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US-based Capital Group through its affiliate New World Fund Inc acquired shares of APL Apollo Tubes on the National Stock Exchange (NSE).
It had clocked a net profit of Rs 150.19 crore in the July-September period of 2022-23, the company said in a regulatory filing.
Apollo APL charts an ambitious course towards accelerated growth with a 2.86 lakh tons capacity expansion plan. The company eyes new greenfield plants in key regions, backed by a hefty INR 500 crore capex funded through equity infusion and internal cash flows. Their aggressive pricing strategy aims to gain market share while maintaining a debt-free stance.
India’s steel industry is better placed than other countries and should witness strengthening of fundamentals, driven by better domestic demand, increased export opportunities, limited imports, and firming up of steel prices at healthy levels, says World Steel Association
Data shows that the export duties have hit domestic steel prices, which have continued to decline for 10 successive weeks
The stock has given rounding bottom formation breakout at 1,450-1,500 after a double bottom formation at 1,150 level. It is continuously forming higher highs and higher lows on weekly charts and is comfortably placed above all its major moving averages
