plate rose more than 5% to touch a new 52% weekly high after a US court in Delaware ruled in favor of Cooper Tire & Rubber Co.

Delaware County Judge Sam Glasscock said in his ruling that Cooper failed to fulfill its contractual obligations because Cooper lost control of its largest subsidiary.

Apollo Tires is giving Stock “This ruling vindicates the company’s long-standing position that Apollo made every effort to complete the transaction,” a statement said

In December 2013, Goodyear Tire & Rubber Company and Apollo Tyres completed a merger agreement worth $2.51 billion.

Analysts say the stock has more room to rise after today’s 5% gain.

miteshthacker.com Technical analyst Mitesh Thacker This means the stock has spiked.

“On intraday fall, buy till Rs 223.50-224 keep the stop loss at 219 Below Rs and look for a target of Rs 235,” he told ET Now.

Sandepp Wagle, Founder and CEO of Power My Wealth Sandepp, recommended buying the stock with a stop loss of 221 and a target of Rs 236 Rs.

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