 "Colour coated pipes at APL Apollo's Murbad facility")
Shares of APL Apollo Tubes and Apollo Tricoat Tubes rallied up to 7 per cent on the BSE to hit their respective new highs in intra-day trade on Wednesday after the companies announced bonus issue plans.
“The board of directors of the company is scheduled to meet on August 6, 2021, to consider and approve the proposal for issue of bonus shares on the equity shares of the company,” the firms announced in separate regulatory filings on Tuesday. Their boards will also consider un-audited financial results for the first quarter ended June 30, 2021 (Q1FY22).
Among individual stocks, APL Apollo Tubes hit a new high of Rs 1,837.70, up 5 per cent in intra-day trade today, rising14 per cent in the past two trading days. Meanwhile APL Tricoat Tubes too hit new high of Rs 1,669 after it surged 7 per cent in intra-day deal today, gaining 12 per cent in two days. In comparison, the S&P BSE Sensex was down 0.46 per cent at 52,337 points at 09:30 am.
In March this year, APL Apollo announced the merger of Apollo Tricoat and Shri Lakshmi Metal with itself. This merger would combine the businesses under the ‘APL Apollo’ brand with wide product offerings and geographical footprint leading to a stronger market presence. Under the merger scheme, Apollo Tricoat’s minority shareholders will receive one equity share in APL Apollo for every one equity share held.
APL Apollo Tubes is India’s leading structural steel tube manufacturer. The Company operates 10 manufacturing facilities with a total capacity of 2.6 million tons. APL Apollo’s multi-product offerings include over 1,500 varieties for multiple building material structural steel applications. APL Apollo serves as a ‘one-stop shop’ for a wide spectrum of products, catering to an array of industry applications such as urban infrastructure and real estate, rural housing, commercial construction, greenhouse structures and engineering applications.
Apollo Tricoat’s main products include varieties of the home improvement range. The Company operates two manufacturing facilities at Malur, Karnataka and Dujana, Uttar Pradesh.
