APL Apollo Tubes’ shares declined by more than 3% to reach a low of Rs 1,614 on the BSE during Tuesday’s intraday trading due to rumors of a promoter stake sale. Reports indicated that the promoter intended to sell up to 26.30 lakh shares, equivalent to 0.85% equity, through block deals, with a likely floor price of around Rs 1,595 per share.
The stock has performed remarkably well in the last three months, showing a robust 50.5% increase compared to the BSE benchmark’s modest 4.3% gain.
In the quarter ending June 2023, the company posted impressive results, with Q1 net profit surging by 170% to Rs 160.57 crore, up from Rs 59.39 crore in the same quarter the previous year. Total income also saw significant growth, rising by 51.6% year-on-year to reach Rs 3,648.91 crore in Q1FY24, compared to Rs 2,407.01 crore in Q1FY23.
APL Apollo Tubes closed at Rs. 1622, marking a 2.80% decrease on the NSE.