APL Apollo gains after receiving patents for four hollow section designs

APL Apollo Tubes rose 2.35% to Rs 882.50 at 11:05 IST on BSE after the company announced that it received patents for four hollow section designs from the Indian Patent Office.

The announcement was made after market hours yesterday, 12 December 2016.

Meanwhile, the BSE Sensex was up 53.46 points, or 0.2%, to 26,568.70.

On the BSE, 1,052 shares were traded in the counter so far, compared with an average volume of 2,499 shares in the past one quarter. The stock had hit a high of Rs 885.75 and low of Rs 873 so far during the day. The stock hit a record high of Rs 1,008 on 18 August 2016. The stock hit a 52-week low of Rs 557 on 26 February 2016.

 

The stock had underperformed the market over the past one month till 12 December 2016, falling 5.8% compared with the 1.13% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.88% as against Sensex's 6.48% decline.

The small-cap company has an equity capital of Rs 23.59 crore. Face value per share is Rs 10.

APL Apollo Tubes announced that it received patents from the Indian Patent Office for four new designs of hollow section pipes. The patents cover the shapes and configurations of differentiated structural products.

The designs will have a patent for a period of 10 years, with a facility to further extend it for an additional period of 5 years. In addition to the four patents, APL Apollo holds another two design patents that it has developed in-house.

APL Apollo Tubes' consolidated net profit rose 67.7% to Rs 33.66 crore on 12.9% decline in net sales to Rs 927.99 crore in Q2 September 2016 over Q2 September 2015.

APL Apollo Tubes is one of the leading manufacturers of hollow section steel tubes and pre-galvanized steel tubes in the country.

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