APL Apollo Tubes jumps about 20% in nine sessions

APL Apollo Tubes rose 0.67% to Rs 1906.50, extending gains for the ninth session.

The stock has added 19.69% in nine sessions from its closing low of Rs 1592.85 on 19 December 2019.

APL Apollo Tubes (APL Apollo), India's leading branded building material steel products company, on Wednesday announced its sales volume performance for Q3 December 2019. Sales volume jumped 52.6% to 4,80,225 MTPA in Q3 December 2019, compared with 3,14,707 MTPA in Q3 December 2018. The growth was led by strong demand across product categories, it added.

Consolidated net profit jumped 124.3% to Rs 59.83 crore on a 2.9% decline in net sales to Rs 1583.81 crore in Q2 September 2019 over Q2 September 2018.

APL Apollo Tubes is one of India's leading branded building material steel products manufacturer. The company operates 11 manufacturing facilities with a total capacity of 2.55 million MTPA.

On the technical front, the stock's RSI (relative strength index) stood 81.78. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day placed at 1574.15 and its 200-day moving average (DMA) placed at 1481.37.

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