APL Apollo Tubes Ltd and Apollo Tricoat Tubes shares rallied up to 7 per cent on the Bombay Stock Exchange (BSE) to hit their respective new highs in intra-day trade after the company announced bonus issue plans.

“The board of directors of the company is scheduled to meet on August 6, 2021, to consider and approve the proposal for issue of bonus shares on the equity shares of the company,” the firms announced in separate regulatory filings on Tuesday. Their boards will also consider un-audited financial results for the first quarter ended June 30, 2021 (Q1FY22).

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However, APL Apollo Tubes hit a new high of Rs 1,837.70, up 5 per cent in intra-day trade today, rising14 per cent in the past two trading days. Meanwhile, APL Tricoat Tubes too hit a new high of Rs 1,669 after it surged 7 per cent in the intra-day deals today, gaining 12 per cent in two days. In comparison, the S&P BSE Sensex was down 0.46 per cent at 52,337 points.

Stock Covered in the news

APL Apollo Tubes Ltd-View Detailed Analysis