APL Apollo Tubes gains on receiving two more design patents

The stock moved higher to its lifetime high of Rs 1,088, up 14% on the BSE in intra-day trade

APL Apollo Tubes reached its lifetime high of Rs 1,088, up 14% on the BSE in intra-day trade, after the company said it received patents from the Indian Patent Office for two new product design.

“This is in addition to the four Hollow Section design patents received last month. The company now holds total 8 design patents in total,” APL Apollo Tubes, the manufacturer of steel tubes, said in a statement.

The patents cover the shapes and configuration of ‘window frame’ and ‘metal tube’ products. The cutting-edge design will hold a patent for a period of 10 years, with a facility to further extent it for an additional period of 5 years, it added.

At 01:47 pm; the stock was up 5.5% at Rs 1,010 on the BSE as compared to 0.29% rise in the S&P BSE Sensex. A combined 137,618 shares changed hands on the counter on the BSE and NSE so far.