Shares of APL Apollo Tubes Ltd. rose the most in over a week on Monday after it reported its highest-ever quarterly sales volume of 6.62 lakh tonne in the April-June quarter of FY24.
This is higher than 4.23 lakh ton in the same quarter of the last fiscal and 6.50 lakh ton in the quarter ended March 2023. The sales volume was supported by higher proportion from value added products, according to an exchange filing.
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APL Apollo's strategy of de-commoditisation is intact. The sales mix will improve further in coming quarters, with rising contribution of innovative products, the company said in a statement.
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Shares of the company rose 4.57% intraday before trading 1.60% higher as of 10:17 a.m., compared to a 0.72% advance in the Nifty 50. It rose the most since June 22.
Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 58.2.
Out of the 20 analysts tracking the company, 16 maintain a 'buy' rating, three recommend a 'hold' and one suggests a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 2.9%
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