APL Apollo Tubes trades ex-date for 1:5 stock split, hits new high

In the past six months, the stock has rallied 150 per cent, as compared to a 38 per cent rise in the S&P BSE Sensex during the same period

Shares of APL Apollo Tubes rallied 5 per cent on Tuesday to hit a fresh record high of Rs 798 on the BSE in an otherwise weak market as the stock today turned ex-date for 1:5 stock split.

The company has fixed Wednesday, i.e. December 16, 2020 as the record date to ascertain the names of shareholders entitled for sub-division of each of the equity share of the company having a face value of Rs 10 each sub-divided into 5 equity shares having a face value of Rs 2 each.

The board of directors of the company, at their meeting held on October 28, 2020, had approved the sub-division of equity shares to facilitate larger shareholder base, increase liquidity and make the shares more affordable to investors.

In the past six months, the stock of APL Apollo Tubes has rallied 150 per cent, as compared to a 38 per cent rise in the S&P BSE Sensex.
 

Meanwhile, last month, the company had signed a Memorandum of Understanding (MoU) with Zamil Steel Buildings India Pvt. Ltd. (Zamil Steel India) to develop a market for pre-engineered steel buildings (PEB) made from structural steel tubes. This is in line with APL’s strategy to create new markets for structural steel tubes in India.

APL Apollo Tubes is India’s leading branded structural steel tube company. The company’s multi-product offerings include over 1,500 varieties of structural tubes for use in residential and commercial construction, as well as infrastructure development.

At 11:13 am, the stock was trading 4 per cent higher at Rs 790 on the BSE, as compared to a 0.71 per cent decline in the S&P BSE Sensex. Around 368,000 equity shares have changed hands on the counter, against an average of sub-200,000 equity shares that traded pre-stock-split on the NSE and BSE, so far.