Nilkamal is trading 2% higher at Rs 384 after the company entered into a joint venture (JV) agreement with Cambro Manufacturing Company (Cambro), USA.

Cambro has manufacturing operations in the USA, Germany, Turkey and China, and sells its products globally through dealers and distributor networks situated all over the world.

The joint venture company will carry on the business of manufacturing and importing an extensive range of quality products for the commercial food service and hospitality segment and distribution of such products in India and other territories.

Further, the investment by both the companies in the proposed joint venture will be in the ratio of 50:50, the company said in a filing to the stock exchanges.

The stock of Nilkamal opened at Rs 385 and touched a high 388 on the BSE. Around 2,773 shares have changed hands on the counter so far.