Apar Industries is trading above its 5-year high; Will the rally continue
Shares of Apar Industries touched a fresh 52-week high of Rs 1048.35 in today’s session.
On Monday, June 20 2022, the Indian markets are trading flat. At 2:15pm, the S&P 500 Sensex is trading at 51,473.
However, the shares of Apar Industries Ltd are trading at a 5-year all-time high price. On June 20, at 2:15 pm, the stock is trading at Rs 960, 4.3% up for the day. The stock price also touched a fresh 52-week high of Rs 1048.35 at one point within the day.
Markets are having positive sentiments surrounding the shares of Apar Industries, as Chaitanya Desai, one of the promoters of the company, has recently increased their stake in the company from 23.67 % to 23.77 %, signaling strong prospects for the company.
Another factor contributing to price appreciation in the stock is the strong Q4 results delivered by the company. Q4 FY22 was the highest ever revenue-generating quarter for the company. The revenue stood at Rs 3012 crore, a staggering 52% YOY growth. High revenue number was on account of strong volume growth across different segments of the company and also due to an increase in prices of commodity-derived finished goods.
Apar Industries are manufacturers and suppliers of conductors including a different variety of cables, polymers, specialty oils, and lubricants. About 38% of the company’s revenue comes from exports. According to the company’s latest conference call, it has a strong order book for the conductor segment and the company is also growing its distribution for cables business as it has been observing growth in its wires and LDC (Light-duty cable) business used in the non‐conventional energy infrastructure building. The company is among the top 3 global leaders in conductors and the largest domestic cable manufacturer for the renewable industry.
The shares of Apar Industries Ltd are heavily outperforming the markets, making 6 consecutive weekly green candles amid weak market sentiments. Both technically and fundamentally, the stock is looking strong.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
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