APL Apollo Tubes slips 3% on heavy volume amid promoter stake sale buzz

According to reports, the promoter was to sell stake close to 1 per cent stake via block deals.

Shares of APL Apollo Tubes slipped over 3 per cent to a low of Rs 1,614 on the BSE in Tuesday's intra-day trade on heavy volume amid promoter stake sale buzz. 

As of 11:30 AM, the stock was down 2.3 per cent at Rs 1,630 on trades of around 32.24 lakh shares, representing more than 1 per cent of the company's equity. Meanwhile, the S&P BSE Sensex was up 0.1 per cent at 65,050. 

According to reports, the promoter was to sell stake up to 26.30 lakh shares, or 0.85 per cent equity, via block deals. The floor price was the deal was likely to around Rs 1,595 per share, reported CNBC TV-18.

The stock has been a significant outperformer in the last three months, up a solid 50.5 per cent as against a 4.3 per cent gain on the BSE benchmark.

For the quarter ended June 2023, the company reported a strong 170 per cent growth in Q1 net profit at Rs 160.57 crore when compared with Rs 59.39 crore in the corresponding quarter a year ago.

Total income increased by 51.6 per cent year-on-year to Rs 3,648.91 crore in Q1FY24 from Rs 2,407.01 crore in Q1FY24.