Apollo Pipes rose 2.25% to Rs 404.90 after the company reported a growth of 12,268 MT in Q2 September 2020, an increase of 19% as compared to 10,306 MT in Q2 September 2019.
The company after market hours on Thursday, 1 October 2020, said this growth was driven by contribution from across product categories including value-added product segment of fittings. The firm added that it anticipates further improvement in sales performance over the next few quarters on the back of better demand environment combined with an uptick in utilization levels.Shares of Apollo Pipes have soared 84.04% from its 52-week low of Rs 220 hit on 24 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 57.303. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was above its 50-day moving average (DMA) placed at 382.61 and its 200-day moving average (DMA) placed at 351.90.
APL Apollo Tubes is engaged in the business of production of electric resistance welded (ERW) steel tubes. The firm manufactures black pipe, galvanized pipe, pre-galvanized pipe and coils.
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