APL Apollo Unit Gets Rs 500 Crore In Incentives, Shares Gain

Shares of APL Apollo Tubes Ltd. gained on Tuesday after its unit won grants from the State Investment Promotion Board of Chattisgarh 

APL Apollo Building Products Pvt. was granted incentives worth Rs 500 crore by the State Investment Promotion Board, government of Chhattisgarh, for the establishment of a manufacturing facility at Rigni Village, Tahsil - Simga, Baloda Bazar District, Chhattisgarh.

Shares of the company rose 1.34% to Rs 1,325.65 apiece compared to a 0.60% advance in the Nifty 50 as of 10:03 a.m. Shares hit an intraday high of 4.12%, highest in a week.

The total traded quantity so far in the day stood at 3.1 times the 30-day average volume. The stock's relative strength index stands at 56.27, indicating that it is neither overbought nor oversold.

Out of 20 analysts tracking the stock, 16 recommend a 'buy', three recommend a 'hold', and one maintains a 'sell', according to Bloomberg. The consensus price estimate indicates a 5.2% upside over the next 12 months.