APL Apollo Tubes share price hits new life high amid bonus issue news, stock up 21% in 5 sessions
On the back of bonus issue announcement, the shares of APL Apollo Tubes Limited touched a new life high to Rs 1819.3 per share, after surging over 13 per cent on the BSE intraday trade on Tuesday.
In its filing to BSE, the company said, “A meeting of the Board of Directors of the Company will be held on Friday, 6th August 2021to consider and approve Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter ended June 30, 2021.”
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“The board of directors will also consider a proposal for issue of bonus shares on the equity shares of the Company,” APL Apollo Tubes said in exchange filing.
The stock on Tuesday opened with marginal gains, however, picked up momentum eventually and surged to hit life high amid the bonus issue news. At around 03:12 pm, the stock was trading near 9 per cent to Rs 1751 per share on the BSE, as against 0.51 per cent slip in the S&P BSE Sensex.
The counter in the last five sessions has been gaining continuously, it soared around 21 per cent from Rs 1506 per share on the BSE.
Amid lockdown due to covid concerns, last financial year, APL Apollo Tubes had reported profit of Rs 1 crore in the Q1 FY21. While in the previous quarter (Q4FY21), it had posted Rs 54.22 crore profit.
While it reported revenue of Rs 783.7 crore in the June-ended quarter of the financial year 2020-2021, while in the fourth quarter in the same financial year it posted Rs 1841 crore revenue.
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