APL Apollo Tubes rose 5.11% to Rs 1,006.05 at 13:14 IST on BSE after the company announced that it has recently received patents from the Indian Patent Office for two new product designs.
The announcement was made after market hours yesterday, 11 January 2017.Meanwhile, the S&P BSE Sensex was up 120.07 points, or 0.44%, to 27,260.48
On the BSE, 20,000 shares were traded in the counter so far, compared with an average volume of 3,568 shares in the past one quarter. The stock hit a high of Rs 1,088 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 971.50 so far during the day. The stock hit a 52-week low of Rs 557 on 26 February 2016.
The stock had outperformed the market over the past 30 days till 11 January 2017, rising 6.88% compared with 1.66% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 9.66% as against Sensex's 1.82% fall.
The small-cap company has an equity capital of Rs 23.59 crore. Face value per share is Rs 10.
APL Apollo Tubes announced that it has recently received patents from the Indian Patent Office for two new product designs. The patents cover the shapes and configurations of window frame and metal tube products. This is in addition to the four hollow section design patents received in December 2016.
The company now holds eight design patents in total. The designs will have a patent for a period of 10 years, with a facility to further extend it for an additional period of 5 years.
APL Apollo Tubes' consolidated net profit rose 67.7% to Rs 33.66 crore on 12.9% decline in net sales to Rs 927.99 crore in Q2 September 2016 over Q2 September 2015.
APL Apollo Tubes is one of the leading branded steel tubes manufacturer.
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