A block deal is referred to as a single transaction between two parties that involves at least five lakh shares or Rs 5 crore. On Tuesday shares of this mid-cap company fell ~3 after a block deal.
APL Apollo Tubes Ltd
Mid-cap company APL Apollo Tubes Ltd. has a market capitalization of Rs. 45,188 Cr. On Tuesday stock opened at Rs. 1,626.55 and currently trading 2.56% down at Rs. 1,626 on NSE.
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As per the reports,38 lakh shares of APL Apollo Tubes, or 1.5% of the total equity shares of the company, were traded in a block transaction at an average price of Rs. 1,620. The overall transaction is said to be worth Rs. 624 Cr.
According to the company filing, total consolidated revenue grew by 32% YoY from Rs. 3,438.55 Cr in Q1 FY23 to Rs. 4,566.57 Cr in Q1 FY24 for the same period net profits increased by 60% from Rs. 120.67 Cr to Rs. 193.62 Cr.
Promoters hold 30.62%, the public hold 31.58%, FIIs hold 25.07% and DIIs hold a 12.73% stake in this company as of June 2023.
The manufacturer of steel tubes and pipes is APL Apollo Tubes Ltd. Its product line includes MS Black pipes, Galvanized Tubes, Pre-Galvanized Tubes, and Hollow Sections utilized for greenhouses, solar plants, agricultural constructions, and household structural purposes.
Written by Sheshadri N
The post Block Deal: Mid cap stock falls 3% after 38 Lakh shares of the company changed hands appeared first on Trade Brains.
