Gujarat Apollo Industries surges on the BSE
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Gujarat Apollo Industries is currently trading at Rs. 243.90, up by 8.55 points or 3.63% from its previous closing of Rs. 235.35 on the BSE.
The scrip opened at Rs. 243.90 and has touched a high and low of Rs. 243.90 and Rs. 243.90 respectively. So far 436 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 250.00 on 27-Oct-2021 and a 52 week low of Rs. 183.00 on 23-Aug-2022.
Last one week high and low of the scrip stood at Rs. 235.35 and Rs. 184.60 respectively. The current market cap of the company is Rs. 277.71 crore.
The promoters holding in the company stood at 56.34%, while Institutions and Non-Institutions held 0.50% and 43.16% respectively.
Gujarat Apollo Industries had entered into joint venture agreement with PFH BV (Keestrack). The company and Keestrack have decided to work jointly and in cooperation with each other for the purposes of carrying on the business of agricultural and farming machineries and components thereof as set in the agreement by forming a joint venture company (the Company) in India and to be incorporated, operated and managed on the terms and conditions set out in the JV Agreement. The proposed joint venture will result in increased efficiencies and allow the Shareholders to offer improved products in the market, by harnessing each other's synergies.
The directors on the board of the joint venture company will be in the proportion of their shareholding in the new company. Gujarat Apollo Industries will subscribe to 2 lakh equity shares of face value of Rs 10 each at an issue price of Rs 10 each, while PFH BV will subscribe to 2 lakh equity shares of face value of Rs 10 each at an issue price of Rs 10) each. The additional subscription will be done in a phased manner.
Gujarat Apollo Industries is primarily engaged in the manufacturing of different types of Mining & Road Construction and Maintenance Machineries catering to the needs of the majority of the mining companies in India and many parts of the world.
