Will this small-cap stock hit a new 52-week high soon?
Gujarat Apollo Industries Ltd is an equipment or machinery manufacturing company primarily engaged in the manufacture of different types of mining and road construction and maintenance machinery catering to the needs of majority of mining companies in India and the many parts of the world. The company is considered a pioneer in several construction technologies, especially asphalt road construction equipment.
The company has entered into a joint venture agreement with PFH BV (Keestrack). The two companies decided to work jointly and cooperatively with each other to pursue the business of agricultural and agricultural machinery and components. The proposed joint venture will result in increased efficiencies and allow shareholders to bring enhanced products to market, leveraging each other’s synergies.
Gujarat Apollo Industries will subscribe for 2 lakh shares with a nominal value of Rs 10 each at an issue price of Rs 10 each, while PFH BV will subscribe for 2 lakh shares with a nominal value of Rs 10 each at an issue price of Rs 10 each. issue of Rs 10 each. The additional subscription will be made in installments.
The company is currently trading at its upper circuit limit of Rs 235.35, up 39.20 points or 19.98% from its previous close of Rs. 196.15 on BSE.