APL Apollo Tubes surges 4% after expectations to remain profitable in first quarter

It had closed all its manufacturing plants and offices from March 24, 2020, according to the government guidelines. It partially resumes operations at its Raipur plant from April 22, 2020.

Jun 05, 2020 01:06 IST India Infoline News Service

APL Apollo Tubes Limited expects to remain profitable during the year ended March 31, 2021 although there may be some impact of the lockdown due to Covid-19 crisis during the first quarter.

The company informed the exchanges Thursday that there is no liquidity concerns as the it has sufficient unutilized bank limits and is focusing on faster receivable collections.

It had closed all its manufacturing plants and offices from March 24, 2020 according to the government guidelines. It partially resumes operations at its Raipur plant from April 22, 2020. All the remaining plants and office of the company have resumed operations gradually over a period of time adhering to the safety norms prescribed by the Government of India.

The company has noted good demand for its products from its consumers as various construction sites have become operational and distributors are also replenishing their stock levels.

APL Apollo Tubes Ltd is currently trading at Rs1,627.05 up by Rs63.2 or 4.04% from its previous closing of Rs1,563.85 on the BSE.

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