Apex Frozen Foods hits 5% upper circuit for eighth straight session

Apex Frozen Foods was locked at 5 per cent upper circuit at Rs 309.80 at 11.20 am on BSE, with the stock extending recent strong rally post its debut on the bourses.

Meanwhile, the S&P BSE Sensex was up 41.40 points or 0.13 per cent to settle at 32,227.81. The S&P BSE Small-Cap index was up 105.62 points or 0.64 per cent to settle at 16,625.18.

On the BSE, 5,330 shares were traded in the counter so far, compared with average daily volumes of 68,557 shares in the past eight days. The stock was locked at a high of Rs 309.80 so far during the day, which is also a record high of the stock. The stock had hit a record low of Rs 195 on a listing day on September 4, 2016.

The small-cap company has equity capital of Rs 31.25 crore. Face value per share is Rs 10.

Apex Frozen Foods had settled at Rs 209.85 on BSE, a premium of 19.91 per cent over the issue price of Rs 175 on its debut on the stock exchanges on September 4, 2017.

The stock has jumped 77.02 per cent in nine sessions to its ruling price, from the issue price of Rs 175.

The initial public offer (IPO) of Apex Frozen Foods had received strong response from investors. The IPO was subscribed 6.14 times. The company had fixed the IPO price band at Rs 171 to Rs 175 per share.

Apex Frozen Foods posted net profit of Rs 8.04 crore on net sales of Rs 164.01 crore in Q4 March 2017.

Apex Frozen Foods is one of the integrated producers and exporters of shelf stable quality aquaculture products.

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